Flood Insurance - Posted by Marty

Posted by Natalie-VA on May 02, 2009 at 16:25:19:

What about the seller of the property providing the elevation certificate that they have?

Also, make sure that you are being quoted a rate for the improved value of the property. There is no need to insure the value of the land.


Flood Insurance - Posted by Marty

Posted by Marty on May 01, 2009 at 19:33:02:

I am purchasing a property that is in a flood zone. It is listed as A18. My insurance agent says it will cost me $1,800 for flood insurance. She added that if I get a elevation certificate, I could reduce the cost of insurance to about $400, depending on the elevation. (it could increase it as well, or have no effect) I called a surveyor who wanted $1,000 to give me a elevation certificate.

Does any one have any suggestions on how to reduce the costs of flood insurance or or another way to get an elevation certificate.



Re: Flood Insurance - Posted by Edwin

Posted by Edwin on May 07, 2009 at 01:00:49:

Marty, allow me to preface my comments by saying that in most instances, flood insurance is the biggest scam going. I pity the position you’re in. I think you need to find a new surveyor. Unless there’s a lot of complicated surveying needed, $1,000 sounds excessive. I had a survey done once for an elevation certificate, and it cost me about $150. Also, I have gotten different quotes for flood insurance, in spite of being given the standard line about how all flood insurance rates are set by the government and all agents charge the same. Not true! I haven’t figured out why, but do know I haven’t gotten uniform quotes. Also, I’m aware of a situation in my town where the government declared a section of town a flood zone—but they were basing this by using outdated maps! It took a private engineering firm to point out the government’s mistake, saving hundreds of people from unnecessary flood insurance! As I said, flood insurance is a big Scam!

Re: Flood Insurance - Posted by Jim (wa)

Posted by Jim (wa) on May 03, 2009 at 19:13:30:


I came upon a similar situation once.

I would ask the seller what they pay for their flood insurance. I suspect it is less than $1,800. If this is true I would try transferring their policy into your name, using their insurance agent. This should be amenable to the seller as this will facilitate the sale. By transferring the policy instead of having a new one written you can bypass nonsense sometimes.

Their probably has never been a elevation certificate done for the property. Remember that underwriting guidelines vary between insurance companies and they invent new guidelines all the time.