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Building a home up and out of a flood zone
Posted on 12/23/15 at 3:11 am
Posted on 12/23/15 at 3:11 am
Is it possible to buy a lot in a flood zone and build the slab high enough so that an elevation certificate allows me to not be required to have flood insurance?
9
Posted on 12/23/15 at 5:30 am to Liverflipper
Zones are horizontal, not vertical. Never heard of exemption.
What raise we talking here? You ever priced dirt work homeboy?
What raise we talking here? You ever priced dirt work homeboy?
Posted on 12/23/15 at 6:39 am to Liverflipper
I've heard of an elevation certificate. Kind of strange how it's difficult to find the exact answer as this seems it would be one of the 1st FAQ's...ie. How can I get out of paying Flood Insurance?
LINK
quote:
Structures built above base Flood elevation reduce insurance
LINK
Posted on 12/23/15 at 7:18 am to Kujo
Do mortgage companies not require flood insurance at a certain zone?
Posted on 12/23/15 at 8:17 am to Liverflipper
We live in a flood zone in Pass Christian, MS. Our house is built above the base flood elevation (new FEMA maps in 2009) but we still have to have flood insurance. Our policy is cheaper than others whose home is lower than the base flood elevation.
Posted on 12/23/15 at 8:27 am to Liverflipper
I am in a neighborhood that was built up in a flood zone and all the houses slabs are above base flood. But the neighborhood is still in a flood zone. I got a flood certificate to lower my insurance but there is also something called a LOMA (letter of map amendment) that you can pay FEMA for and it means you shouldn't have to pay flood ins. You can give that to your mortgage company and they should excuse you from having to pay for flood ins. I think it cost like $450 to get the letter. I looked into it but if you still want flood ins it doesn't reduce the price any further. And since I'm technically in a flood zone if we ever have a 100 year flood then I'm screwed if I don't have it so I never pursued it any further.
Posted on 12/23/15 at 8:49 am to Liverflipper
B, C and X zones do not require flood insurance.
A and V zones require
A and V zones require
Posted on 12/23/15 at 8:52 am to Liverflipper
No, you'll still have to buy flood insurance, but it won't be as expensive.
You should also know that many subdivisions and municipalities prevent over-filling and over-elevation in established areas. You can't build up your lot and make your area drain onto your neighbor's property.
You should also know that many subdivisions and municipalities prevent over-filling and over-elevation in established areas. You can't build up your lot and make your area drain onto your neighbor's property.
Posted on 12/23/15 at 9:46 am to Liverflipper
I did this on a house. I was still required to have flood insurance as the lot was in the zone, but the price of flood insurance went way down as I was above base flood elevation (BFE).
This post was edited on 12/23/15 at 9:47 am
Posted on 12/23/15 at 1:22 pm to Liverflipper
If you have a mortgage and are in a flood zone, the bank will usually require that you purchase flood insurance regardless of how high you build.
Your biggest flood insurance discount typically comes from raising your house at least 6 1/2" above the required elevation. After that, the insurance savings are negligible and the additional costs to raise the foundation are usually not worth it. If you raise the house so much that your first floor living area is several feet above the finished grade, you may also be adding costs to your homeowners insurance. Some insurers penalize you for an "over-elevated" house, presumably because there's more risk of someone getting seriously injured if they fall off a porch raised several feet above the ground.
Your biggest flood insurance discount typically comes from raising your house at least 6 1/2" above the required elevation. After that, the insurance savings are negligible and the additional costs to raise the foundation are usually not worth it. If you raise the house so much that your first floor living area is several feet above the finished grade, you may also be adding costs to your homeowners insurance. Some insurers penalize you for an "over-elevated" house, presumably because there's more risk of someone getting seriously injured if they fall off a porch raised several feet above the ground.
Posted on 12/23/15 at 1:46 pm to Kujo
quote:
How can I get out of paying Flood Insurance?
payoff your mortgage
Posted on 12/23/15 at 2:43 pm to Liverflipper
I am in zone A, but 6' above BFE. I am required to have flood insurance, max coverage $400 a year. Just a little more than $1 a day...
Posted on 12/24/15 at 12:27 pm to wickowick
I called a small insurance co and they gave me quotes at different levels above flood, we went with 1" above, dug a pond and cost was 10k, 18k hauled in. Pad was 3-4' high.
Posted on 12/26/15 at 8:54 am to Liverflipper
As stated above, getting your pad elevation at least 6 1/2" above BFE gives you the greatest benefit on flood ins. We built our house 1' above BFE. That dropped our quote from $1,550 to $600 per year. Huge difference in premium.
Posted on 12/27/15 at 12:49 pm to LSUEEAlum
My neighborhood is in a flood zone, but my slab is above the BFE. I am NOT required to have flood insurance. The developer had a LOMA done, the city had a copy on record, and all I had to do was ask for it. Cost me $0.
Posted on 12/27/15 at 3:20 pm to dragginass
Yeah unfortunately the developer of my neighborhood did not have it done. Therefore each individual house had to have one. Easy to get just cost a little money. But like I said I just like having the peace of mind that I have flood ins. If there is a bad flood and you don't have it then you are screwed.
Posted on 12/27/15 at 10:54 pm to LSUEEAlum
I just moved, but I'm going to look into just that. Since I now have all of the documents saying I don't need it, I'm hoping I can get a policy for a few hundred bucks.
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