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Old 02-08-2011, 04:53 AM
 
35 posts, read 102,744 times
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Are flood insurance rates within 100 yr flood zones exorbitant? (ie can the rates exceed that of your home owners insurance).
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Old 02-08-2011, 06:11 AM
 
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No they are not.
Why don't you just call an insurance broker and find out?
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Old 02-08-2011, 06:17 AM
 
35 posts, read 102,744 times
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I've done that, but it seems as though all policies are being handled by the Fed now. And they take a ridiculous amount of time to get back to people submitting request. So I was wondering if anyone has recently completed to the process to give me a better idea of what I should expect. I've heard some horror stories all due to elevations surveys being filed incorrectly or with out adequate flood openings. And to make matters worse this is a fairly new process and with the Fed only taking it over within the last few months, so it's difficult to get info on what is needed and what is done incorrectly.
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Old 02-08-2011, 01:18 PM
 
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Rates are set by flood level classification and the amount of coverage you need. You can also buy coverage for contents only if you're a renter.

Here are the current example rate tables:

Floodsmart.gov: Policy Rates

Last edited by GettaClue; 02-08-2011 at 01:30 PM..
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Old 02-08-2011, 03:17 PM
 
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Thanks gettaclue. I went to that exact website and was wondering whether or not there was any variance in policies or if there was any additional information. I saw the website and thought that some of the the rates were a little high ie for ZoneA 250K/100K of coverage with building and contents the premium is $2734 which higher than an entire homeowners policy covering the same amount. Or do people not typically get matching coverage for flood insurance?
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Old 02-08-2011, 04:37 PM
 
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Looks like I was wrong. Some insurers write their own policies and my experiences with respect to the speed of obtaining a quote has to do with the fact that the insurer I chose no longer writes their own flood policies.
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Old 02-08-2011, 05:08 PM
 
Location: Westbury
3,283 posts, read 6,051,293 times
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i just got flood insurance for a home in a 100 yr flood plane and the plan is $1074 / yr. my plan covers both contents and home obviously. i dont remember the specific dollar amounts but i was more than happy with it. i had an elevation certificate done but didnt help or hurt any

i dont think flood insurance varies as widely as home owners of course, but maybe it can. i dunno
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Old 02-08-2011, 05:48 PM
 
35 posts, read 102,744 times
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Quote:
Originally Posted by testmo View Post
i just got flood insurance for a home in a 100 yr flood plane and the plan is $1074 / yr. my plan covers both contents and home obviously. i dont remember the specific dollar amounts but i was more than happy with it. i had an elevation certificate done but didnt help or hurt any

i dont think flood insurance varies as widely as home owners of course, but maybe it can. i dunno
Testmo, did it take an inordinately longtime to get it? My insurer submitted for this nearly 2 weeks ago and we're still waiting for the underwriter to get back with what our rates will be.
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Old 02-08-2011, 06:21 PM
 
Location: Westbury
3,283 posts, read 6,051,293 times
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i got the estimate immediately after answering a few questions. the actual plan i got a week later, but i was the hold up. i have no idea why it would take so long.

are you going with a regular insurance company? my flood insurance is through Liberty Mutual. fema has their hands in it in someway because i got a receipt for my payment from them

but from my experience as a buyer and not an insurance agent you dont have to deal with them to get your plan. it was really easy on me. i got a few different quotes and liberty mutual was the best
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Old 02-08-2011, 06:48 PM
 
35 posts, read 102,744 times
Reputation: 14
Quote:
Originally Posted by testmo View Post
i got the estimate immediately after answering a few questions. the actual plan i got a week later, but i was the hold up. i have no idea why it would take so long.

are you going with a regular insurance company? my flood insurance is through Liberty Mutual. fema has their hands in it in someway because i got a receipt for my payment from them

but from my experience as a buyer and not an insurance agent you dont have to deal with them to get your plan. it was really easy on me. i got a few different quotes and liberty mutual was the best
So does your homeowners insurance have to go through Liberty mutual as well? Or can you go with different providers for totally different types of insurance (ie Flood and Homeowners)?
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