Flood insurance advice
#6917719
07/02/20 10:58 AM
07/02/20 10:58 AM
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Joined: Jun 2012
Posts: 677 kansas
larrywaugh
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I am selling my trailer house and 4 acres to a friend. Yesterday he calls me and says the bank called and said part of my house is in a flood zone. I told him I had no idea about that as it has never come close to flooding the house there is a creek you can jump across about. 80 yards from the house. The house.sits quite a bit higher than the creek. He is wanting to know what flood insurance would cost on a 30 thousand dollar house and how would he get it. My homeowners insurance was zero help. Can anybody tell me what they pay? It is in a very rural area.
Won't take no prisoners,won't spare no lives.
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Re: Flood insurance advice
[Re: larrywaugh]
#6917733
07/02/20 11:15 AM
07/02/20 11:15 AM
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Joined: Jan 2007
Posts: 2,333 Hancock Co., Indiana
Kart29
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It's been a long time since I sold the stuff so I can't tell you about the price. But here is what I know. Any insurance agent can sell it. It goes through a federally underwritten program administered through private insurance companies. Any decent local independent agent will have access to a market for it. But it's a real pain the rear to deal with and most agents will only sell it as a service to existing customers. If you cheaped out and bought a policy through an 800 number or .com, then I don't know what to tell you. The mortgage broker could probably tell him where to find a policy. As I recollect, the coverage isn't much good. It has high deductibles and doesn't cover much of the loss. It mostly benefits mortgage lenders. Do a duckduckgo.com search on "national flood insurance program" and there is probably a website with directions on how to obtain coverage. Here: https://www.fema.gov/national-flood-insurance-program/How-Buy-Flood-Insurance
What from Christ that soul can sever, Bound by everlasting bands? None shall take thee From the Strength of Israel's hands.
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Re: Flood insurance advice
[Re: larrywaugh]
#6917810
07/02/20 12:10 PM
07/02/20 12:10 PM
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Joined: Dec 2006
Posts: 21,716 Sandhills Nebraska
Gary Benson
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My guess is the bank just happens to sell flood insurance and is jacking him up. Saw the same thing with a friend of mine who live in town on top of a hill. No way in heck it would ever flood up there. There is flood plain, and a flood way.......there is a difference. And "they" go through every once in awhile checking elevations and updating necessary areas that have to be insured.
Life ain't supposed to be easy.
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Re: Flood insurance advice
[Re: larrywaugh]
#6917813
07/02/20 12:12 PM
07/02/20 12:12 PM
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Joined: Dec 2010
Posts: 34,901 Central, SD
Law Dog
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Lots of flood loss over the last several years just a knee jerk reaction to past losses maybe.
Was born in a Big City Will die in the Country OK with that!
Jerry Herbst
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Re: Flood insurance advice
[Re: larrywaugh]
#6917817
07/02/20 12:19 PM
07/02/20 12:19 PM
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Joined: Mar 2007
Posts: 35,175 McGrath, AK
white17
"General (Mr.Sunshine) Washington"
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"General (Mr.Sunshine) Washington"
Joined: Mar 2007
Posts: 35,175
McGrath, AK
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I am selling my trailer house and 4 acres to a friend. Yesterday he calls me and says the bank called and said part of my house is in a flood zone. I told him I had no idea about that as it has never come close to flooding the house there is a creek you can jump across about. 80 yards from the house. The house.sits quite a bit higher than the creek. He is wanting to know what flood insurance would cost on a 30 thousand dollar house and how would he get it. My homeowners insurance was zero help. Can anybody tell me what they pay? It is in a very rural area.
A couple of months ago I paid $590 for 165,000 coverage. Check with your city or county. FEMA has mapped many areas of the country and the maps show individual pieces of property along with the flood classification of that property. You may have more than one classification on your land depending on the relief and contours of it. You can call the NFIP (national flood insurance program) and they can provide you with companies that will write flood policies. I buy it through my credit union
Last edited by white17; 07/02/20 12:22 PM.
Mean As Nails
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Re: Flood insurance advice
[Re: larrywaugh]
#6917820
07/02/20 12:21 PM
07/02/20 12:21 PM
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Joined: Aug 2011
Posts: 45,503 james bay frontierOnt.
Boco
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Dont build on a flood plain. Insurance will be high or impossible to get nowadays if you do/did.
Forget that fear of gravity-get a little savagery in your life.
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Re: Flood insurance advice
[Re: larrywaugh]
#6917823
07/02/20 12:25 PM
07/02/20 12:25 PM
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Joined: Dec 2006
Posts: 21,716 Sandhills Nebraska
Gary Benson
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Rush says they wanted $200,000/yr to insure his house on the beach in Palm Springs FL so he just plans on rebuilding out of his pocket when it happens.
Life ain't supposed to be easy.
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Re: Flood insurance advice
[Re: larrywaugh]
#6917830
07/02/20 12:28 PM
07/02/20 12:28 PM
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Joined: Aug 2010
Posts: 10,831 Asheville, NC
charles
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FEMA has a flood map that will show the risk or lack. Communities apply to the flood program and establish appropriate building codes. You country building inspector can advise. If your property is code compliant, you receive a lower premium than if it is pre-code construction. Steps, decks, and detached buildings are probably not covered. A policy will cover the structure, but not contents, unless content coverage is added. There is a significant deductible also. There are private policies and FEMA policies. I have owned both. I once lived on Hatteras Island in NC. I was also a insurance agent for 15 years. Your coverage should be inexpensive, if required.
Private policies sold in your state can be found with a call to your state insurance commission.
The are the buyers responsibilities, not the sellers. You can not insure a property you do not own.
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Re: Flood insurance advice
[Re: larrywaugh]
#6917833
07/02/20 12:30 PM
07/02/20 12:30 PM
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Joined: Feb 2016
Posts: 3,573 Kentucky
ky_coyote_hunter
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You need to have a surveyor shoot the elevation of the floor of your home....Shouldn't matter if some of your property is within a 100 or 500 year flood plain.
It's the homes floor elevation that matters.
Some of those FEMA flood plain maps have been proven wrong by surveyors.
Member - FTA
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Re: Flood insurance advice
[Re: larrywaugh]
#6917855
07/02/20 12:56 PM
07/02/20 12:56 PM
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Joined: Jun 2012
Posts: 677 kansas
larrywaugh
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That may be the bad thing finding someone that will offer insurance in my area. I have lived there 29 years it has never come close to flooding.
Won't take no prisoners,won't spare no lives.
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Re: Flood insurance advice
[Re: larrywaugh]
#6917867
07/02/20 01:05 PM
07/02/20 01:05 PM
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Joined: Jan 2009
Posts: 4,568 Nebraska
Trapset
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That may be the bad thing finding someone that will offer insurance in my area. I have lived there 29 years it has never come close to flooding. Any agent can sell it. Its a government underwritten policy that originates in Kalispell MT.
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Re: Flood insurance advice
[Re: Gary Benson]
#6917912
07/02/20 01:49 PM
07/02/20 01:49 PM
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Joined: Dec 2010
Posts: 34,901 Central, SD
Law Dog
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Rush says they wanted $200,000/yr to insure his house on the beach in Palm Springs FL so he just plans on rebuilding out of his pocket when it happens. That’s the same plan I have minus the $200,000.
Was born in a Big City Will die in the Country OK with that!
Jerry Herbst
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Re: Flood insurance advice
[Re: larrywaugh]
#6917943
07/02/20 02:16 PM
07/02/20 02:16 PM
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Joined: Jun 2012
Posts: 677 kansas
larrywaugh
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I looked at the map and about 3/4 of my house is in a zone a. Part of what they got in it isn't gonna flood unless an old man in a boat with a lot of animals go by. The guy buying the house plans on some day building a home that will need financed. Other than that we could do owner financing.
Won't take no prisoners,won't spare no lives.
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Re: Flood insurance advice
[Re: larrywaugh]
#6917983
07/02/20 03:05 PM
07/02/20 03:05 PM
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Joined: Dec 2010
Posts: 34,901 Central, SD
Law Dog
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I used my GPS to figure out the difference between the run over spot at a place down the road and while parked in front of my house, the difference was 40 feet of elevation. The issue was when they put in the interstate the 100 year water drainage was blocked fields were changed and filled in. Don’t see the water getting to the house as once it starts flowing it will erode the field back to the natural level as it cuts a new drainage.
Was born in a Big City Will die in the Country OK with that!
Jerry Herbst
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