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Started By
Message
When is Flood Insurance Necessary?
Posted on 1/17/14 at 10:09 am
Posted on 1/17/14 at 10:09 am
I've been in the market for about 3-5 acres of land for over a year now. We're in a starter home now and want to build in 5-7 years, and the sooner I can get the land the better.
I've found a piece in our price range. 5.5 acres and the property backs up to a creek putting the back 3 acres in Flood Zone A. If I decide to build closer to the road out of the flood zone, I'm assuming I won't require flood insurance. Is this a correct assumption or am I required to get it since at least part of the property is in the flood zone?
I've found a piece in our price range. 5.5 acres and the property backs up to a creek putting the back 3 acres in Flood Zone A. If I decide to build closer to the road out of the flood zone, I'm assuming I won't require flood insurance. Is this a correct assumption or am I required to get it since at least part of the property is in the flood zone?
8
Posted on 1/17/14 at 10:19 am to ell_13
Why would you not want flood insurance, that is the question to ask yourself.
Posted on 1/17/14 at 10:27 am to Chad504boy
It's a small creek that has never flooded. It's a mostly/partly wooded area north of Baton Rouge. But part of it is in the 1% probability.
Zone A:
ETA: The house I would build would be approx. 600 feet from the creek. And it's a pretty steady slope down to the creek after about 200 feet. This isn't completely level ground.
Zone A:
quote:
Areas subject to inundation by the 1-percent-annual-chance flood event generally determined using approximate methodologies. Because detailed hydraulic analyses have not been performed, no Base Flood Elevations (BFEs) or flood depths are shown. Mandatory flood insurance purchase requirements and floodplain management standards apply.
ETA: The house I would build would be approx. 600 feet from the creek. And it's a pretty steady slope down to the creek after about 200 feet. This isn't completely level ground.
This post was edited on 1/17/14 at 10:30 am
Posted on 1/17/14 at 10:35 am to ell_13
quote:
It's a small creek that has never flooded
Lies. Don't be foolish.
Posted on 1/17/14 at 10:39 am to C
The water has not reached within 400 feet of the road. I've spoken with neighbors who been there over 20 years. "Never" is obviously an exaggeration, but it was to make a point.
Posted on 1/17/14 at 10:40 am to ell_13
If you do not live in a flood zone, flood insurance is dirt cheap, I will always have it just for peace of mind
Posted on 1/17/14 at 10:44 am to Tigerpaw123
I pay $350 per year for flood insurance and I'm not required to have any. It's a small price to pay to know you'll be covered.
Posted on 1/17/14 at 10:46 am to KG6
The flood insurance will be less than $500 a year if you are not required to have it. I would get it.
Posted on 1/17/14 at 10:52 am to ell_13
As long as your home sits in the preferred risk zone it won't be an issue. Just watch where you place a shed or something like that. I've seen people needing flood on a shed to refinance.
Posted on 1/17/14 at 11:01 am to ell_13
If you're not in a flood zone, we're talking a $400 policy for $350,000 worth of coverage. I don't care about history or how far the creek is. If a tropical system sits over you for a week and a half, shite happens. Ask Houston and every fricking town in the news every year that's NEVER flooded and they got 4 ft of water in their home somehow.
Posted on 1/17/14 at 11:07 am to Chad504boy
That's a fair point. I was just wondering what the requirements were. Because that's still a difference of paying $400 for piece of mind and upwards of $1000 if I have to get it.
Posted on 1/17/14 at 11:52 am to ell_13
quote:
Because that's still a difference of paying $400 for piece of mind and upwards of $1000 if I have to get it.
If you're in a flood zone it doesn't necessarily mean that you're going to pay $1000. It would depend on you're lowest floor compared to base flood elevation. Anyone who has an elevation of +2 or +3 are usually paying low rates.
Posted on 1/17/14 at 12:09 pm to krange1
Everyone in A or V is now required to have an elevation certificate.
Posted on 1/17/14 at 12:39 pm to Paul Allen
I'm now paying $3,535 this year. My house is about .1 feet below BFE.
Posted on 1/17/14 at 12:39 pm to SLafourche07
That's just for flood? Or all your home-owners?
Posted on 1/17/14 at 12:42 pm to ell_13
Flood. Homeowners is another $3400.
ETA: New unsubsidized rates are nothing to f*** with. Completely unable to sell my house now. And that 3500 is only for 140,000 in coverage (what I owe).
ETA: New unsubsidized rates are nothing to f*** with. Completely unable to sell my house now. And that 3500 is only for 140,000 in coverage (what I owe).
This post was edited on 1/17/14 at 12:45 pm
Posted on 1/17/14 at 12:50 pm to SLafourche07
Wouldn't it be worth it to raise the house? Is that a possibility?You'd save money after just 4 years.
Posted on 1/17/14 at 12:52 pm to SLafourche07
quote:
New unsubsidized rates are nothing to f*** with. Completely unable to sell my house now. And that 3500 is only for 140,000 in coverage
This sucks. Would you consider walking away from the house?
Posted on 1/17/14 at 1:23 pm to Oenophile Brah
quote:
Wouldn't it be worth it to raise the house? Is that a possibility?You'd save money after just 4 years.
2100 sqft house on a slab. I looked into it a little bit and it looks like it would cost around $100,000.
Which could still be worth it if the flood insurance went down enough and the potential increases would be bad enough, I guess.
quote:
This sucks. Would you consider walking away from the house?
Maybe if it continued to get worse. I'm 24 and my wife is 23. I'm just worried that it would screw with our credit so bad that we wouldn't be able to buy a car or another house.
Regardless of how ridiculous the rates are, we can afford it now. It's the future years that worry me. What if it continues to increase? When we bought the house in 2012 our flood insurance premium was $1200. Then we get a letter saying since we bought our house after July 2012 when we renew we would no longer have a subsidized rate. Our new rate came in in November when we renewed and it was $1400. I was relieved it only went up that much. Fast forward to the beginning of this month and our insurance agent calls and says their was a mistake when FEMA (or whoever) calculated our new rates and instead of the $1400 we were quoted it is now $3500.
Talk about a kick in the nads.
Posted on 1/17/14 at 1:32 pm to ell_13
Are you planning on financing it? Or paying cash?
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