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Old 06-05-2009, 04:18 PM
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Default Flood Insurance Question - Please help
A property (single family) we are bidding on is partially in a flood plain. The house(or dwelling) is NOT in the flood plain but the backyard is.

It is located in bergen county, New Jersey and the flood plain rating is AE.

The owners have an official letter from the town (LOMA) that states that the house is NOT in a flood plain but the property is.

Would we be required to pay flood insurance on this property ?

Feedback greatly appreciated.
Thanks in advance.
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Old 06-05-2009, 04:27 PM
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What does your mortgage lender say? I have the same situation as you and am not required to have coverage now. That will change in 2010 as the flood planes are being recalculated.
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Old 06-05-2009, 04:34 PM
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Quote:
Originally Posted by North Beach Person View Post
What does your mortgage lender say? I have the same situation as you and am not required to have coverage now. That will change in 2010 as the flood planes are being recalculated.
I have not applied for Mortgage yet. One mortgage company I called said that I will very likely be required to pay, but they cannot tell me for sure unless I apply and go through the mortgage process.

Do you have any articles/references to the flood insurance changes coming in 2010 ?

Thanks
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Old 06-05-2009, 05:38 PM
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Redrawing Flood Maps: A New National Priority - WSJ.com

FEMA Redraws Flood Maps | Planetizen
FEMA Floodsmart
FEMA Floodsmart

The first two are info, the third is a flood zone finder by street address.
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