Quote:
Originally Posted by Firefox101
In this case your homeowners insurance would not cover this. If there is any coverage it would fall under your flood policy. It would be extremely hard and expensive to get flood insurance on this property. There is a guaranteed loss on this property of at least 200k.
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That's exactly right. The HO policy covering this house is very basic, probably only covers a few perils, and flood is not one of them. Whatever the mortgage is on this house, it is covered by a flood policy. In other words, this house doesn't have a mortgage for say $700K. I think the max a flood policy pays for the structure is $250K.
My boss has a beach house here in NC. She doesn't even have an HO3 policy, can't get one. She's across the street from the ocean. I think she has wind, hail and theft. Wind has a deductible due to hurricane threat I believe.
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