 Flood insurance (by John [VA]) Jul 2, 2020 4:19 PM
 (by Jason [VA]) Jul 2, 2020 4:58 PM
(by Dave [MO]) Jul 2, 2020 5:34 PM
(by DJ [VA]) Jul 2, 2020 6:38 PM
(by John [VA]) Jul 2, 2020 7:43 PM
(by John [VA]) Jul 2, 2020 7:44 PM
(by Ken [NY]) Jul 2, 2020 8:18 PM
(by 6x6 [TN]) Jul 2, 2020 8:19 PM
(by Nicole [PA]) Jul 2, 2020 10:03 PM
(by RR78 [VA]) Jul 2, 2020 10:19 PM
(by LisaFL [FL]) Jul 2, 2020 10:48 PM
(by WMH [NC]) Jul 3, 2020 9:21 AM
(by Cheryl [CT]) Jul 3, 2020 3:44 PM
(by LindaJ [NY]) Jul 4, 2020 11:15 AM
(by Mike SWMO [MO]) Jul 5, 2020 7:34 AM
(by Ray-N-Pa [PA]) Jul 8, 2020 7:03 AM
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Flood insurance (by John [VA]) Jul 2, 2020 4:19 PM
Message:
If you're in a flood zone, can you refuse to have flood insurance and just keep regular insurance on it? My state farm agent said I could only if I fully paid off the house. --174.226.xx.xxx |
Flood insurance (by Jason [VA]) Jul 2, 2020 4:58 PM
Message:
That was my understanding as well. If you have a mortgage on the property, there’s verbiage in your contract that states if the property is in a flood zone, you have to carry flood insurance. I had to have it on my primary residence before I paid it off (but don’t have it now). --73.177.xxx.xx |
Flood insurance (by Dave [MO]) Jul 2, 2020 5:34 PM
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Jake, is correct. :) --173.216.xxx.xx |
Flood insurance (by DJ [VA]) Jul 2, 2020 6:38 PM
Message:
Yup -if you have a mortgage, you need to be fully insured. If not, you may take your chances and play the odds. --68.10.xxx.xxx |
Flood insurance (by John [VA]) Jul 2, 2020 7:43 PM
Message:
I've lived near in the area and the most flooding there was about 4 inches. Can I just not get the flood insurance or will the mortgage company fine me or anything? --68.131.xx.xxx |
Flood insurance (by John [VA]) Jul 2, 2020 7:44 PM
Message:
It'll most likely be my primary or a flip. Not a rental. --68.131.xx.xxx |
Flood insurance (by Ken [NY]) Jul 2, 2020 8:18 PM
Message:
You wont have a closing till you document that you have the flood insurance,if you cancel it afterwards they will just put a forced placed policy on the house and charge you for it and it will be double the cost of the original policy,if you don't pay it your credit report will be affected --104.229.xxx.xxx |
Flood insurance (by 6x6 [TN]) Jul 2, 2020 8:19 PM
Message:
They may drop your mortgage. If you have a mortgage it is required. You may get FEMA to reassess the property and take it out of the flood zone but I doubt it. --73.120.xx.xxx |
Flood insurance (by Nicole [PA]) Jul 2, 2020 10:03 PM
Message:
I have flood insurance and it pi$$e$ me off tremendously because I am never going to flood. I know, never say never, but I am right.
Now that my home is all but paid off, I'll probably get around to getting the flood elevation certificate that I should have gotten years ago.
Anyway, I HATE paying the premium so I wait every year until it's time for cancellation due to non payment. My premium is $542 A YEAR. Forced place notice comes and this year says it is $218 A MONTH. --72.70.xxx.xxx |
Flood insurance (by RR78 [VA]) Jul 2, 2020 10:19 PM
Message:
Yes, no good ways around it.
I had a couple years ago. I would get the flood ins separate from my mortgage.
Pre pay for a whole year. Let it not renew or cancel after a year.
Took 5 to 6 months for mortgage company to send letter demanding flood ins. So saved 5 to 6 months.
Then keep repeating.
After a number of years got tried of the process. Did a refi on a couple other rental not in a flood zone.
Used that to pay off the two in flood zones. So not required.
--73.40.xx.xx |
Flood insurance (by LisaFL [FL]) Jul 2, 2020 10:48 PM
Message:
You can drop the flood if the house is paid off.
Read your contract. I was able to reduce my flood coverage because I read my mortgage agreement. I only needed to maintain coverage for up to the mortgage balance and not on the full replacement cost of the home.
So consider what type of flood damage is most likely. Is the land going to wash away? Could the entire house be swept into the ocean? In my case the answers were no. So I reduced my coverage.
--216.186.xxx.xx |
Flood insurance (by WMH [NC]) Jul 3, 2020 9:21 AM
Message:
If you DON'T buy it yourself, the mortgage company WILL and it won't be the cheaper policy! --50.82.xxx.xxx |
Flood insurance (by Cheryl [CT]) Jul 3, 2020 3:44 PM
Message:
As others have said, it is required if you have a mortgage on a property in a flood zone. We have a property in flood zone and all lenders we looked at required the maximum amount of flood insurance available, even though our loan amount was half that. Finally just paid it off by refinancing another property to avoid the large bill. Still bought flood insurance...just a lower amount. Don't like banks telling me what to do! --68.14.xx.xxx |
Flood insurance (by LindaJ [NY]) Jul 4, 2020 11:15 AM
Message:
Like the extra high premium while vacant, that goes down once occupied, for a flip, you will only need to pay it while you own it. Make it a fast flip.
Should it be your primary, you may want that coverage. Also a lot of times if any part of the land is in the flood zone, they flag it as needing insurance, but if the house is not actually in that line, you may be able to convince the mortgage holder otherwise. --108.4.xxx.xxx |
Flood insurance (by Mike SWMO [MO]) Jul 5, 2020 7:34 AM
Message:
As Nicole mentioned - a check into flood elevation certificate.
My sister trying to sell her house. The whole area gets under water. However she had an elevation survey done and they decided the house was not in the flood area.
worked for her. --98.20.xxx.xxx |
Flood insurance (by Ray-N-Pa [PA]) Jul 8, 2020 7:03 AM
Message:
The various flood zones have a letter designating them as how likely it will be that the place actually does flood. That is awesome info for you to learn.
Flood insurance -at least around here is high enough that either the deal gets killed off normally - that is an opportunity for you to seek out owner financing if you are buying the place --24.101.xxx.xx |
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