Ambler, PA · Member since 2016 · 31 posts · 9 votes
Hello, I have a property that I am looking at purchasing. The current owner has a mortgage and has never been required to have flood insurance. Some of the neighboring properties are required. Before I get any deeper into the transaction I wanted to order a flood cert so I would know up front. I tried Corelogic but it appears flood cert.com is only for lenders. Any suggestions?
Surveyor · Naples, FL · Member since 2015 · 46 posts · 28 votes
9y
Hey @Matt Daley - agree with @Jason Yarusi you can go to FEMA and figure out what the flood zone is. Your particular property may or may not be in a flood zone even if neighboring properties are. If you PM me the address I would be happy to check it out for you and let you know what flood zone the property is in.
If it is in a flood zone then you will need a current elevation certificate done by a surveyor. Depending on the results on the EC you may qualify to get the property removed from the flood zone.
Investor · Murfreesboro, TN · Member since 2013 · 430 posts · 178 votes
9y
Hi Matt
Go on the FEMA site and see what zone the property is in. This will determine the impact of the insurance. Also floodsmart is one option for flood insurance - your local insurance company will need an elevation certificate. You will need to get a surveyor to do this for you unless the HO has one. The current owner may not have been required to because he was pre-firm property or many other reasons but going forward you will need to if this is in a flood zone unless you purchase cash. Flood smart will give you an insurance quote without a cert but they are not a public provider and are one of the private providers popping up. Good luck.
Surveyor · Naples, FL · Member since 2015 · 46 posts · 28 votes
9y
Hey @Matt Daley - agree with @Jason Yarusi you can go to FEMA and figure out what the flood zone is. Your particular property may or may not be in a flood zone even if neighboring properties are. If you PM me the address I would be happy to check it out for you and let you know what flood zone the property is in.
If it is in a flood zone then you will need a current elevation certificate done by a surveyor. Depending on the results on the EC you may qualify to get the property removed from the flood zone.
Investor · Kingwood, TX · Member since 2013 · 28 posts · 7 votes
9y
Dave's right. Check the address and see what zone you're in and sometimes it's a corner of the lot is zone AE and the house is zone X. If needed you can apply for a wavier
Collegeville, PA · Member since 2017 · 5 posts · 6 votes
9y
I backed out of a purchase not too long ago when I learned it would cost $6,000 a year to carry flood insurance. The zone was AE, which is a high zone. Lower risk zones in the same area were running around 1,500 per year.
Denver, CO · Member since 2015 · 251 posts · 123 votes
9y
If you are a title company state, then pick a title company and ask them to pull it. That shouldn't be very expensive. If you are a closing attorney state, then I don't know if will be quite expensive. Just my experience between the different states.
Investor · Moscow, ID · Member since 2017 · 107 posts · 76 votes
9y
Hey Matt,
I am about to close on a duplex that is in a flood zone so I think I have some information that can be somewhat helpful.
FEMA coverage is very expensive I was going to have to pay something to the tune of 6-7 thousand dollars. Plus the cost of an elevation certificate.
However you can talk to see if a lender will accept private catastrophe insurance instead (I'm using a small local bank, but I ran it by Wells Fargo and they would accept it too). Going that route saved me thousands a year. Here is a link to a FAQ