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.
We have found a property in Pemberton that is unfortunately right near a lake. And I mean NEAR, as in you can easily walk to it from the back porch. The house is a total rehab with the owner willing to turn the 3rd bedroom into a den or whatever for the buyer if so desired. It also comes with a 1 yr. home warrenty, I believe. I know that does not cover floods but would be nice to have.
I have no idea what flood insurance costs. This house would need some serious coverage due to proximity to the lake. But after reading the US gov's description of how floods can occur almost anywhere, I'm not so turned off about having this additional protection.
If anyone is familiar with, or paying for flood insurance, please let me know what an approximate cost would be. I don't want to contact an agent just yet as we haven't been inside the house and it is just on our "prospect" list at this point.
cost of flood insurance varies greatly, depending on the flood zone in which the property is located. you could perhaps ask the currently homeowner what they are paying, but i'd suggest contacting a local insurance agent. they should be able to get you a quote quickly with not too much info needed.
And be careful when asking the current homeowner what they pay. It may be based on when they bought the house. I've heard from some that today, mortgage companies are requiring the insurance to be close if not covering the amount of the mortgage, so the coverage that would be effective to cover the home in a flooding event can be significantly less than the mortgage amount making the rate so much higher or lower depending on the circumstance.
Hal is right, it varies greatly on a host of variables.
When Floyd hit central NJ, Bound Brook, as its name implies, took the brunt of the flooding. During the aftermath, the newspaper was filled with articles about folks having paid for flood insurance for years and were left high and dry by their insurance companies. Apparently how and and from where the water enters is the rate limiting step. There was also a legalese clause about finished basements not being part of the living space or some such related discussion. The upshot was, flood insurance policies were written as a weasel move to not pay insured people. Check the Courrier news archives for Floyd flood insurance related articles.
Buyer beware!
Hi There,
Flood insurance is usually determined by the properties elevation. When your closing attorney orders a survey, he should tell the surveyor that you need an elevation certificate. YOU must ask for this . Ask the current owners if they have one. If they do, it should help you in determining the cost of flood insurance. Good Luck in your new Home.
any insurance agent writing flood coverage should have access to the elevation certificate info as well.
i'm not sure i agree with kcacer's assessment that "flood insurance policies were written as a weasel move to not pay insured people". flood insurance is underwritten by the federal gov't, and believe me they pay, or i should say we the taxpayer pays; even for the guy who re- builds his house 15 ft from the ocean in galveston tx. i think a lot of the confusion on the part of the homeowner occurs after the flood event, due in large part to the fact that most people do not read or make an effort to understand their policy until after the claim.
look on fema's website and it will tell you what zone your address is in. I would try to contact an Insurance company directly. We used a broker and when it came time to get the policies they were twice as much as was quoted to us.
The flood insurance quotes state quite clearly that the only thing that is covered in the basement is the boiler and furnace and possibly washer/dryer. If you finish it you are out the cost of any "extras" you put down there.
In the basement, you are covered for the actual structure/foundation, furnace, hot water tank, electrical. Washer, dryer, freezer, dehumidifier are the ONLY contents covered in a basement IF you have contents coverage. That being said, anything you store down there (with the exception of the food in the freezer) is NOT covered, contents coverage or not.
In the basement, you are covered for the actual structure/foundation, furnace, hot water tank, electrical. Washer, dryer, freezer, dehumidifier are the ONLY contents covered in a basement IF you have contents coverage. That being said, anything you store down there (with the exception of the food in the freezer) is NOT covered, contents coverage or not.
also, you aren't going to get different prices from different insurance companies because the rate is determined by fema and there is little to no wiggle room.
But the coverage they suggest might not be the same. You could get twice the personal property coverage for another quote , for very little additional money!
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.
lessons learned
