Flood Insurance in ABQ (Rio Rancho, North Valley: mortgage, lenders, house)

[ben242000]

Kind of an odd question given our climate, but also one I wanted to bring up due to all the small details in insurance contracts on what is covered and what isn't. We currently don't have flood insurance, but I was curious to know if other ABQ residents did or if you also went without. If you do have it, a short post on why would be appreciated.

Thanks.

[Poncho_NM]

We do not live in ABQ. We live in Rio Rancho, a different county. We do not have flood insurance. But you might read:

https://www.bernco.gov/public-works/...ormation.aspx:

Bernalillo County Floodzone Information

National Flood Insurance Program
Bernalillo County provides a Map Information Service to lenders, insurance agents, mortgage companies and the general public with regard to the National Flood Insurance Program through the Floodplain Administrators office.

The services provided include:

Whether a property is in a SFHA or not (also available online)
The Flood Zone designation (A, AH, AE, C, X, X Protected by Levee)
The base flood elevation where shown on the FIRM
Whether or not mandatory flood insurance will be required for the property
Maintenance and review of map revisions (LOMRs)
Copies of Elevation Certificates (some are now available online through the GIS Program's FEMA Flood Zones interactive map)
The Community Number
The Flood Insurance Rate Map Panel Number and suffix
The date of the FIRM’s Index
The elevation datum used on the FIRM
Maintenance and review of historic FIRMs

[ben242000]

Thank you, although that link doesn't work.

[Poncho_NM]

Sorry, This link works:

https://www.bernco.gov/public-works/...formation.aspx

[funkymonkey]

This map might be helpful.
FloodTools.com - Map My Risk

My property is in the orange part of this map, but I don't consider flood insurance necessary for my situation.

The average claim for the area is $10,112 and annual premiums are more than $500.

My house is in the 500 year flood plain, but for the sake of argument I'll assume the risk is higher and in the 100 year floodplain. There is a 26% chance of a building in a 100 year floodplain flooding at least once in 30 years.

30 years of $500 premiums is $15,000. The expected payout $10,112 * 26% = $2,629.

I'd need to expect a loss > $57,692 for insurance to make sense (and that's ignoring any opportunity cost for that $15k in premiums). Given that my risk of flood is even lower, it makes sense for me to be self-insured.

Your personal situation and tolerance for risk might be different. Adjust your calculations accordingly.

[jakabedy]

We’re in the orange section as well, about 1/2 mile from the river in the North Valley. Before we purchased the house I inquired about flood plain, requirements, etc. I recall that because the water was levee controlled (or some such), there was no requirement. Well, we all know the river is actually higher than the surrounding area, and that the existence of levees wasn’t all that helpful to the folks in New Orleans, but . . . I just went with it. Here’s to hoping for the best!