[Rainbow Island]

I recently bought a home on Rainbow Island. That's between Heber Springs and Pangburn. I got a really good deal on the place. $ 32,000 off the original asking price when it first went onto the market. I found out the reason why it had not sold. The flood insurance was around $2,700 a year. I talked to some of the neighbors and was given a name of an insurance company. None of the neighbors where paying more than $600 a year for flood insurance. I called them and I was told I could get the insurance for around $800 a year. We made an offer on the place and it was accepted. A month later, we are on the way up there, pulling a trailer full of furniture and other stuff to close on the house. My realtor called and said she had bad news. That price that I had been quoted on the flood insurance was incorrect. We pulled over and had a long talk. We had our hearts set on this place and decided to go for it and hope to get a better deal later. We are still in the process of getting, what FEMA calls, reclassified. FEMA is in charge of flood insurance as it turns out. I still can't figure out why my insurance would be so much higher than everyone else's. I'm not even on the waterfront.

Has anyone else had this problem? There is a lot of places in what's considered the flood zone, all over the USA. Last year there was a lot of flooding around Greers Ferry Lake but the area I'm in didn't flood.

My advise to someone looking to relocate. Make sure that perfect little place you find and can't live without is not in a flood zone.

[grmasterb]

Have you completed the risk profile for your property at Floodsmart.gov: Your premier resource for flood insurance information? It can estimate your premiums and provide you with agent listings.

[Rainbow Island]

Originally Posted by grmasterb

Have you completed the risk profile for your property at Floodsmart.gov: Your premier resource for flood insurance information? It can estimate your premiums and provide you with agent listings.

No, I don't think so. I was told the only way to get anything done was to contact FEMA and fill out all their paperwork to get reclassified. I'm hoping to hear back from them soon. I will check it out though. Thanks.

[Rainbow Island]

I checked it out. It's FEMA.

[Jo Selby]

I wondered now after some time if that flood insurance worked out? my husband and I are considering retiring in Arkansas and would appreciate any information anyone would like to share. After reading about the flood insurance we are now afraid to buy close to water as we had originally planned. Is there truly any way to insure our options or would we have to contact fema about any property? thank you in advance for any help.
Jo

[Kimballette]

This thread has been dormant for more than two years.