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Message
re: Flood zone classifications
Posted on 9/2/17 at 8:53 am to Libertariantiger
Posted on 9/2/17 at 8:53 am to Libertariantiger
Libertariantiger thanks for the info. I never felt like I needed flood insurance even though we were on the border of flood zone A we were still in X. The houses across the street have a creek behind them and also are at a significantly lower elevation than our side of the street. The water level was the highest we'd ever seen it in Aug 2016 but it never came close to getting in the houses across the street. Even so, it was still worrisome to see it rise as high as it did.
The TX flooding is what tipped me over the edge to go ahead and look into getting flood insurance. I wasn't expecting to hear that I'm now in a flood zone (not sure when that changed). Hoping I can get a zone exemption so I can get a cheaper rate.
On a side note ... earlier this year I purchased a property just a few miles away. It backs up to very deep ditch/cooley which flooded last year in August. The water came up close to the house but fortunately didn't get inside. I didn't have to think twice about getting flood insurance for that property which interestingly enough is still in Zone X. It seems to be more of a flood risk than the house I live in.
The TX flooding is what tipped me over the edge to go ahead and look into getting flood insurance. I wasn't expecting to hear that I'm now in a flood zone (not sure when that changed). Hoping I can get a zone exemption so I can get a cheaper rate.
On a side note ... earlier this year I purchased a property just a few miles away. It backs up to very deep ditch/cooley which flooded last year in August. The water came up close to the house but fortunately didn't get inside. I didn't have to think twice about getting flood insurance for that property which interestingly enough is still in Zone X. It seems to be more of a flood risk than the house I live in.
0
Posted on 9/2/17 at 9:10 am to Sweltering Chill
I'll add my 2 cents but there is some good info here:
1.) Start with the LSU Ag Center's Flood Maps
2.) Print out this information for your records
3.) Change your insurance agent. If they aren't willing to walk you through the process of figuring this out for or with you as a customer then they quite frankly they don't seem really worthy of keeping your business. Seriously.
4.) Call your local Parish Permit Office and ask them to walk you through the process of learning more about your flood zone risk and how to determine if you truly are or are not in an area on the applicable FIRM (Flood Insurance Rate Map) for your property that would or could allow a lender to require you to purchase flood insurance.
5.) Ask them for a few recommendations on local surveyors that can help you obtain an Elevation Certificate. This will help you with #6
6.) If you have determined both your proper flood zone risk and your elevation on your property via an Elevation Certificate (EC) and you think your EC shows you are above the Base Flood Elevation shown on the FIRM, work with your Surveyor and Parish Permit Official to help you put together or submit a request to FEMA for a Letter of Map Amendment, or LOMA. A LOMA can help you avoid paying higher insurance costs for flood policies both now and moving forward.
7.) Go back to your (hopefully new) insurance agent and-with (hopefully) your LOMA in hand, buy a preferred risk flood insurance policy. Make sure it includes property AND contents. It should set you back anywhere from $400-550.
Yes, I am saying you need to buy flood insurance even if you prove via an EC and LOMA you do not or aren't required to buy it. I'll give you two reasons, and EVERYONE in South Louisiana should read these and understand how important they are:
1.) Flood Maps are-by policy and law-redrawn every five years. The last time this was done was 2012. Which means they're being redrawn this year. If you can prove that you had flood insurance prior to being redrawn into a flood zone by subsequent map updates, you can be grandfathered into keeping your low-cost, subsidized policy rate by virtue of showing your insurer you had it beforehand.
2.) By virtue of you paying for a policy like in example 1, you can subsequently transfer that grandfathered, lower cost, subsidized policy amount to prospective buyers if you ever choose to sell your home. This is a sales feature that can lower the cost of home ownership for your prospective buyers and can make your home far more attractive to potential buyers in your local market compared to other neighbors who may not have paid in the past before they were considered in a flood zone and now are.
My point in all of this is that if you live in Louisiana, and ESPECIALLY if you are South of I-10, you need to pay for a flood insurance pollicy WITH CONTENTS. It may not have happened last March. It may not have happened last August. It may not have even happened for Harvey. But it will happen and you do not want to be the guy it happens to who didn't take advantage of insurance that will make you whole that's so inexpensive.
BUY FLOOD INSURANCE.
1.) Start with the LSU Ag Center's Flood Maps
2.) Print out this information for your records
3.) Change your insurance agent. If they aren't willing to walk you through the process of figuring this out for or with you as a customer then they quite frankly they don't seem really worthy of keeping your business. Seriously.
4.) Call your local Parish Permit Office and ask them to walk you through the process of learning more about your flood zone risk and how to determine if you truly are or are not in an area on the applicable FIRM (Flood Insurance Rate Map) for your property that would or could allow a lender to require you to purchase flood insurance.
5.) Ask them for a few recommendations on local surveyors that can help you obtain an Elevation Certificate. This will help you with #6
6.) If you have determined both your proper flood zone risk and your elevation on your property via an Elevation Certificate (EC) and you think your EC shows you are above the Base Flood Elevation shown on the FIRM, work with your Surveyor and Parish Permit Official to help you put together or submit a request to FEMA for a Letter of Map Amendment, or LOMA. A LOMA can help you avoid paying higher insurance costs for flood policies both now and moving forward.
7.) Go back to your (hopefully new) insurance agent and-with (hopefully) your LOMA in hand, buy a preferred risk flood insurance policy. Make sure it includes property AND contents. It should set you back anywhere from $400-550.
Yes, I am saying you need to buy flood insurance even if you prove via an EC and LOMA you do not or aren't required to buy it. I'll give you two reasons, and EVERYONE in South Louisiana should read these and understand how important they are:
1.) Flood Maps are-by policy and law-redrawn every five years. The last time this was done was 2012. Which means they're being redrawn this year. If you can prove that you had flood insurance prior to being redrawn into a flood zone by subsequent map updates, you can be grandfathered into keeping your low-cost, subsidized policy rate by virtue of showing your insurer you had it beforehand.
2.) By virtue of you paying for a policy like in example 1, you can subsequently transfer that grandfathered, lower cost, subsidized policy amount to prospective buyers if you ever choose to sell your home. This is a sales feature that can lower the cost of home ownership for your prospective buyers and can make your home far more attractive to potential buyers in your local market compared to other neighbors who may not have paid in the past before they were considered in a flood zone and now are.
My point in all of this is that if you live in Louisiana, and ESPECIALLY if you are South of I-10, you need to pay for a flood insurance pollicy WITH CONTENTS. It may not have happened last March. It may not have happened last August. It may not have even happened for Harvey. But it will happen and you do not want to be the guy it happens to who didn't take advantage of insurance that will make you whole that's so inexpensive.
BUY FLOOD INSURANCE.
This post was edited on 9/2/17 at 9:14 am
Posted on 9/2/17 at 10:06 am to TDsngumbo
quote:
Uhh, that's bullshite. Zone X is a flood zone - it's called the "Preferred Risk Flood Zone". It means you have less than a 1% chance of flooding in any given year. Saying Zone X isn't a flood zone because the risk of flooding is so low is like having $0.01 and saying you have no money. No money is $0.00.
You are 100% correct. I was being overly simplistic and not clear with what I meant with by putting flood zone in quotes.
Bottom line, all property in South Louisiana is at some level of risk for flood. Get flood insurance and be thankful for the cheap rate if you are in X.
Take steps to mitigate risk so you don't have to deal with FEMA, SBA, your insurance company, your mortgage company finding a contractor, etc....
Posted on 9/2/17 at 10:22 am to PhilemonThomas
My bank doesn't require me to hve homeowners insurance with wind and hail and fire coverage because they said I hve less than a 1% chance of shite happening.
Posted on 9/2/17 at 10:29 am to SMDH
FEMA redraws flood maps at times when they get more data to go off of. They probably updated their models after the major flood event last year which now places you in the flood zone.
Posted on 9/2/17 at 11:23 am to GFunk
quote:
3.) Change your insurance agent. If they aren't willing to walk you through the process of figuring this out for or with you as a customer then they quite frankly they don't seem really worthy of keeping your business. Seriously.
Great list of information ... I appreciate it. Highly agree on #3 and I am in the process of finding a new agent.
Posted on 9/2/17 at 8:04 pm to SMDH
I walk people through the process on a daily basis. Most people are so thankful that I take the time to explain the convoluted process to them. It's not straightforward. So many terms foreign to most people. Zone A, AE, X-shaded, X-unshaded, BFE, LAG, LOMA, LOMR-F...
Posted on 9/2/17 at 8:24 pm to SMDH
quote:
Flood zone A
Zone A likely to flood.
Posted on 9/2/17 at 8:49 pm to Chad504boy
Flood zone X is typically 0.2% chance to flood each year. Or a 1/500 chance each year. Buy the insurance. $450/yr.
Posted on 9/2/17 at 10:43 pm to SMDH
quote:
would not insure us without an elevation survey.
do it
Posted on 9/2/17 at 10:54 pm to TDsngumbo
quote:
Uhh, that's bullshite. Zone X is a flood zone - it's called the "Preferred Risk Flood Zone". It means you have less than a 1% chance of flooding in any given year.
Oddly enough though preferred zone x make up 30% of annual flood claims... If you're in La. And in Zone X it's the best 400(200ish if done thru private) bucks one can spend on insurance.
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