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After many months of searching, we've found a home we like very much and would like to possibly put an offer on. It's in Springfield, NJ - in the "Trees" section and we were just told it is in a high-risk/AE flood zone. The sellers have lived there 30 years and never had any water but of course flood insurance would still be required for financing.
Few questions:
1. The rates we are getting from Geico and USAA are SUPER high - like close to $3K a year. Anyone else we should check when shopping around?
2. Does anyone know if that area of Springfield in general is a flood zone?
3. How worried should we be about possibly purchasing a home in a flood zone? Ideally we would stay in the house 20+ years...
Walk away. Find a better home/property/location. Even if you don't want to use your home as an investment, you'll one day need to sell it. Being in a flood zone will only make that eventuality more difficult for you when the time comes. Keep looking. There's more than one home - really - that will suit your needs.
Walk away. Find a better home/property/location. Even if you don't want to use your home as an investment, you'll one day need to sell it. Being in a flood zone will only make that eventuality more difficult for you when the time comes. Keep looking. There's more than one home - really - that will suit your needs.
If you really like the house AND the seller says he has never experienced any flooding then before you seriously think about purchasing the house why not invest a few hundred dollars in getting an Elevatiobn Certificate (Hire a professional land suveyor or professional Engineer) for the house which will give a scientific assessment of whether the house actually is flood-prone - FEMA maps sometimes can be off the mark.
If you do want to go ahead with the purchase after seeing the elevation certificate it will help establish the correct amount of yearly premium rather than the one based on the assumption that the house is flood prone too and not just the yard.
If you really like the house AND the seller says he has never experienced any flooding then before you seriously think about purchasing the house why not invest a few hundred dollars in getting an Elevatiobn Certificate (Hire a professional land suveyor or professional Engineer) for the house which will give a scientific assessment of whether the house actually is flood-prone - FEMA maps sometimes can be off the mark.
If you do want to go ahead with the purchase after seeing the elevation certificate it will help establish the correct amount of yearly premium rather than the one based on the assumption that the house is flood prone too and not just the yard.
Armx, with all due respect, that was so realtor-ish of you. Here is a house with a major issue and your suggestion is to "just" invest more money into it. "Just" knock down that wall, "Just" add another bathroom, "Just" put on a dormer, "Just" spend even more of your hard earned money on a house that is not what you are looking for! And in a flood zone, in a house that will NEVER appriciate to full market value
OP, No amount of shopping around will get you a better deal on flood insurance since it is federally regulated. You will literally maybe get one or two dollars cheaper but that's it. FEMA puts out the map and backs the insurance so you will pay the same no matter where you go.
My house is in a flood zone also. I had an elevation survey done but it didnt help me. FEMA provides flood insurance so premiums shouldnt vary between ins companies.
Does the home have a basement? That's what kills you. They go by the lowest floor level.
Also mortgage cos are starting (since Katrina) to require 80% cost to rebuild rather than loan value.
I doubt the sellers are being completely honest. A couple of years ago there was a very bad storm which resulting in terrible flooding. Pretty much everyone I know had at least some water in their basements. There are too many good deals out there. I would run away from that house. Think about the insurance premiums x 20. yikes!
Way too many homes on the market to "settle" for a flood area home.
People who are trying to sell in flood zones always seem to make their homes more attractive (new kitchens, baths, landscaping) because they know the flood zone is a big negative.
Location,Location,Location does not include flood zones.
Our realtor wouldn't even let us see homes in flood zones. Enough said.
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