How much for flood insurance?

DH and I are looking at a house today that requires flood insurance. Our realtor says that's about $4,500 a year! That sounds pretty high to me. How much do you pay if you have flood insurance?

How much for flood insurance?

Depends on the location. I'm sure if you called your insurance agent and gave them the address they could give you an estimate.

Re: How much for flood insurance?

A friend of mine was quoted 3500 a couple years ago. And the house wasn't that close to the water.

How much for flood insurance?

You also want to make sure your can find an insurance company that will insure it. Many people I know have had difficulty getting flood coverage.

Re: How much for flood insurance?

Re: How much for flood insurance?

We have insurance companies come into my real estate office to periodically give us updated info on flood insurance.

While it used to vary based on elevation, etc., my understanding is that if flood insurance is required (i.e., you are in the AE flood zone), it's usually ballpark of $2500/year (give or take a few hundred dollars). Elevation is no longer relevant, doesn't matter if you are waterfront or blocks from water.

But the best thing would be to contact an insurance company to get a quote.

If you are in flood zone x -- and the entire country is zone x -- but live in an area where flooding may be a concern (such as south of Merrick Rd/Montauk Highway), you can always purchase optional flood insurance. That usually runs in the range of $500/year.

Keep in mind that regardless of whether you are in zone AE or x, if you are close to water (south of Merrick Rd., even south of Sunrise), you may have to pay more in regular homeower's (for wind coverage, for example, in a hurricane). Also, some companies will not write policies in those areas, so you may be more limited in options.

How much for flood insurance?

Also remember all insurance companies will quote you the same for Flood Insurance, it is a FEMA product not a Nationwide, AllState etc product.

Re: How much for flood insurance?

Your flood insurance should be based on your elevation of your first livable level along with your utilities in relation to the base flood elevation. For example the base flood elevation for my house is 12'. My first livable level is at 12.1'. My utilities were at 4.1', my flood insurance was $3k a year. However, I recently raised my utilities to 14' and combined with my livable level at 12.1' my flood insurance dropped to $800 a month.

In LB everyone who is ground level is raising their house because the flood insurance will be rising every year. The percentage increase varies but it could go up to 18% each year until you reach the actuarial amount. In same cases the actuarial amount could get up to $15k.

It is very important that you find an insurance agent who truly understands the flood insurance guidelines if you are in an area that requires flood insurance.

Re: How much for flood insurance?

The best thing to do is consult an insurance broker. After Sandy the rules changed a lot. It used to go by zones on a flood map but now if you have an elevation certificate for your house or your house was raised you can pay less.

Re: How much for flood insurance?

Re: How much for flood insurance?

It is now a FEMA product, so you should check it out. I would not buy a home with $4,500 in insurance needs because you are guaranteeing yourself a headache. To me that is not an if there will be a flood, but a when. FWIW, I am in NJ, flood insurance for my home is $12 annually as it covers ground water coming into my home. I am on a large hill/small mountain.

How much for flood insurance?

Hello,

The premium will depend on what flood zone you are in. You can offset some of the cost with a high deductible.

Please contact me and I can let you know how much you are looking at.

[email protected]
631-650-4036