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Old 02-03-2017, 02:01 PM
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Hydrodreams Hydrodreams is offline
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Flood Insurance

We are looking to purchase a vacation/retirement lake house and it is in a flood plane. American National our insurance carrier came back with a STUPID annual premium but referred us to a third party carrier of floodsmart.com who came back with an acceptable premium.

My question is are any of you covered by them and have you ever filed a claim with them? If you have filed a claim was the outcome acceptable?

Thanks for your help
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Old 02-03-2017, 02:12 PM
jgraham37128 jgraham37128 is offline
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My house backs up to the river/creek (not navigable by boat unless its a kayak and or small river boat) and its considered in a flood plane. Mine is Wright National Flood Insurance Company. I believe its a formula based off level of flood plane and value of the policy. I think FEMA is also involved. Since ours is really just a creek we have 160K coverage and its $630.00 a year.

We've never had a claim, so not sure what that would be like.

Just to give you an example here's what I've paid for the last few years.

2013= $341.00
2014= $337.00
2015= $645.00 (Thanks Obama)
2016 = Not sure I don't have it yet.

It looks like years back it was with Fidelity National too. 2012 = $330.00

Last edited by jgraham37128; 02-03-2017 at 05:33 PM.
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Old 02-03-2017, 02:12 PM
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ttu ttu is offline
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might check with wright flood.
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Old 02-03-2017, 02:18 PM
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Hydrodreams Hydrodreams is offline
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Thanks, I will check with them.
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Old 02-03-2017, 04:21 PM
fannin fannin is offline
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My floor insurance for my house is almost $2500 a year. I'm barely in a 100 year flood plain.
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Old 02-06-2017, 09:08 AM
samasm samasm is offline
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My house backs to a creek and the improvements are also in the flood plain. We kayak in the creek, skate on it when it freezes in the winter, feed the ducks, etc... Having use of the water offsets the premium, in my viewpoint. That being said: Our policy has gone from less than $900 yearly to roughly $2,000 yearly over the years. The most recent increases were the result of a revamping of how FEMA handles flood plain policies. The NFIP (National Flood Insurance Program) now handles the rates of flood plain insurance - this was preempted by a national updating of FIRM's (Flood insurance rate maps). Further, the Home Owner Flood Insurance Affordability Act of 2014, was suppose to make flood plain insurance more affordable - but it actually resulted in a considerable increase in rates. Assuming the same reproduction/replacement costs of your improvements and the same options for your floor policy, your flood plain insurance should cost the exact same amount from any provider. That being said, some insurance providers do not properly calculate the rates. For example: 1) The first year that you have flood insurance, there is a considerable discount available. 2) NFIP automatically assumes that the house is a rental property/not your residence - this nearly doubles the annual premium. You have to provide proof of residency in order to get the lower rate. 3) Some providers erroneously include the land in the insured amount: The land does not need to be replaced-only the improvements (However, you do need to have a minimum amount of covered that insures at least the amount of any mortgage or liens that you have against the property, as a whole).

To answer the second part of the question: The insurance is a waste of money. My lower level did flood years ago (I have a split-level with a walkout basement/lower level). The extent of what FEMA said was covered was the cost of the drywall - not the installation of it, the removal of it, the replacement of doors, trim, flooring, fixtures, water heaters, etc... Technically, my lower level is considered to be basement (as it is below street grade). As such, FEMA covers very little of improvements in the basement level. Regardless, I know of several of my neighbors that had above grade areas damaged by the flood waters - all of which also report that minimal payouts by FEMA (most oddly were only about the cost of the annual premium) were granted. As is typical with most things that our government is involved in...it is poorly managed.
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Old 02-08-2017, 11:32 AM
curver900 curver900 is offline
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flood insurance is only for the following your mileage may vary so read the policy closely...
1. it does NOT cover the basement finished or not
2. it only covers when the water reaches the first livable floor of the building and only covers damage to that floor and up.. so it is basically worthless insurance..

my advice is to look for a place not in a flood plain....

if you are close to the flood plain and not in it the you can get a certificate of elevation from a survey company. You can then either submit it to FEMA with that and the LOMA..

Turns out, as I knew, I was NOT in a flood plain but FEMA sent out a new map and told everyone they were now in the flood plain... funny thing was they lowered the flood plain .3 feet from where it was 10 years ago...

Last time I was able to leverage the neighbors info with the help of the bank this time not so... so $750 bucks later I had a survey and all the paper work done by the survey company for $100 it was a no brainer.

you can PM me if you want more info on what I ended up doing...

Good luck!
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Old 02-08-2017, 11:40 AM
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jbmccul jbmccul is online now
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Originally Posted by fannin View Post
My floor insurance for my house is almost $2500 a year. I'm barely in a 100 year flood plain.
It's worth it for the peace of mind IMO, when Baton Rouge flooded this fall there were a lot of people outside of the 100 year floodplain that still ended up with 3-4 feet of water in their homes
Lone Star MasterBash 2017
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