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MS Gulf Coast Home/Flood Insurance: How Doth It Worketh?
Posted on 9/25/15 at 8:22 pm
Posted on 9/25/15 at 8:22 pm
When I first moved to the Ocean Springs area, I was astounded by all of the "affordable" homes on the market. Obviously, I was warned to stay away from buying near the beach, but somewhere along the way I arrived at the thought that everything above Highway 90 was a safe bet. The more I look into things, though, it appears that there are many areas that have flooded north of the highway (or are considered to be within a flood zone for one reason or another). Many of these homes seem listed at bargain prices, but I'm guessing the implicit understanding is that annual insurance premiums are going to be a financial burden for the buyer.
Any have some first-hand information or experience to share? What kind of annual home/flood insurance premium can one expect?
Any have some first-hand information or experience to share? What kind of annual home/flood insurance premium can one expect?
5
Posted on 9/25/15 at 8:35 pm to shutterspeed
$3000+ annually for a $200k home.
Flood insurance in a low risk zone will run you an additional $400 annually.
Flood insurance in a low risk zone will run you an additional $400 annually.
Posted on 9/25/15 at 8:49 pm to shutterspeed
You know Old Town BSL didn't flood? I'm looking at houses there now.
We have a camp in BSL North of 90. There was 29' of water there. We built post-Katrina ins. is about $2400 all-in IIRC.
We have a camp in BSL North of 90. There was 29' of water there. We built post-Katrina ins. is about $2400 all-in IIRC.
Posted on 9/25/15 at 8:51 pm to East Coast Band
But where are these low risk zones? I'm looking prinarily in thr OS, St. Martin, D'Iberville areas.
Posted on 9/25/15 at 9:07 pm to shutterspeed
Above 20 foot elevation.
Rule of thumb is north of I 10.
There are places south of I10, some in OS.
Rule of thumb is north of I 10.
There are places south of I10, some in OS.
Posted on 9/25/15 at 9:09 pm to shutterspeed
quote:
arrived at the thought that everything above Highway 90 was a safe bet.
Unless the Katrina train comes chugging through.
Posted on 9/25/15 at 9:10 pm to shutterspeed
Check out the following link:
LINK
It'll give you a better idea of where to buy. The areas near downtown OS are high and dry, the Big Ridge area of D'Iberville is, too. The tricky part about land in Western Jackson County is that the further north you go, you may not necessarily be getting higher in elevation (due to all the creeks and rivers north of the bay and bayous).
LINK
It'll give you a better idea of where to buy. The areas near downtown OS are high and dry, the Big Ridge area of D'Iberville is, too. The tricky part about land in Western Jackson County is that the further north you go, you may not necessarily be getting higher in elevation (due to all the creeks and rivers north of the bay and bayous).
Posted on 9/25/15 at 10:09 pm to shutterspeed
I recently bought a home a little north of Biloxi. I was really excited about the price of homes on the coast until I started getting insurance quotes. I was told the three coast counties are high risk areas and it wasn't going to be cheap. I ended up buying in McHenry and still got a really good price and insurance is about half of what it would be 3 miles sound of whee I'm at.
Posted on 9/25/15 at 10:19 pm to East Coast Band
quote:
Above 20 foot elevation.
Posted on 9/25/15 at 11:14 pm to CroakaBait
Thanks, bud.
Posted on 9/25/15 at 11:15 pm to subMOA
quote:
You know Old Town BSL didn't flood?
Wrong, it did all flood.
A portion of BSL & Waveland did not flood but it was not Old Town BSL. It was along Old Spanish Trail further inland.
Posted on 9/26/15 at 4:04 am to shutterspeed
I know better than anyone, there is no way around not paying out of the world prices.
The state operates what is called the windpool, and the risk is not worth it to the big boys to insure these cities. They are too small and the economics do not add up. Any home worth more than $500K that is in a velocity zone is insured probably by Lexington because of their great history and reinsurance rates.
The MS gulf coast especially Hancock county and western Harrison cannot support these rates for people that have second homes here.
Basically as unfortunate as it sounds but it is the truth because of the poverty, anyone with any education or substantial income will have to make up the risk for the vast majority. Just the realization that it is the MS gulf coast. Very few companies will write flood insurance, if you are in a zone A,B, or X. There is a huge bubble and it could/probably will bankrupt the state when the next storm comes. Whether it is next year, 5 years, or 100 years. As a resident unless you plan on living here for the long term and it is your primary home, I would reccomend renting.
The state operates what is called the windpool, and the risk is not worth it to the big boys to insure these cities. They are too small and the economics do not add up. Any home worth more than $500K that is in a velocity zone is insured probably by Lexington because of their great history and reinsurance rates.
The MS gulf coast especially Hancock county and western Harrison cannot support these rates for people that have second homes here.
Basically as unfortunate as it sounds but it is the truth because of the poverty, anyone with any education or substantial income will have to make up the risk for the vast majority. Just the realization that it is the MS gulf coast. Very few companies will write flood insurance, if you are in a zone A,B, or X. There is a huge bubble and it could/probably will bankrupt the state when the next storm comes. Whether it is next year, 5 years, or 100 years. As a resident unless you plan on living here for the long term and it is your primary home, I would reccomend renting.
Posted on 9/26/15 at 7:17 am to soccerfüt
I live on Ulman by the Seminary and there are many homes between me and the beach that did not flood. Maybe not many, but some.
There is a spike of housing for sale right now in BSL. Anyone looking should come drive around now. Nice ones on Toulme and DeMontluzin.
There is a spike of housing for sale right now in BSL. Anyone looking should come drive around now. Nice ones on Toulme and DeMontluzin.
This post was edited on 9/26/15 at 7:18 am
Posted on 9/26/15 at 7:18 am to shutterspeed
The "low" areas are all around those cities. They all have very low neighborhoods, and they all have neighborhoods that are fine and require no flood insurance. It just depends. Flood insurance runs about 400 a year. Wind and hail will be 2000 minimum depending on price of home. If the house price seems too good to be true, it probably is.
Out of those choices, OS is a great area, but you will have to pay higher tag and property taxes. Since they don't have casino revenue, they make up for it in taxes.
However, diberville property will be on the rise since the scarlet pearl will be opening later this year.
The only thing st. Martin has to offer is that it is close to os and diberville. So, the prices should be cheaper there.
Out of those choices, OS is a great area, but you will have to pay higher tag and property taxes. Since they don't have casino revenue, they make up for it in taxes.
However, diberville property will be on the rise since the scarlet pearl will be opening later this year.
The only thing st. Martin has to offer is that it is close to os and diberville. So, the prices should be cheaper there.
Posted on 9/26/15 at 7:25 am to CoastTrashTiger
quote:
The state operates what is called the windpool, and the risk is not worth it to the big boys to insure these cities. They are too small and the economics do not add up. Any home worth more than $500K that is in a velocity zone is insured probably by Lexington because of their great history and reinsurance rates.
Just call an agent and see if they will even write a policy where you want to buy. If not see the quote above and realize the wind pool goes from hyper expensive south of 90 to a bit cheaper between 90 and I-10, and decreases again after you get north of I-10, not to imply it is cheap there.
The short answer is yes, the house prices are cheaper due to the high as giraffe ..... price of insurance on the coast.
Posted on 9/26/15 at 7:30 am to Gaston
quote:
Nice ones on Toulme and DeMontluzin.
The one on Toulme is awesome- I jog by it every weekend. It's the one I want.
If you ever see the fat guy in the yellow Hokas sloshing along - holler- that's me.
This post was edited on 9/26/15 at 7:31 am
Posted on 9/26/15 at 7:53 am to cave canem
quote:
Just call an agent and see if they will even write a policy where you want to buy.
They will. It will probably just be through a contracted company. For example, Allstate won't write the home owners insurance but they will contract it through lighthouse specialty insurance. Not sure who farm bureau or State Farm uses but they'll write something, even if it has to be contracted out like this. You still go through their offices and everything to pay or claim.
Posted on 9/26/15 at 8:05 am to CorkSoaker
quote:
For example, Allstate won't write the home owners insurance but they will contract it through lighthouse specialty
This is what I did and Lighthouse is an option over a certain value home. Don't know what the OP is looking at but there are locations and price ranges that are very difficult to REASONABLY insure.
Some folks are still being forced into the wind pool and it can be very expensive. The wind pool charges by the square foot not value and that can be a deal breaker.
Just my 2 cents
Posted on 9/26/15 at 8:14 am to subMOA
Did they add a master suite to it? The light green one? It's got an interesting looking back yard area with matched shed or whatever that is back there.
I'm sure all of these for sale right now are pricey, but locations like these almost never come up. With Triple Tails and Old Cuevas opening Old Towne is really coming along.
I live next to the antique store on Ulman. Hope to see you around.
I'm sure all of these for sale right now are pricey, but locations like these almost never come up. With Triple Tails and Old Cuevas opening Old Towne is really coming along.
I live next to the antique store on Ulman. Hope to see you around.
Posted on 9/26/15 at 8:22 am to cave canem
quote:
Lighthouse is an option over a certain value home.
Didn't realize that. We have lighthouse too.
Must be a pretty low value though because we also have it on one of our rentals.
This post was edited on 9/26/15 at 8:23 am
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