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Flood insurance ( how much coverage is needed)
Posted on 7/31/19 at 4:19 pm
Posted on 7/31/19 at 4:19 pm
So after the +30 inches of rain predicted for Hurricane Barry, I decided that i should have flood insurance. I am not in a flood zone, but im not very far from one, or much higher in elevation. Plus, there are big subdivisions going up left and right around me which will have an effect on drainage.
I have a spec home in Ascension parish and is appraised around 185K.
I asked for a quote and was told I can have up to 250k of coverage. I believe my entire house can be build for 100K. So does anyone have any experience with the recent flooding on how much would actually be needed if my house were to flood lets say.... 2ft?
I asked for a quote on 50k, 100k, and 150k.
I have a spec home in Ascension parish and is appraised around 185K.
I asked for a quote and was told I can have up to 250k of coverage. I believe my entire house can be build for 100K. So does anyone have any experience with the recent flooding on how much would actually be needed if my house were to flood lets say.... 2ft?
I asked for a quote on 50k, 100k, and 150k.
This post was edited on 7/31/19 at 4:20 pm
8
Posted on 7/31/19 at 4:26 pm to Elusiveporpi
Generally as much as you owe at the least
Posted on 7/31/19 at 4:29 pm to Elusiveporpi
If you arent in a flood zone just get the max
Its only $450 a year
Its only $450 a year
Posted on 7/31/19 at 4:30 pm to Elusiveporpi
It's like $450 per year for the highest plan before going into extra coverage. Just buy all that you think you need plus some wiggle room and be done with it.
Posted on 7/31/19 at 4:35 pm to Elusiveporpi
quote:Ballpark around $100 sq ft for replacement cost. Thats what you base the amount of insurance coverage on.
I have a spec home in Ascension parish and is appraised around 185K.
quote:You need to have coverage for at least 80% of the reconstruction cost to avoid being paid actual cash value on the claim (depreciated value). If you're insured at better than 80% of the replacement value, then you should get paid replacement cost on building damage.
So does anyone have any experience with the recent flooding on how much would actually be needed if my house were to flood lets say.... 2ft?
quote:
I asked for a quote on 50k, 100k, and 150k.
Posted on 7/31/19 at 4:38 pm to Elusiveporpi
Get max and add max for contests. As others have said it’s cheap
Posted on 7/31/19 at 4:46 pm to Tiger Prawn
thanks for advice guys!
Posted on 7/31/19 at 4:56 pm to Elusiveporpi
Sooner the better bc there is a 30 day waiting period
Posted on 7/31/19 at 5:00 pm to Elusiveporpi
If your house is appraised at $185 and you get 2 ft of water, you are probably looking at at least $50K in repairs. Keep in mind that if this is a flood event, it becomes a contractor's market because they will be in demand.
Posted on 7/31/19 at 5:24 pm to Elusiveporpi
Max is $250k on dwelling and $100k on contents. It should cost around $450 a year, just buy the max
Posted on 7/31/19 at 6:00 pm to wickowick
I just maxed everything out when I got mine. It was like a $50 difference. It has gone up a lil bit. It’s like $480 now for the max.
Posted on 8/1/19 at 6:38 am to stamant70774
$482 annually for max dwelling (250K) and contents (100K) if not in flood zone. Just did this a few weeks ago.
Posted on 8/1/19 at 6:54 am to wickowick
quote:
Max is $250k on dwelling and $100k on contents. It should cost around $450 a year, just buy the max
this is what I have, its worth it even if you never use it for the price. my house is in zone A but I'm LOMA out and 1.5' above flood elev.
Posted on 8/1/19 at 7:36 am to Elusiveporpi
Everyone is in a flood zone, you’re in zone X which allows you to purchase a preferred risk flood policy without an elevation certificate. How much or little coverage you purchase is on you, choose well my friend.
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