People living on the water/in a flood zone, how much for flood/home ...

Today, 09:42 AM
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
Senior Member ? Join Date: Jan 2011 Posts: 3,111	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
Senior Member ? Join Date: Feb 2012 Location: Lexington, SC Posts: 260	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. __________________ 2002 Scout 175 SF, Yamaha 100hp 2004 Premier Pontoon, Honda 130hp
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Today, 10:25 AM
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. __________________ "Be nice to everyone you meet...but always have a plan to kill 'em."
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Today, 10:34 AM
? 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
Senior Member ? Join Date: May 2012 Location: Kenberma Posts: 142	Quote: 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)? Rates are set by the government. You need to find out what zone the property is located in. __________________ 23' Regulator Rhodes 19 (Fleet 46) 10.5' RIB 20' Mako - sold 17' Sailfish - sold Tanzer 17 - sold
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Today, 10:51 AM
Senior Member ? Join Date: May 2012 Location: Kenberma Posts: 142	Quote: 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)? zones B and A require mandatory federal flood insurance and the max amount you can get for the structure is 250K
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Today, 11:10 AM
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
? Join Date: Mar 2004 Location: Albemarle Sound, NC Posts: 1,124	Quote: 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. 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
Senior Member ? Join Date: Dec 2010 Posts: 1,787	Quote: 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? trailer or house? 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
? Join Date: May 2006 Location: Suffolk, Va. Posts: 6,654	Quote: 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. 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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