Flood Insurance Question

[OCcaptain]

I think I'm being ripped of for flood insurance. I live in a flood plain and my house is only 6 years old. Its very well constructed and almost 9 feet above mean low tide. I'm paying over $700/year. I'm going to shop around. I'd appreciate any feedback on what others are paying and any recomendations on insurance companys.

Thanks,

[austin ensor]

its worth it ..... me went down to the shore house after katriena and had 5 ft of water all in the house!!!!!! wish we had it then $$$$$$$$$$ never had any water problems for 17 years !!!!1

-austin

[Hooligan]

Flood insurance in all states is regulated by the government. S I would say that that is highly unlikely. I have two waterfront properties in two different states and the rate is very different. It depends on where you are!!
Hope this eases your pain!!

Sal G

[Robja]

Hooligan is right the flood insurance rates are set by the Fed. Govt. In NC they are in the process of redoing all the flood maps since Hurricane Floyd changed the 100 yr flood plain in NC. You might want to check with your insurance agt to make sure the maps in your area haven't changed. State Farm Agents have a flood determination tool that can accurately tell what zone you are in.

[BluePrints]

AE or VE Zones?

AE would be a little high.
VE would be low.

[captbert]

I'm in Delaware along the Bay (Slaughter Beach) mine runs $350 per year. I think anything that has Ocean City attached to it makes it go up more. My house is up on piling and if we ever have a flood that comes up past them we are in BIG trouble.

[Jthib]

I think I'm being ripped of for flood insurance. I live in a flood plain and my house is only 6 years old. Its very well constructed and almost 9 feet above mean low tide. I'm paying over $700/year. I'm going to shop around. I'd appreciate any feedback on what others are paying and any recomendations on insurance companys.

Thanks,

Al

Shopping for flood insurance is not really an option. As prevoisly indicated the US Gov is the only real supplier. I would adjust your deductibles and make sure it was rated correctly. I have seen a bunch of cases where it was not rated correctly.

Hope this helps.

John

[Five4Fighting]

Yes, like everyone said Flood Insureance is regulated by the government.

My parents lived in the same house in PA for 31 years now. They have a trout stream that flows through their back yard. During Hurricane Ivan they had 5 feet in the garage and 2 feet in the house. They have had flood insurance from day 1 since the mortgage company requires it... They pay $800.00/year. For what was considered a loss and the money they got they could pay for the insurance for the next 60 years and STILL be ahead...

[92 feet down]

I think I'm being ripped of for flood insurance. I live in a flood plain and my house is only 6 years old. Its very well constructed and almost 9 feet above mean low tide. I'm paying over $700/year. I'm going to shop around. I'd appreciate any feedback on what others are paying and any recomendations on insurance companys.

Thanks,

Capt.-

I'm an engineer, land surveyor, & real estate agent in the State of MD. Your flood insurance is generally determined from mean high water (tide), not low water. Your insurance rate is determined from FEMA's FIRM (Federal Insurance Rate Map) database. When you settled on your property you should've received a survey and a flood elevation certificate from a licensed surveyor. I suggest you check into what your FFE (First Floor Elevation) is, and what flood zone you are in. ALL mechanical equipment and the 1st floor of your structure must be 1' above BFE (Base Flood Elevation). Maybe your mechanical equipment is below BFE, or at BFE. That would explain any higher rate. If you don't have a Flood Elevation Certificate, you should get one. Call either Frank Lynch on 589 or Jim Bunting right off the parkway at the South Gate in OP. For flood insurance, you should call Beth Gismondi, I think she's still with Allstate. I used to live & work in Ocean City, but I'm in Annapolis now. So, I don't have their phone numbers at the tip of my fingers.

Hope that helps.