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Old 04-12-2018, 10:13 AM
 
Location: Saint John, IN
11,583 posts, read 6,702,884 times
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Quote:
Originally Posted by ocnjgirl View Post
There are many private insurance companies that offer flood. Originally our policy was through our insurance broker, the same broker our homeowners was through (albeit a different company). We are on a lake, but it's a controlled lake, they actually lower the water level in the winter, but they still have it classified as a "special hazard zone". $250k would cover it two times over, lol. But again who knows how long it takes to get paid?


We had horrible stories here about all the adjusters, appraisers and inspectors they hired by the dozens right after Sandy, with no qualifications (one girl highlighted in the story worked as a cashier at 7-11 prior) who messed up people's paperwork, inspections, didn't include things in their reports, all kinds of mess.


No one hears that, because it's old news by then. We have a concert and Christie pronounces himself savior and hero, and once the cameras are gone it's all out the window.


I apologize, you're right, there are a few private insurance carriers that will offer flood, but most people don't qualify for it so they have to go with the government program.
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Old 04-12-2018, 11:23 AM
 
Location: Virginia
10,077 posts, read 6,372,858 times
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Quote:
Originally Posted by CGab View Post
I apologize, you're right, there are a few private insurance carriers that will offer flood, but most people don't qualify for it so they have to go with the government program.
Personally, I think the government rate is very reasonable. Although I only live 3 blocks from a major river, I only pay $450 annually for my flood insurance. That's 1/3 of my homeowners policy, btw. I'm quite happy with it. So far, I've never had to use it, but during hurricanes there is the possibility of storm surge, and the ground water table is so high here that street and foundation flooding is a real threat. It's worth it to me.
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Old 04-12-2018, 12:07 PM
 
50,489 posts, read 36,126,975 times
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Quote:
Originally Posted by CGab View Post
I apologize, you're right, there are a few private insurance carriers that will offer flood, but most people don't qualify for it so they have to go with the government program.
We did qualify and paid for the year. But when we got the letter from The mortgage company, we had to cancel it and get refunded and then buy a different policy from one of the companies they wanted us to use. It’s annoying because it had the same coverage but it was almost exactly twice the cost. We were told if our mortgage company changes we may be able to get our original policy again. Our mortgage was already sold once, we got the notice at closing lol.
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Old 04-12-2018, 12:09 PM
 
50,489 posts, read 36,126,975 times
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Quote:
Originally Posted by Bungalove View Post
Personally, I think the government rate is very reasonable. Although I only live 3 blocks from a major river, I only pay $450 annually for my flood insurance. That's 1/3 of my homeowners policy, btw. I'm quite happy with it. So far, I've never had to use it, but during hurricanes there is the possibility of storm surge, and the ground water table is so high here that street and foundation flooding is a real threat. It's worth it to me.
Ours is $1600 a year to cover a $100,000 home. On a controlled lake.
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Old 04-12-2018, 12:11 PM
 
Location: Middle of the valley
48,436 posts, read 34,627,532 times
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Quote:
Originally Posted by ocnjgirl View Post
Ours is $1600 a year to cover a $100,000 home. On a controlled lake.
Ours started at 1200, then 1400 and now 1700. It covers a very small portion of home value. We live on the outside edge of a tsunami zone. I don't think I would have done it except we have a huge amount of equity. Luckily we are moving in a couple years.

Those changes were EVERY year.
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Old 04-12-2018, 12:20 PM
 
50,489 posts, read 36,126,975 times
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Quote:
Originally Posted by Mikala43 View Post
Ours started at 1200, then 1400 and now 1700. It covers a very small portion of home value. We live on the outside edge of a tsunami zone. I don't think I would have done it except we have a huge amount of equity. Luckily we are moving in a couple years.

Those changes were EVERY year.
Ugh, something more to look forward too! Our actual mortgage is only $400-some a month, but between NJ property taxes, homeowners and flood, our payment is just under $1600 a month🤨. We thought we were buying a relatively cheap home and then stuff just kept getting added. It is a great place though, and is appraised for more than twice what we paid (was a foreclosure). Once we finish rehab on it it’s going to be awesome. Of course then our taxes will go up more!
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Old 04-12-2018, 12:44 PM
 
3,034 posts, read 7,909,730 times
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I wonder what insurance company this is,a friend of ours got burned out a year ago,he had to pay as though the house was still there.They have paid his expenses in a rental which was for one year,home near complete.They just cut him a large check for furnishings,appliances etc. inside home.
They initially paid for clothing.
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Old 04-12-2018, 01:15 PM
 
50,489 posts, read 36,126,975 times
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Quote:
Originally Posted by DanBev View Post
I wonder what insurance company this is,a friend of ours got burned out a year ago,he had to pay as though the house was still there.They have paid his expenses in a rental which was for one year,home near complete.They just cut him a large check for furnishings,appliances etc. inside home.
They initially paid for clothing.
I find it odd too. We were told the mortgage company would purchase new insurance for us only if we didn’t, but to have it for less coverage doesn’t make sense, as they usually only require this for better coverage to make sure they are covered for the entire loan amount.

What does the policy cover? What is the disputes between bank and insurance company about?
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Old 04-12-2018, 01:22 PM
 
Location: Raleigh
13,661 posts, read 12,341,234 times
Reputation: 20109
Quote:
Originally Posted by ocnjgirl View Post
Ours is $1600 a year to cover a $100,000 home. On a controlled lake.
I get the "Controlled lake" thing, but when it rains...and rains and rains and rains, and whatever river the lake "drains" to can't take anymore water, or is higher than the lake...How much control do you have then?
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Old 04-12-2018, 01:28 PM
 
50,489 posts, read 36,126,975 times
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Quote:
Originally Posted by JONOV View Post
I get the "Controlled lake" thing, but when it rains...and rains and rains and rains, and whatever river the lake "drains" to can't take anymore water, or is higher than the lake...How much control do you have then?
There is no river anywhere near us not sure where it drains. Looking at Google Maps, there are no large bodies of water anywhere near it. The neighbor who has been there 40 years has never experienced flooding. Yes I’m sure in a biblical storm where it rains for weeks that could happen but that is not even close to normal in NJ.

In any case I had no issue with having flood insurance I just didn’t see why we needed to pay twice as much as the policy we already purchased with the same coverage amount.
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