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Old 06-05-2009, 03:15 PM
 
Location: New Jersey
59 posts, read 383,837 times
Reputation: 47

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A property (single family) we are bidding on is partially in a flood plain. The house(or dwelling) is NOT in the flood plain but the backyard is.

It is located in bergen county, NewJersey and the flood plain rating is AE.

The owners have an official letter from the town (LOMA) that states that the house is NOT in a flood plain but the property is.

Would we be required to pay flood insurance on this property ?

Feedback greatly appreciated.
Thanks in advance.
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Old 06-05-2009, 08:16 PM
 
48,503 posts, read 92,708,703 times
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Even if its not in the last few years many houses close to flood plain have been rechecked and changed. Alot of the old maps are really off alot.Ipersonally would buy in such a area if I didn't want or could afford the flood insurance.Where I live such a property would usually require a new survey when sold by the financing agency.It can make a ton pof difference in flood insurnce also as to cost.
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Old 03-14-2013, 02:26 PM
 
3 posts, read 6,330 times
Reputation: 13
Flood insurance is required whan a STRUCTURE is in a Special Flood Hazard Area, zone A or zone V. So, NO, at this time you would not be required by Federal law to carry flood insurance. Your lender could require you to buy it, if you agree to it in your loan agreement. In that case you would be eligible for the relatively cheap rates: zone X rates or probably even the Preferred Risk Program if there have been no or limited flood losses for that property.
- Keep in mind that FEMA is updating Flood Insurance Rate Maps. Perhaps the new map for your property WILL indicate the structure is in a SFHA, requiring flood insurance. Then you're screwed. Buyer beware. Flood insurance advice is available for a very reasonable fee at FloodQuoteAdvicedotcom.
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