Refi and flood insurance

[Tony Wagner]

I am trying to refi two houses that I have free and clear. In the process I was informed I need flood insurance and have to have them surveyed to get an elevation certificate even to get a quote on insurance Does any one have any ideas on how to get around this? Other options to refi? Or sell them and move on to better things? I was hoping to refi and keep some income. This is in Washington state

[Jason Yarusi]

If you own them free and clear you do not need to carry the flood insurance. However if you are going to put any type of mortgage on the property and you are in a flood zone that requires flood insurance then there is no way around this. However check some of the private labels opening up and providing coverage , one being floodsmart, their program is based on location and does not need a flood cert. your only long shot is to speak with the flood plain manager about your location and depending where you are have the property reallocated out of the flood zone on the firm mapping. This is a process.