[Tops1234]

Hi all,

Have some interest in purchasing a home near the water in Stamford, but it has come to my attention that this home is in the Flood Zone AE - meaning it has a 1% annual chance of flooding.

Anyone have any idea on what types of premiums on an annual basis I can expect to pay for a home like this?? Just trying to see if it is a complete deal breaker or not.

Thanks,
Tops

[FloridaBeachBum]

Originally Posted by Tops1234

Hi all,

Have some interest in purchasing a home near the water in Stamford, but it has come to my attention that this home is in the Flood Zone AE - meaning it has a 1% annual chance of flooding.

Anyone have any idea on what types of premiums on an annual basis I can expect to pay for a home like this?? Just trying to see if it is a complete deal breaker or not.

Thanks,
Tops

AE is meaningless without the number. For example AE8 or AE9 which means once in a hundred years you can get either 8 or 9 feet of water above sea level called base flood elevation.

then you go to whatismyelevation.com web site and see what the elevation is.

If elevation is higher it is less to no flood insurance, if lower high flood insurance.

But two things will tell you and both are property certificate, the elevation cert and current policy.

[AmyBergquist]

The flood insurance cost also depends on the amount of your mortgage.

[FloridaBeachBum]

Originally Posted by AmyBergquist

The flood insurance cost also depends on the amount of your mortgage.

Not really. Flood insurance maxes out at 250K. So if your mortgage is greater than 250K you have to have the max.

Also if home took a NY rising, Build it back or FEMA payout in past there are other mandatory flood requirements.


Costs around $180 a square foot to build a basic house. So even a 1,400 sf house needs full flood if you want to be protected.

Also contents is optional and has up to 100K coverage.

[SJNE17]

tops 1234, the only way to definitively know exactly how much your premium will be in an ae zone is to get an elevation certificate. ask the agent for a good--and i mean really good--surveyor. there's a handful out there, by which i mean literally a handful, i.e., not many. the last thing in the world you want is a botched elevation survey.

[Hollytree]

Just call an insurance agent and give him the address- ask what is a flood policy on this house. Simple. That will give you an idea of whether you want to pursue anything further.

[FloridaBeachBum]

Originally Posted by Hollytree

Just call an insurance agent and give him the address- ask what is a flood policy on this house. Simple. That will give you an idea of whether you want to pursue anything further.

does not help if hour is pre-firm, newly mapped or a host of other factors.

My house I pay $500 a year, if you call an agent they will tell you $2,8000. I can pass my policy to you. A new policy you need an EC and my house lowest floor is around three feet below BFE. But my grandfathered policy is not risk rated.