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Old 07-28-2016, 07:29 AM
 
278 posts, read 431,554 times
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We're looking at another house to purchase - we've looked at many. One of the things we really wanted was Flood Zone X, but this house is Flood Zone AE. We've already determined through our realtor and their insurance person, that the land/lot is AE, but the house structure itself is not in the flood zone. I suppose they have map, or a certificate, that proves this.

My question is - are there any people reading this that are in a similar situation? Have you seen things change over the years with FEMA remapping? Id likely still get flood insurance, but I know the costs would change drastically between required and non-required.
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Old 07-28-2016, 07:43 AM
 
2,729 posts, read 5,176,334 times
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Quote:
Originally Posted by minister View Post
We're looking at another house to purchase - we've looked at many. One of the things we really wanted was Flood Zone X, but this house is Flood Zone AE. We've already determined through our realtor and their insurance person, that the land/lot is AE, but the house structure itself is not in the flood zone. I suppose they have map, or a certificate, that proves this.

My question is - are there any people reading this that are in a similar situation? Have you seen things change over the years with FEMA remapping? Id likely still get flood insurance, but I know the costs would change drastically between required and non-required.
I am in AE with about 26 feet Base Flood Elevation (BFE) and pay about $700 or so a year (don't remember the exact dollar figure from top of my head now).
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Old 07-28-2016, 07:57 AM
 
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absolutely have seen the effect of fema remapping. not in fl, however, but in our home state. we were looking at purchasing a home at the time, and it coincided with a remapping of our area post-hurricane sandy. before, it wasn't in high risk zone. after, it was. insurance went from a couple grand a year to $10k+. passed on the house.
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Old 07-28-2016, 08:10 AM
 
278 posts, read 431,554 times
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Originally Posted by Pragmaticus View Post
I am in AE with about 26 feet Base Flood Elevation (BFE) and pay about $700 or so a year (don't remember the exact dollar figure from top of my head now).
I'm completely ignorant of what this means - so does that mean your house is not but your land is? We're new to the whole flood zone stuff.
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Old 07-28-2016, 08:39 AM
 
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I would be worried if the lands partial flood zoning would play a role in the properties resale value.
I remember buying a house a long time ago that was prone to being in an area that flooded ever 10 years or so,when it came time to sell the house the risk of flooding played a major role in its resell ability, i ended up taking a loss on its resale value as it got to the point no one was interested in the property.
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Old 07-28-2016, 08:45 AM
 
Location: Westchester County, NY -> Pinellas County, FL -> Dutchess County, NY -> Denver?
348 posts, read 531,745 times
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Quote:
Originally Posted by SJNE17 View Post
absolutely have seen the effect of fema remapping. not in fl, however, but in our home state. we were looking at purchasing a home at the time, and it coincided with a remapping of our area post-hurricane sandy. before, it wasn't in high risk zone. after, it was. insurance went from a couple grand a year to $10k+. passed on the house.
I concur. We've been looking at a house in Dutchess County, NY. FEMA remapped everything a couple of years ago, this particular house was put in the flood zone, the owners called in an engineer to remap it again - the structure right now isn't in the flood zone AE but the other 0.5 acres behind the house is. I assume FEMA will try to implement changes sooner or later. Tons of people ended up paying through the nose for a flood insurance.

Last edited by Iching; 07-28-2016 at 09:53 AM..
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Old 07-28-2016, 08:47 AM
 
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Originally Posted by minister View Post
I'm completely ignorant of what this means - so does that mean your house is not but your land is? We're new to the whole flood zone stuff.
OK, here is a simplified explanation:

Flood insurance are required by mortgage bankers, if there is a chance that a once in 100 year event of flood could reach your property. A once in 100 year event has roughly 22% (30*0.1*0.99^29) chance of occurring over the life of the loan (I used 30 year mortgage, if it is a 15 year mortgage it will be 13% chance).

If there is not a chance of flood occurring from a once in 100 year event at a given location, then you are not required. When a once in 100year event occurs, it has different flood level that it reaches depending on how far/elevated an area is from the source of the flood. The level that it reaches is called Base Flood Elevation. But just because the flood reached your location, doesn't mean that you sustain a damage. The next piece of information comes in handy, which is how high is YOUR house built in relation to BFE. For most house that are inland, they are constructed on BFE so no change in the premium. But others, specially those close to the coast may decide to build their house elevated. Your premium will then be based on how high or low you are from BFE.

As you can imagine, those who are in areas of once in 500 year event have less chance of flooding so they are not usually required by mortgage companies. That's why it is cheaper for them simply because the chance is low. It is a risk calculation that the insurance company crunches the number.
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Old 07-28-2016, 09:01 AM
 
Location: Central Mexico and Central Florida
7,150 posts, read 4,865,961 times
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Our house in Gulfport is in zone X, but a small portion (5%, maybe) of one corner of our land is in AE. Our flood insurance is $450 a year, though I am not required to buy it (no mortgage).

House was built in 1946, never a flood claim, per FEMA records. Neighbors who are IN the AE zone (house and land) and have lived here 50+ years say never seen water rise anywhere near our street even in the worst of storms.
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Old 07-28-2016, 09:33 AM
 
747 posts, read 1,005,351 times
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That's about our timeframe as well (couple/few years prior).

Quote:
Originally Posted by Iching View Post
I concur. We've been looking at a house in Dutchess Ciunty, NY. FEMA remapped everything a couple of years ago, this particular house was put in the flood zone, the owners called in an engineer to remap it again - the structure right now isn't in the flood zone AE but the other 0.5 acres behind the house is. I assume FEMA will try to implement changes sooner or later. Tons of people ended up paying through the nose for a flood insurance.
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Old 07-28-2016, 11:13 AM
 
1,759 posts, read 2,149,875 times
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Quote:
Originally Posted by dothetwist View Post
Our house in Gulfport is in zone X, but a small portion (5%, maybe) of one corner of our land is in AE. Our flood insurance is $450 a year, though I am not required to buy it (no mortgage).

House was built in 1946, never a flood claim, per FEMA records. Neighbors who are IN the AE zone (house and land) and have lived here 50+ years say never seen water rise anywhere near our street even in the worst of storms.
$450 a year is low. That's a great price - for a full year? Citizens? Good for you in any case.
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