Updated about 8 years ago on .
Increasing Flood Insurance
I'm currently in contract for a 4-plex and going into it the buyer said he pays about $150 per month. Well, we just got a quote for $3,800 a year (320 monthly) with a 10K deductible! I just talked with a couple of landlords in the area and they informed me that the Federal Govt. has stated a cap of no more than a 25% increase per year but there is currently no cap as to how many years they can/will do that.
Is anyone familiar with this? If so are you avoiding flood zones like the plague or just going for it if the deal seems worth it?