Flood Insurance Blues
I have multiple properties in a FEMA Rated "minimal flood risk" zone - but still in Virginia Beach, VA. VB experiences all the joys of a hurricane prone area as well as the weather irregularities of the southern east coast.
To insure these properties for flooding costs me almost $3,000 annually... I am asking the group why continue to shoulder this burden? How much weight does FEMA's rating carry in your mind?
Most Popular Reply
If you don't already have one for each property, you can also look into getting a flood elevation certificate. In a nutshell, FEMA bases the risk on the absolute lowest point for any particular zone/area. So, if you're property is higher than that, it can potentially be a big savings on the flood insurance. In fact, if any of your houses are raised even just a little bit, definitely get a flood elevation certificate.
My own personal home in the lovely, Katrina-hammered city of New Orleans was $1800/year when I bought the house in 2011. But it didn't have an elevation certificate and is raised about 2' off the ground. I got an elevation certificate (costs $250-$400 where I live) and my flood insurance dropped by almost 2/3rds. down to just a hair or so above $700/year.