Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
First post to this Forum.
I have been reading this Forum and searching for a variety of data for several months, but this is my first query. Currently living in Northern Virginia, retired and ready to relocate. Our two primary targets are Williamsburg Va and the eastside of Wilmington NC. I'm really liking Wilmington, especially the area east of South College Rd, the Masonboro Loop area...we still need to investigate this area more and also want to look at the area north of Landfall, east of 17.
Anyway, the type of information I am finding it difficult to find deals with homeowners/wind-hail insurance (I am aware the insurance companies have applied for up to 30% increase) and of course the flood maps (I am aware,thanks to Mr. Hitchcock), that the revised preliminary flood maps for New Hanover County are not due until June 30 this year).
Every address that I find interesting, I check at Floodsmart and the NC flood map site...what I am concerned about is I can't get a feeling for how much change to expect? The addresses I look at are usually a couple of hundred yards from the nearest 500 year water. Should I be suspect? Has anything leaked about changes to the "preliminary" revised maps?
Which companies still write homeowners/wind-hail insurance? I hear that the companies with household names like State Farm, Allstate, Farmers have pretty much pulled out of writing new coastal insurance, or come up with such inflated premiums as to steer you to other companies.
Every address that I find interesting, I check at Floodsmart and the NC flood map site...what I am concerned about is I can't get a feeling for how much change to expect? The addresses I look at are usually a couple of hundred yards from the nearest 500 year water. Should I be suspect? Has anything leaked about changes to the "preliminary" revised maps?
Which companies still write homeowners/wind-hail insurance? I hear that the companies with household names like State Farm, Allstate, Farmers have pretty much pulled out of writing new coastal insurance, or come up with such inflated premiums as to steer you to other companies.
Any thoughts anyone?
I don't have insight on the revised flood maps. However, our homeowners insurance went up 21% over last year from $1900 to $2300. We are not in a flood zone, but are about .5 miles from a bay and 1.5 miles from the ocean. Our house is valued about $325K.
We get insurance with Universal Property and Casualty through a Farm Bureau agent named Don Bullard. It is true the other big insurers had much higher rates.
All I can suggest is to budget conservatively. We are here because we enjoy the quality of life. What we saved in Maryland property tax, we spend on wind and hail insurance in coastal North Carolina.
I switched my homeowners insurance about a year or so ago...I just went through an Independent Agent. The big companies have corporate policies and can afford to stay away from coastal properties...Costco located in Wilmington but didnt offer insurance. Mine stayed the same when I switched.
I don't expect the floodzone to change much in New Hanover County. Wilmington actually fares fairly well during storms and doesn't suffer much flooding.
The Masonboro Loop area is a good area to consider...its not overly busy, but is still very convenient to most stuff in Wilmington.
I have been a USAA guy for almost 40 years, but with all the bases down here, their risk is too concentrated, thus their rates are much, much higher than Farm Bureau.
Thanks to the folks who responded so quickly and thoughtfully. I am probably a bit too paranoid and "worry-wart-ish" but I feel the touch of paranoia has mostly kept me out of big trouble. I will make note of your suggestions... probably time for another visit to the areas of interest. There is an increasing number of houses on the market with the advent of nice weather...
Thanks.
what I am concerned about is I can't get a feeling for how much change to expect?
Join the club. North Carolina homeowner insurance is in a state of flux. You might find this news item of interest: North Carolina Hearing on Homeowners Increase Set for August
My wife's real estate agency does not do business in the Wilmington area so I can't relay first hand info about insurers in that area. But I would highly encourage telephoning multiple insurers in Wilmington and ask them direct. Rates and terms/conditions in insurance are just like real estate-It's all local. One thing to keep in mind is that flood potential isn't necessarily associated with proximity to a body of water. I know of waterfront properties with less of a flood potential than some properties a mile inland.
Absolutely on the spot about inland water risk...for every property that has our interest, I check the floodmaps and am amazed by the number of tiny creeks which are likely dry most of year, just a runoff creek, but provide a path for surging water way further inland than expected. That 500 year flood risk line seems to appear out of nowhere sometimes. Does anyone know when the current flood maps were developed? ie just how out of date are the maps in use?
We understand the high HO and wind/hail rates and are willing to absorb them as the cost of coastal living,
but the flood risk is the wildcard which has kept us from going to serious "time to buy" mode since January when I first became aware of the revised map issue.
Hurricane Floyd (approx. 15 years ago) showed NC how antiquated their flood mapping was. Since then millions of dollars have been spent to update and maintain its info. I would feel confident that what the NC flood mapping program and the local county mapping programs show are pretty accurate.
When it comes to flood potential you have to check a finite area. Too often folks think in too general of an area. For example-I can throw a baseball from my yard in Carteret County in 4 different directions and have the ball land in a least three different flood zone designations.
Find a property you are interested in then check that specific property for flood potential. All info is public and readily available. I have worked with deeds offices, tax offices, land offices, etc. in 5 coastal counties and everyone has always been most helpful.
Hey Jim, I don't think you're paranoid at all for keeping an eye on these issues. They have a very big impact on our local real estate market right now. This is an important week in the legislature as Senate Bill 1926, “The Homeowner Flood Insurance Affordability Act" has moved to the US House and will be voted on. Also the NC Commissioner of Insurance announced this week that he does NOT support the Rate Bureau's proposed increase on Home Owner's Insurance, so we're making good strides towards keeping housing affordable in the NC coastal areas. Continue to keep an eye out on the news this week and it seems you've already taken a prudent approach to researching properties in the Wilmington area. Hopefully the unintended consequences of the Biggert-Waters Flood premium increases will be put on hold for awhile. I will post more about these issues once I receive information about the resolutions, since it impacts a lot of people on this forum.
By the way, I think you can't go wrong looking for properties East of College Rd. I think prices will continue to rise quicker on that half of town as more people want to be closer to the water. The Masonboro Rd area is great and that zip code has seen 13% growth in average home sale prices over the last year, which is the highest in town. I live near Middle Sound Loop Rd on the northern part of town and there are very nice neighborhoods there and it's just as close to Wrightsville Beach, so you can't go wrong either way.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Thanks for the information!
