Anyone have flood insurance on your house?

bellafleur

bellafleur

O.G.
Apr 26, 2007
1,954
1
#1
DH and I have an accepted offer on a house that happens to be on a flood plain, and now we're trying to find homeowner's and flood insurance before our loan can go through. Well, the quotes I got for flood insurance are absolutely ridiculous!!! Like 6 times more than I was expecting and was told to expect from our realtor and lender!!

Do any of you have flood insurance on your home? Can I ask what company you have it through and what your premiums are? In comparison to value of our home, the annual premium is about 2% of the value of the house - each year! Calculate what that would be on your house, it's a lot!! I'm just trying to figure out if this is the normal rate for flood insurance, in which case we have to look for a house that's not on a flood plain. Thanks for any insight you can offer:smile:
 
#2
The premiums are based on the value and the maximum available is $250,000. It also depends on the particular flood zone you are. Do you know what zone you are in as some are a much higher risk.
 
#4
Vegas Long Legs said:
I thought you bought flood insurance through the government? Thought it was $1000 per year max.

Try www.floodsmart.gov
Click to expand...

My insurer told me that you can only get flood insurance through the federal government. But there's one catch: your municipality has to *agree* to be part of the federal flood insurance program and agree to let the government include the area on a flood plain map. Many municipalities around here refuse because flood plain status makes the land less attractive to commercial development, and also decreases property value. So when homes start floating away and no one has any flood insurance, there's always lots of finger-pointing.
 
#5
You can purchase the flood policy through your insurance agent who in turns purchases through the NFIP (government) Depending on where the property is located and the zone that it's in, the premiums can go as high as $5000 a year for the $250,000 max. That premium would be for a coastal area. Just remember that getting the policy in place takes a little time and the mortgage company won't fund until that is complete.
 
#6
flood insurance is expensive, and like Kroquet said, it's actually run by the gov. It's bound to be high if you are in a flood zone, especially along the coast such as FL, if you like the area, not matter which house you purchase, they all pretty much have the same rate.
 
#9
Thanks for your advice, everyone. Yeah, so we're not moving into a hurricane zone or anything. The house we want to buy is about a mile away from a river in Milwaukee, Wisconsin! The flood insurance rates we were quoted were about $3200 a year on a $200k house, plus the homeowner's insurance is at least twice as much as normal. Which means we'd be paying about $4500 a year for insurance! Our lender said he's never seen rates like this in our area, that he would expect these rates in Miami, not Milwaukee. Could we afford it? Probably, but do we want to? I can think of a million other things I'd rather spend that money on. And we really liked this house too:sad: Oh well, hopefully we'll find something we like that's not on a flood plain. Poop:sad:
 
#10
When DH and I first moved into our home (new subdivison) flood insurance was not needed at first and a year later, FEMA came out with new maps that put us in a flood zone. First they were saying we were in a flood zone but since they just go by maps, we have the option of having flood insurance or not. And since this was something that I let DH handle he paid it for a while but it is indeed expensive. But now we dont have to pay because we are not actually in a flood zone. You may be in an area like this. You may want to check it out.
 
#11
We live in coastal NC, but not on the oceanfront; we're about 2 miles away. A corner of our lot is in a flood plain so we had to buy flood insurance through our regular agent (but from the govt.). Just received a FEMA reminder that it's time to renew. Our regular homeowner's insurance is outrageous. It went up about 35%. It's twice what our property taxes are.

For regular homeowner's insurance, one company will no longer issue policies to people who live east of the Intracoastal Waterway (closer to the Atlantic Ocean). I don't know what those people will be able to do!
 
#12
I live in New Orleans, in an area that did not flood during Katrina. My flood insurance is $277/yr. My coworker lives in a previously flooded area. Hers is $1400+/yr.
 
#13
michie said:
I live in New Orleans, in an area that did not flood during Katrina. My flood insurance is $277/yr. My coworker lives in a previously flooded area. Hers is $1400+/yr.
Click to expand...

Hey, neighbor! I'm in 70124.

Yeah, it's gone through the roof.



Regardless of price, if there's a reason for you to get it, GET IT. I'm not a big believer in insurance. For the most part, I think it's a massive, life-long rip-off. I am, however, a New Orleanian. Enough said right there, huh?
 
#14
Hey *waves from 70131*! /\I so agree with you, too. The upsetting thing is with all the flooding *all over the US*, you never know...I just wish the Homeowner's quotes looked more like my flood!
 
#15
i have flood insurance on my house. it is required as we live on a canal and it is a flood zone.

i pay $800 a year. and the thing is, when shopping around for quotes, was being told a ton of crazy prices. i finally got the correct info from Allstate.

If you have an Allstate insurance company near you, call them. They will bill you and then buy the plan for you from the government.
 
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