possible purchase amityville harbor flood zone

[ocngypz]

Originally Posted by OhBeeHave

Raised -- as was required of home previously damaged by Irene or Sandy?

Long Island Storm Surge Maps

I'm not going to try and talk you out of a home purchase, but want to make sure you've seen the surge maps. Amityville Harbor floods up to Montauk Hwy in a Cat 2; in a Cat 1, most of the homes adjacent to canals will see flooding. Note on the page that all of Amityville will flood in a Cat 4.

Best of luck in whatever you decide to pursue.

We don't necessarily need an "official" Cat 4......as the storm surge from Sandy was equivalent to slosh map predictions of a Cat 4 in many areas.

[LINative]

Originally Posted by createfire

I have a house I was shown to purchase but its in an flood zone AE located in Amityville harbor. What worries me most is the flood insurance cost. Are these zones really averaging 3600+ a year and expected to increase in the next year or two? Is private flood insurance an option in these areas.

Its kind of hard to say. You could buy a house there and you may never see a flood. Or you may get a flood the day after you move in. Sandy was an eye opener.

Some people like being near the water and like to have a boat. Or they just like the atmosphere. They understand the risk and to them it is worth it. But other people are living down here and have no boat and really don't care about the water at all. I really don't see the point for those people.

I like the Amityville area btw. Very small townish and historic looking.

[SandyJet]

Originally Posted by createfire

I have a house I was shown to purchase but its in an flood zone AE located in Amityville harbor. What worries me most is the flood insurance cost. Are these zones really averaging 3600+ a year and expected to increase in the next year or two? Is private flood insurance an option in these areas.

Rates change usually on October 1st and if you dont have a mortgage policies dont start for 30 days out.

So come next week get a quote on the house with a 30 day start date and that will be the new flood insurance rate on house. That will be Oct 1st rate which is good for whole year.

Flood insurance can only increase at most 18% a year. That is the max by law on a primary residence. It normally goes up 3-5% on most houses.

I would recommend getting a quote next week with new rate amounts and then you have your price. Worst case 18%

They are coming up with much higher deducatables such as 10K so if you do that it will help. Also you can skip contents coverage.

And you only have to insure up to mortgage amount. So if mortgage less than 250K you can insure for less.

Other big question is house PreFIRM or Post Firm. Post FIRM houses have lower flood insurance

[SandyJet]

Originally Posted by createfire

Ohbeehave lloyds of london does not offer in ny right now but i have read about other companies that do just wanted to know if anyone has it. Yea i have several friends and co workers who had flooding from sandy and irene and it was a mess.

its a non basement house that is raised. I am waiting to see if it has a elevation certificate. onetogo Its great you have stories about your friends who don't understand how the 100 year fema flood zone works and what it means but I am looking for advice on insurance cost and if private insurance is available in new york. I am already talking with an insurance broker but wanted some advice mabey even from the people that live in that area.

fyi AMISI if a house is getting flooded because of rain or smells like mold its not because of the flood zone they live in its because the people who own it do not know how to drain water away from there property and its seeping in through their foundation.

Elevation certificates are no longer required on primary homes to get flood insurance. I would just get the rate and find out about past claims.

When house lifetime payout on claims equal 100% of home value, rates shoot up or you have to raise.

I own TWO houses in a flood zone. My primary is a zone AE grandfathered to an X rate that will face mandatory 18% increases to full risk which is like $2,500. Right now my flood is at $545 for full 250/100 coverage .SO it will take years till I get to $2,500 and when I get there I will raise deductable, drop contents, lower insurance amount etc.

My secondary home is a full risk rated policy at 1k. 250K/20K. That one since full risk rated rises at 3-5% a year. That one is straight up AE. But it is a post FIRM house built to zoning requirements and is grandfathered.