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Forums » Buying Real Estate » Does the 50% rule cover flood insurance?

Does the 50% rule cover flood insurance? Subscribe to Does the 50% rule cover flood insurance?

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Tag Tags: flood-zone flood-insurance reo 5-rule


Bienes Raices

· Orlando, Florida


Forum_avatar_avatar-bienesraices

Icon_minipost Nov 15 '09, 05:18 AM

I've found an REO that looks promising. But I found out it's in flood zone AE. I was told that it would cost me $300-$600/year for flood insurance, so let's say that's an extra $50/month,

Would you still pursue this? I'm not sure if the 50% rule covers flood.

Edited: 06/26/2010 at 10:31AM


Richard Warren

Real Estate Investor · Las Vegas, Nevada


Forum_avatar_avatar-rehab702

Icon_minipost Nov 15 '09, 05:41 AM

The 50% rule is a screening tool. You still need to look at actual expenses and see how the flood insurance impacts the cash flow. Some properties could have expenses a little (not a lot) less than 50%, while some could have significantly higher expenses. If a property passes the screen test using the 50% rule you still need to take a closer look before making a purchase.

:cool:

Edited: 06/26/2010 at 10:31AM


Eddie Ziv

Real Estate Investor · Studio City, California


Forum_avatar_avatar-ziv2liv

Icon_minipost Nov 15 '09, 05:53 AM

Regardless of the 50% issue, I would strongly recommend to get FI quote for that particular property. FI are varied form relatively cheap to quite expensive depend on the zone (50 years flood, 100 years flood, etc) The higher the risk the more expensive the policy gets. Do initial check at
http://www.floodsmart.gov/floodsmart/

Edited: 06/26/2010 at 10:31AM


Bienes Raices

· Orlando, Florida


Forum_avatar_avatar-bienesraices

Icon_minipost Nov 16 '09, 11:58 PM

Originally posted by Eddie Ziv
Regardless of the 50% issue, I would strongly recommend to get FI quote for that particular property. FI are varied form relatively cheap to quite expensive depend on the zone (50 years flood, 100 years flood, etc) The higher the risk the more expensive the policy gets. Do initial check at
http://www.floodsmart.gov/floodsmart/

thanks--now there is only one house that I'm interested in that's high risk--the rest are in zone X--so may turn out to be a non-issue.

Edited: 06/26/2010 at 10:32AM


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