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Tax, SDIRAs & Cost Segregation
HomeForumsTax, SDIRAs & Cost SegregationSurprise! I need $3,300/yr flood insurance.
Tone Church's profile image
Tone Church's profile image
Tone Church
  • from Goshen, New York
  • Member since Oct 1, 2017
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Tone Church's profile image
Tone Church's profile image
Tone Church
  • from Goshen, New York
  • Member since Oct 1, 2017
Connect
Tone Church
  • Goshen, NY
13
Votes |
60
Posts
Tax, SDIRAs & Cost Segregation

Surprise! I need $3,300/yr flood insurance.

Tone Church
  • Goshen, NY
Posted Jan 8 2018, 19:09

I am under contract for a two-family property in New York State. My deposit check has already been cashed and the appraisal was just performed for my FHA loan. I got a note from my lender today letting me know that the property is in a 100-year flood zone and I need flood insurance. This is the first time I am hearing about this.

I got a quote on a policy from my insurance agent and it will cost me $3,300 per year, or $275/month, which eats substantially into my rental profits. Any advice anyone?  

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