Today, 09:42 AM
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| Member ?Join Date: May 2010 Posts: 48 | Found a home in a neighborhood I really like. The home is not on the water but close-by neighbors are and it is in a flood zone. As a first time homebuyer, I'm not really sure what to expect for prices of flood and homeowners insurance. People with experience, how much are you paying for flood and/or homeowners insurance and what is the value of your home(ballpark)? |
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Today, 09:49 AM
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| Senior Member ?Join Date: Jan 2011 Posts: 3,112 | Overall it's really inexpensive, because it's a government sponsored program backed mostly with taxpayer dollars.....In short, if you get flooded out the US taxpayers pay for most of your losses and rebuilding expenses..... |
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Today, 10:03 AM
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| Senior Member ?Join Date: Feb 2012 Location: Lexington, SC Posts: 261 | See if an elevation survey will get you out of the flood zone. Personally, I'd never buy a home where I'd have to buy flood insurance. The value of the home will dictate the premium. You're looking at about 500-600 a year for a 400,000 home- every year. And most people don't want to desk with it either so down goes your resale value.
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Today, 10:25 AM
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| Senior Member ?Join Date: Nov 2012 Location: Southeastern coast of NC Posts: 161 | I live on the water...not the ocean, but the ICW. We are considered a flood risk. Our flood insurance is 1300 bucks a year....steep, I know. But its the price I'm willing to pay, for what is to me, paradise.
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Today, 10:34 AM
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| ? Join Date: Oct 2004 Location: NJ & Greenport LI Posts: 402 | NJ Insurance agent here... Flood insurance premium is based on multiple factors, not just value of the home. The base flood elevation of the area is a big factor. Is the house elevated or is it on a slab? Is there a finished basement? Is that where the mechanicals are? As an example, I have a client that bought a rinky dink cape cod home on a slab. He was playing around $1800 a year for flood insurance. He then knoced the house down and put up a beautiful 4000 sq foot home, but it was elevated with "smart vents" underneath it. His flood insurance dropped to under $600 for the year. You need to get an elevation certificate (or its possible the prior owners have one, hopefully not too old) to get the proper rate. As one poster mentioned earlier, your home may be one rate, but your neighbor is different. BTW, flood isnurance maxes out at $250,000 for the dwelling. If you are buying an expensive home, please get an "excess" flood policy on top of that. |
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Today, 10:50 AM
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| Senior Member ?Join Date: May 2012 Location: Kenberma Posts: 143 | Quote:
23' Regulator Rhodes 19 (Fleet 46) 10.5' RIB 20' Mako - sold | |
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Today, 10:51 AM
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| Senior Member ?Join Date: May 2012 Location: Kenberma Posts: 143 | Quote:
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Today, 11:10 AM
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| Member ?Join Date: May 2010 Posts: 48 | Thanks everyone. The house is in a community with a boat ramp and a bunch of houses on the water. It's in Tampa FL and the houses I am looking at are 125-180k. Any guesses what I would spend for insurance? |
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Today, 12:29 PM
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| ? Join Date: Mar 2004 Location: Albemarle Sound, NC Posts: 1,124 | Quote:
What he said. I am in insurance also. Based on the elevation cert you could be looking at 400/year or 4000 a year if its below grade, or "submit for rate". There is alot more involved than just " I am in flood zone AE, how much is the cost?" __________________ 08 Sea Pro 228CC 225 Verado | |
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Today, 01:10 PM
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| Senior Member ?Join Date: Dec 2010 Posts: 1,787 | Quote:
Your only option might be Citizens Insurance , the state run insurance Hard to find anyone that will insure a home in Florida within 5 miles of the beach , or at least central east florida | |
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Today, 01:15 PM
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| ? Join Date: May 2006 Location: Suffolk, Va. Posts: 6,658 | Quote:
This is the correct answer. You can ask the current homeowner what his flood policy runs for a good idea what it will cost. BTW. ALL HOMES ARE IN A FLOOD ZONE its just some flood zones your required to buy flood ins. to obtain a loan. | |
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Today, 01:36 PM
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| Senior Member ?Join Date: Oct 2009 Location: babylon Posts: 274 | One thing to consider is that if the neighbors are on the water and your not, there is no value added to your house. You actually might have the least desirable home in the area. make sure the price is right. whats the real advantage to living close to the water and having no access to it? no boat dockage? add the risk of flooding, and needing flood ins, I'd think this one over long and hard. what it comes down to is this,, a home is either on the water or its not, close isn't always better. |
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Today, 01:39 PM
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| Senior Member ?Join Date: May 2012 Location: Kenberma Posts: 143 | Quote:
However, I did talk to one agent, and they said b/c the zone that the property is in was reclassified (from B to AE) that I can get some kind of reclassification rate, quote went down to ~400 b/c my utilities are in my attic. My uderstanding is that flood plane AE is worse than B, so why would I pay less in flood insurance if the property was rezoned to a worse flood plane? elevation is < 8' (house is almost 100 yrs old) | |
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Today, 01:43 PM
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| Senior Member ?Join Date: Mar 2009 Location: Ashley River Posts: 1,641 | Mine is less than $400. Waterfront house, but the house is 30'+/- over the water. The only area that typically floods is the bottom 1/16 of my property. If my house floods, the entire eastern seaboard is probably under water. Now the reason my house sits 30' up - it rests smack dead on top of a fault line, the only "hill" east of I-95. Dont ask about earthquake insurance.. |
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