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Current rates are a reaction to recent events. Past rates were based on history. Do you think that when history repeats itself that the insurance companies will lower the rates back down? Yes, it’s a rhetorical question.
Interesting phenom here in NC. OBX who has consistently had the worst storm damage got a lower beachfront rate than places like Onslow and Carteret. Things that make you say HHhhmmm…………
Real Estate, viewed as an investment, has risks just like all others. The past "n" years, until 2007, made most people forget it. This is another wake up call. I live near a flood plain, and I figure my rates will go up, too.
But it really is not fair to ask someone in the Piedmont to help me pay for my insurance so I can live where I choose.
Current rates are a reaction to recent events. Past rates were based on history.
i don't know what you mean by "based on history", but flood insurance rates were never actuarially sound. they've long been subsidized by the federal taxpayers.
I don't think it is hard to argue that reform was needed in the flood program but one of the co-sponsors herself (Waters) readily admits that what has happened absolutely wasn't the intent. The execution of this has just been horrible.
It should be based on the property and claims that have been put into the flood insurance program not speculation.
Numerous areas of North Carolina have been impacted and the history of claims have been almost non existent in the AE flood zones. Also it is interesting hearing how senetors from NY and NJ have proposed to spend millions of dollars to storm proof apartment buildings in the area that was impacted by hurricane sandy. Yet they want to punish the individual property owner.
Again, the way to cheapen your flood insurance is to mitigate your house from potential hazards and raise everything above BFE. It makes no difference whether or not you have filed a claim or ever been flooded.
Construction in the floodplain is different than regular construction. It is evident when you go to a beach community, but its the same thing where you are close to pretty much any body of water or in a low lying area. As I said before its not really that complicated, but people love to complain nowadays and make things personal.
Easier said then done. FEMA does not offer any discounts for mitigation on a residential property you have to raise it.
One issue is the older pre-firm houses (pre-1978) often have styles such as splits of splances, the bi-level houses.
These houses have a combination of den level slightly below street on a slab (stub basement) , main floor slightly above street with crawl space, an attached garage on street level on a slab and most were expanded with extensions and some feature sunkin extensions.
Big splits are like 150K to lift.
Not much you can do. You are better off dropping flood. Odds you wont get over 150K in damage and that is the break even point.
You are better off dropping flood
if only Mr. Bank would let you.
2004 the mountains of NC had two horrible and separate flood events caused by hurricanes coming up from the Gulf. More deaths are associated with inland flooding than coastal. And as far as wind damage, recent news shows that it isn't exclusive to hurricanes or the coast. Viewer video: Brier Creek building collapse :: WRAL.com
I've been searching the sites but I haven't been able to find what I am looking for on the costs of insurance so I thought I would post with a specific situation and see if I can get some ideas without having to call an agent.
We are looking at buying a new construction home (built within the last 2 or 3 years) on the beach.
I will assume that it is built high enough to meet the BFE.
I will assume that there is a dune between the house and the ocean (still being able to see over it from the house)
The houses I am looking at are around $500k to $550k (structure and property)
We would be looking in the Top Sail / Surf City area (we think)
With this information, is there anyway to get rough ball parks on the insurance costs or are there still just too many variables? I'm trying to see if there is any way I will be able to afford to retire to the beach or if I will be stuck moving inland.
I've been searching the sites but I haven't been able to find what I am looking for on the costs of insurance so I thought I would post with a specific situation and see if I can get some ideas without having to call an agent.
We are looking at buying a new construction home (built within the last 2 or 3 years) on the beach.
I will assume that it is built high enough to meet the BFE.
I will assume that there is a dune between the house and the ocean (still being able to see over it from the house)
The houses I am looking at are around $500k to $550k (structure and property)
We would be looking in the Top Sail / Surf City area (we think)
With this information, is there anyway to get rough ball parks on the insurance costs or are there still just too many variables? I'm trying to see if there is any way I will be able to afford to retire to the beach or if I will be stuck moving inland.
My understanding of the flood insurance rate increases is that they affect properties out of compliance only. So the key is to buy something that is in compliance.
Assuming you are in compliance, then your concern is the regular insurance rates (and not the flood) which have been going up. I would contact a Topsail Island realtor to get an idea of property insurances rates on the Island.
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