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Started By
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Flood insurance for raised camp?
Posted on 6/15/22 at 11:21 am
Posted on 6/15/22 at 11:21 am
Closing on a camp in Bay St. Louis today that's raised 16 feet. Does anyone put flood insurance on these? It has a laundry in the bottom that's enclosed where the stairs are.
This post was edited on 6/15/22 at 11:57 am
6
Posted on 6/15/22 at 11:22 am to LEASTBAY
Did you pay cash? If there is a mortgage, they mortgage holder will require flood insurance
Posted on 6/15/22 at 11:25 am to wickowick
Cash baw
Posted on 6/15/22 at 11:26 am to LEASTBAY
quote:
Closing on a camp in Bay St. Louis today
JFC, you haven't checked into flood yet? seen seller's policy?
Posted on 6/15/22 at 11:27 am to Chad504boy
The seller doesn't have one. I have a flood quote. It's quite expensive due to the add on laundry at the bottom.
Posted on 6/15/22 at 11:32 am to LEASTBAY
I wouldn't buy camp. Why you think they selling.
Posted on 6/15/22 at 11:36 am to LEASTBAY
quote:
Cash baw
More money than sense, apparently.
Posted on 6/15/22 at 11:40 am to Chad504boy
Elderly doctors, they're doing the closing by mail. Don't buy it based on what? Debating whether to purchase flood?
This post was edited on 6/15/22 at 11:41 am
Posted on 6/15/22 at 11:42 am to seeinspots
I'm really asking is how typical is a 16 foot flood for that area?
Posted on 6/15/22 at 11:42 am to LEASTBAY
quote:
Don't buy it based on what?
the way it's built, flood is outrageous. Flood premium = ability to resell and value.
what was flood quote?
Posted on 6/15/22 at 11:43 am to LEASTBAY
quote:
I'm really asking is how typical is a 16 foot flood for that area?
well if its Katrina, you'll have over 25 ft
eta: if i told you that you were GUARANTEED to see 20 plus foot of water over next 8 years, would you still buy this camp and deal?
This post was edited on 6/15/22 at 11:45 am
Posted on 6/15/22 at 11:45 am to Chad504boy
1600. Still leaning on getting it just trying to get more info. House made it through Katrina. Unsure or how much damage.
Posted on 6/15/22 at 11:46 am to LEASTBAY
I have 2 properties in the Pass raised about that height. My yearly flood is under $1100 per house with coverage of $250k for dwelling and $100k for contents. But that only covers the top. Anything under the house isnt covered with the exception of damage to the stairs going up to the house, etc.
Posted on 6/15/22 at 11:48 am to RobNation
Right. They're kind of forcing coverage on the bottom due to the way it was added on. I could eat the cost of the laundry. Don't want to piss money away on something that would never happen though. If there's like a 20 year chance I will likely buy the insurance
Posted on 6/15/22 at 11:52 am to LEASTBAY
I have a pretty good idea if I'll get water under the house with a certain storm surge level and I can just move everything upstairs. I buy it every year since I airbnb out the houses, so it's not really coming out of my pocket.
Posted on 6/15/22 at 11:54 am to LEASTBAY
quote:
1600
That’s cheap. What coverages?
Posted on 6/15/22 at 11:57 am to Chad504boy
125k 50k contents
Posted on 6/15/22 at 11:58 am to RobNation
And we will be using air bnb so hopefully it will cover it.
Posted on 6/15/22 at 1:01 pm to LEASTBAY
1600 a year? Do it. We just closed on ours and were luckily able to assume the previous policy, which is about half that. But I would pay that without blinking an eye. If you get another Katrina type storm, the house may survive but I bet you have 125/50k in damage on it to repair. I would find out if you removed the laundry downstairs and opened it up, or built it to specs so it’s not considered part of the house, if you could have the elevation certificate redone and policy changed?
Posted on 6/15/22 at 1:04 pm to LEASTBAY
Not to get too doxxy, but where did y’all buy? Streetwise?
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