Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Looking to buy Long Beach or Atlantic Beach for summer place for myself and wondering for a small cottage or house- 1000-1500 feet, what did it actually cost to repair after Sandy inundation? Flood insurance expensive in those towns so if I could go with only 125000 coverage vs. max 250000 would be big savings. Was it just a matter of removing replacing drywall and flooring, and perhaps appliance and AC if ground level? I know mold is a risk but if you tear down the wet stuff quickly and dry out house perhaps can be avoided? I've had enough work done in my houses to not think that totals much more than 50-75k in a small house, if I directly hired people, again assuming mold doesn't take over. No bank involved.
Wondering what total bill was for some of these people- not including raising house of course. Do insurance companies let you self-contract repairs or do they insist on designated GCs which would raise price? Thanks.
You can't get government flood insurance via FEMA if it's not your primary residence. Also, if the house is at a high enough elevation - the cost may not be that high (i.e. hundreds as opposed to thousands). If you're mortgaging the property - the bank is going to want you to take the full $250k.
In terms of repairs, I had several family members go through this and you pretty much summed it up. You need to rip out and replace dry dry-wall and floors, replace appliances, etc. And yes, you can act as your own GC. You just need to keep good records of all the work you've had done (like you would for any insurance claim).
Wow.
It's a total crap shoot. There is no way to predict the outcome of a natural disaster.
Using Sandy as an example, some people just replaced some sheetrock and floors, some people had to gut the entire first floor.
Some had structural damage, some had their homes condemned.
And all of that could've been on the same street. The outcomes are that wild.
To top it off, some folks fixed their place only to be told they now have to raise their house.
I recommend you put on your big boy pants and pay for the full coverage.
Or don't buy in a flood zone. Or anywhere near a flood zone, because that's gonna change at some point.
Also, because fema/flood is a fed program and all the money comes from the same kitty, if a Sandy or Katrina event happens anywhere else in the country expect everyone else to take it up the old Wazoo. No Vaseline included.
Looking to buy Long Beach or Atlantic Beach for summer place for myself and wondering for a small cottage or house- 1000-1500 feet, what did it actually cost to repair after Sandy inundation? Flood insurance expensive in those towns so if I could go with only 125000 coverage vs. max 250000 would be big savings. Was it just a matter of removing replacing drywall and flooring, and perhaps appliance and AC if ground level? I know mold is a risk but if you tear down the wet stuff quickly and dry out house perhaps can be avoided? I've had enough work done in my houses to not think that totals much more than 50-75k in a small house, if I directly hired people, again assuming mold doesn't take over. No bank involved.
Wondering what total bill was for some of these people- not including raising house of course. Do insurance companies let you self-contract repairs or do they insist on designated GCs which would raise price? Thanks.
Make sure you read the policy. In addition to being obscenely expensive, flood insurance only covers a true flood. If a Sandy type event backs the sewers up into your basement, your flood insurance policy can be used to soak up the mess...that's about it. It won't pay a dime unless water comes in over the top.
I would not buy in LB....one more Sandy-esque event in this lifetime, and you will never sell it.
Thanks. My guess is another Sandy type event in LB would chop prices 25 or more percent and the lower prices would be reinvested in house raising...would look like Galveston Tx with all those houses on stilts. But I think people will always want to live near the beach. If ocean levels rise 5 feet though, all bets off....but I'll be long gone.
I'm not seeing that I can't get flood insurance on second home. I am seeing that it might be at full actuarial value as opposed to any grandfathering that buyers of insured homes can usually get. Glad you pointed that out though since a lot of houses brag about their low rates in real estate ads, and know I have to double check with local insurance brokers and point out its a second home. Thanks.
People running into issues when selling.
It's not as much of a surprise anymore, agents and more and more homeowners are onto the changing regulations and guidelines.
Just have everything, ev-ry-thing checked out before going to contract. That way there's no drama or heartache.
I had flood insurance since I bought my house in 1993. The bank required it.
I did not pay attention to the policy and just considered it part of the mortgage. After Sandy we were paid about
$145000. It covered almost everything. We were lucky. The day my insurance adjuster called was the same day we got Servepro to come to the house. I just put them on the phone with each other and they agreed on the services to be done.
Later the insurance company asked me to provide an elevation certificate. I complied and hired the proper surveyor. It turned out that I was above the hundred year flood plane by 1 foot. For 20 years I have been overpaying my flood insurance. I was refunded $500 for one year . I told my neighbor about this but he was under the floodplain by inches
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
