Cost of elevating/raising house in floodplain area (Houston, West: for sale, home equity loan)

[Meyerland]

My flood insurance is about 1500$ a year and my home has never flooded. I live fairly close to Kolter. I have only lived here just under 2 years and I did not see any flooded homes since then. No one pulling out carpets or drywall, except for the flippers.

[Michelle Morris]

Hi Texas7, there are different types of flood plains. In my case (and it sounds like yours as well) we are in an area that does not REQUIRE flood insurance, but we are smart so we elect to have it. We only have to pay about $400 (for some people it is $500-ish). For people in an area where flood insurance IS REQUIRED, the costs are FAR higher.

Since the OP is talking about elevations and such, I am going to assume he is in the high risk area, which would require the expensive insurance.

From the FEMA website:

What to Expect
Congress mandated federally regulated or insured lenders to require flood insurance on properties that are located in areas at high risk of flooding.

Below you'll find the insurance requirements for your flood risk area. If you're not sure which area your property is in, take your Risk Profile to learn more.

Residents of High-Risk Areas
Homes and buildings in high-risk flood areas with mortgages from federally regulated or insured lenders are required to have flood insurance. In high-risk areas, there is at least a 1 in 4 chance of flooding during a 30-year mortgage.

Residents of Moderate-to-Low Risk Areas
Homes and businesses located in moderate-to-low risk areas that have mortgages from federally regulated or insured lenders are typically not required to have flood insurance. However, flood insurance is highly recommended because anyone can be financially vulnerable to floods. People outside of high-risk areas file nearly 25% of NFIP claims and receive one-third of disaster assistance for flooding. When it's available, disaster assistance is typically a loan you must repay with interest.

A lender can require flood insurance, even if it is not federally required.

[Michelle Morris]

Here is an article from CNN about the high costs of flood insurance: Flood insurance costs soaring for thousands of homeowners - Oct. 21, 2013

I was mistaken about not being able to set up a payment plan, your mortgage company may escrow your flood insurance premiums for you.

[HookTheBrotherUp]

If you have the money. These people raised their slab foundation house in Galveston. Note that they raised the house, not the slab...

https://www.llis.dhs.gov/content/hom...e-elevated-too

[Michelle Morris]

The FEMA website also says that flood insurance rates are based on the home itself, and does not list any pricing, you need to go to an insurance agent for that, however an insurance agent told me that the rates are typically around $5000 in this area for REQUIRED flood insurance.

To the person who sent me an anonymous message, I much prefer that you address anything you think is factually incorrect out in public so that the OP has the benefits of what you think is correct. If you have information that I do not have, there is no need to go behind the scenes and leave me messages questioning me.

[nervouslaughter]

I'd avoid buying into a floodplain or anywhere that flood insurance is required. It's only a matter of time when federal subsidies are gone and your flood insurance is gonna skyrocket.

[ToyYot]

No doubt Obamacare has something to do with it.

[Augiec]

I looked into remodeling my home in a flood plain. When I called the city, the very patient & kind woman on the other end of the line informed me that they are redoing Brays Bayou drainage. I'm pretty sure that will impact the flood maps as soon as they are finalized.

Project Brays

[Meyerland]

I live right next to where the OP is thinking of buying. It's in the 100 year flood plain, which means any given year has a1% chance of flooding. I pay around 1500$ a year. It should be about that, but neighbors pay closer to 2000$, although I don't know why they pay more.

They are in the process of redoing the sewers and drains throughout our area.

[texas7]

Originally Posted by Michelle Morris

Hi Texas7, there are different types of flood plains. In my case (and it sounds like yours as well) we are in an area that does not REQUIRE flood insurance, but we are smart so we elect to have it. We only have to pay about $400 (for some people it is $500-ish). For people in an area where flood insurance IS REQUIRED, the costs are FAR higher.

Since the OP is talking about elevations and such, I am going to assume he is in the high risk area, which would require the expensive insurance.

From the FEMA website:

Flood insurance is required for me. The 100 year flood plain. Wow, guess we are lucky for whatever reason and only pay around $400 vs. the $1500 that several of you are paying. But we had flood insurance before the area was designated in the 100 year plain.