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Flood Insurance Question
Posted on 12/8/17 at 2:57 pm
Posted on 12/8/17 at 2:57 pm
Not sure if this is the best place or the MT, but here it goes...
FEMA currently has a house we are looking to buy in zone AE. We noticed a number of the neighbors had successfully filed for a letter of map amendment (LOMA), so we opted to get a new survey done prior to close. The survey showed the lowest adjacent grade nearly a foot above base flood elevation (BFE), and the first floor even higher. The question is about the basement- which is finished, is 3 feet below BFE.
I have read mixed things about this scenario, some arguing that the property shouldnt be in zone A, but X, because if the house wasnt there, the land would still be above BFE.
Anyone have ang experience with this?
Thanks in advance
FEMA currently has a house we are looking to buy in zone AE. We noticed a number of the neighbors had successfully filed for a letter of map amendment (LOMA), so we opted to get a new survey done prior to close. The survey showed the lowest adjacent grade nearly a foot above base flood elevation (BFE), and the first floor even higher. The question is about the basement- which is finished, is 3 feet below BFE.
I have read mixed things about this scenario, some arguing that the property shouldnt be in zone A, but X, because if the house wasnt there, the land would still be above BFE.
Anyone have ang experience with this?
Thanks in advance
This post was edited on 12/8/17 at 3:04 pm
6
Posted on 12/8/17 at 3:00 pm to NYNolaguy1
Basement?
Posted on 12/8/17 at 3:02 pm to NYNolaguy1
quote:
BFE
Bum F'd Egypt?
Posted on 12/8/17 at 3:04 pm to NYNolaguy1
Maybe you can get x if you don’t cover the basement?
Posted on 12/8/17 at 3:05 pm to NYNolaguy1
Why would you buy a home in LA that has a basement?
Posted on 12/8/17 at 3:06 pm to lsunurse
because a sump pump costs a hundred bucks.
Posted on 12/8/17 at 3:07 pm to NYNolaguy1
Under NFIP, basements are treated special and there is very limited coverage
Posted on 12/8/17 at 3:07 pm to lsunurse
quote:
Why would you buy a home in LA that has a basement?
Its not in LA (NY). It took me a while to get used to houses with basements once I left of LA
.Posted on 12/8/17 at 3:16 pm to NYNolaguy1
The NFIP insures the home not the land therefore that argument is moot. It would be zone A because part of the insured structure is below the BFE.
Posted on 12/8/17 at 3:17 pm to lsunurse
quote:
Why would you buy a home in LA that has a basement?
I agree with this, but the other day I was thinking about some of the building on LSU's campus, specifically the older buildings and I was curious as to why they were built with basements.
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