Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 7 years ago on . Most recent reply

User Stats

16
Posts
11
Votes
Michael Foster
  • Rental Property Investor
  • Bellows Falls, VT
11
Votes |
16
Posts

Is Buying in a Floodplain Crazy?

Michael Foster
  • Rental Property Investor
  • Bellows Falls, VT
Posted

Based on the numbers a house I am looking at is a great deal.  But it is in a flood plain and will require flood insurance.

Is buying a house in a floodplain crazy?  Should I run away?

Most Popular Reply

User Stats

39
Posts
40
Votes
Margie Fuller
  • Rental Property Investor
  • Waycross, GA
40
Votes |
39
Posts
Margie Fuller
  • Rental Property Investor
  • Waycross, GA
Replied

@Michael Foster Having worked in insurance, I may be able to help out here. Flood insurance is different than hazard insurance, in that, flood insurance is guaranteed. It's backed federally. Your property could flood every single year, and they will back up the policy (at least until someone on a governmental level messes that up). Hazard insurance is provided by the company that you have insurance with, so if you continue to have claims every year, they will typically cancel your insurance at the worst or charge what feels like a penalty for having used the policy at best. So my suggestion is the same as the others here, if it's good on the numbers, go for it as long as you carry flood insurance.  

Loading replies...