2007-01-11 05:48:48 · 6 answers · asked by luckylindy0 4 in Business & Finance ➔ Insurance
We were not aware of needing flood ins. until day of closing! I have changed flood ins. comp. {lower cost] and when they checked it out they said NO claims have ever been filed. So what gives?????
2007-01-11 06:09:42 · update #1
As some of the others have already said, yes, you can be forced to get flood. Flood maps can change, but usually once in a flood plain, always in a flood plain. Check out this website for some helpful information.
http://www.floodsmart.gov
2007-01-11 09:20:26 · answer #1 · answered by jcollins_24 2 · 0⤊ 0⤋
The reason you have to have a flood policy is because your mortgage holder says so. This won't change from bank-to-bank. Unfortunately, you are stuck with having to carry flood coverage.
However, since you obviously live in a flood plain the chances of having a flood loss are higher than in other areas. In the case of a flood loss having this coverage will also speed up federal assistance, as well.
I see this situation a lot. Remember, real estate agents aren't insurance agents. The want to sell you a home and may not inform you of the ramifications of a home purchase in such an area.
2007-01-11 15:08:54 · answer #2 · answered by van_at_lincoln 3 · 0⤊ 0⤋
I've noticed it's becoming more of a requirement in just the past 3 to 4 years. Some agency's require tandem insurance that include your HOI/hazard policy and flood insurance. Find out what the risk is in your area and it's always better to be safe than sorry!
Good Luck!
2007-01-11 13:56:54 · answer #3 · answered by Jen G 3 · 0⤊ 0⤋
If it's in a designated flood zone, there's not much you can do about it.
There is an appeals thing you can do, where you request the Army Corps of Engineers to reassess your parcel. It takes time, probably costs some money, but it's a possibility. And I have no idea how to do it, I've just heard it's possible. Meanwhile, you'll have to pay the insurance.
2007-01-11 14:29:34 · answer #4 · answered by Anonymous · 0⤊ 0⤋
If you live in a flood plain you need this type of insurance. A regular homeowners policy will not cover you against flood loss.
I know it's expensive but it is less expensive than trying to replace your house and its contents on your own.
I assume your mortgage holder demands you get this coverage. I would comply.
2007-01-11 13:54:53 · answer #5 · answered by jbowler 3 · 1⤊ 0⤋
not buy a house in a flood zone!
2007-01-11 14:02:39 · answer #6 · answered by mike g 1 · 0⤊ 0⤋