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Yes, Sandy was truly unique, but, if it flooded once, it could flood again. You have to ask yourself if you are up for the potential for a flood and to repair or replace the damages due to that. I would also find out how much flood insurance is for that neighborhood. It can get pretty pricey and that is over and above your regular homeowners insurance.
Nuts2uiam, we asked the owners for their flood insurance paperwork and they’re currently paying $800 per year. Do you know if flood insurance rates go up once home ownership changes? If yes, is there a way to figure that out?
And I’m 100% with you about flood risks - I absolutely think there’s a very strong chance of a Sandy-like storm again in the next decade. But living on the water is a lifelong dream for my husband. We’ve been weighing the risks for a long time and spent a lot of time looking at houses out of the flood area, but we’ve come back around full circle to taking the risk on the waterfront house (With the understanding that it’s got a pretty good chance of not being a good financial investment...)
Nuts2uiam, we asked the owners for their flood insurance paperwork and they’re currently paying $800 per year. Do you know if flood insurance rates go up once home ownership changes? If yes, is there a way to figure that out?
If I were considering a move to a waterfront property I would call my insurer and get a quote. If they don't issue it they will be able to refer you to an underwriter that will. Provide the address and they will be able to give you a quote. I know my-in-laws have seen a rise in their premium since Sandy that was pretty steep and they had only a single shingle off their roof from Sandy (no need for a claim) and live a block off the ocean in Pt. Lookout.
Nuts2uiam, we asked the owners for their flood insurance paperwork and they’re currently paying $800 per year. Do you know if flood insurance rates go up once home ownership changes? If yes, is there a way to figure that out?
if you have to get a new policy rates can go up but there is a chance you may be able to take over the current policy. I am a broker so DM if you need more info
if you have to get a new policy rates can go up but there is a chance you may be able to take over the current policy. I am a broker so DM if you need more info
Nuts2uiam, we asked the owners for their flood insurance paperwork and they’re currently paying $800 per year. Do you know if flood insurance rates go up once home ownership changes? If yes, is there a way to figure that out?
It shouldn't, if you are in Zone X. Your only real risk is if it gets reclassified and then the rates will skyrocket.
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