How expensive is Flood insurance

Question

Just bought a property that requires flood insurance.  Called my insurance broker and was shocked by the cost.  Any suggestions. Florida

Ronald Cooperman · Answer

Tara.

The properties are in flood zone A.

I have gotten several quotes that are more reasonable

Ronald Cooperman · Answer

Thanks Josh

I am finding out rates are all over the board

Greenwich have flood exposure?

I think old Westport might

Spent some time in Standford and Darien. Beautiful areas.

Zack Bloom · Answer

Average cost is supposed to be about $700 per year, but obviously this differs between areas, and whether or not the area you live in has a history of flooding.

Tahra Wright · Answer

@Ronald Cooperman If you bought the property already, I don't know that there is much you can do.  In NJ where a house is in a flood zone, we have a surveyor come out and do an elevation certificate (not the same as a regular land survey).  With that survey then the insurance agency can determine exactly what the costs would be. Apparently it's different depending on the results of the survey. Some places the cost could be $500/year others it could be over $2000 just depends on the exact location.  What was the process for your broker to determine the cost?  Mine couldn't give me a quote without the elevation certificate.