Here is the deal. I live in south Louisiana and I am a first time home buyer. I have to have flood insurance and wind and hail. Can anyone tell me the average going rate for those insurances in flood zones?
2007-08-15 09:32:15 · 3 answers · asked by magandenise 3 in Business & Finance ➔ Insurance
Well, let me help you out a bit. There isn't an "average going rate". All the flood rates are set by FEMA. There is NO "shopping around" for flood insurance. Wind, well, where you are, you're going to end up in your state wind fund. There's no shopping around there, either - it is what it is.
It will vary by your house address. And, of course, by how much insurance you need. The MAXIMUM available flood insurance for a house is $250,000. Period. That's what FEMA says.
So, in my (Houston & Galveston) experience, the wind policy is about twice what the homeowners is, and flood is about equal to wind.
But you'll have to go to a local agent (or three) and get quotes yourself.
2007-08-15 09:40:32 · answer #1 · answered by Anonymous 7 · 1⤊ 0⤋
It depends on what area you are in, if your property falls within certain flood zone levels, the price of the home, etc. Check the website below. It should help you to narrow down your answer.
2007-08-15 09:39:43 · answer #2 · answered by magnolia 5 · 0⤊ 0⤋
ALLOT!!!!!!
2007-08-15 09:41:07 · answer #3 · answered by Pengy 7 · 0⤊ 0⤋