Flood insurance pricing
Hey all - were In contract on a great property that’s a also a CBRA zone. Costs of being close to the beach! Issue being our flood quotes are more than 3x what we had research they should be. Insurance companies are blaming the recent hurricane. Anyone mind sharing about what they pay in a cbra zone? Or have any good contacts? We know it’s a niche industry, and there don’t seem to be many people who insure this area.
#1 Insurance Contributor
- Insurance Agent
- Norwalk, CT
Laura,
The new rating for Flood is based on the property location. The Private Market Flood policies can vary in pricing with the same area for different properties. They all use their own rating algorithms so what someone else is paying may not be relevant. You need to get an agent(s) with access to many private markets to do comparison quotes for your properties. Even within the private markets, I see a great variance in the pricing from company to company on the same property. Usually there are one or two that are less, but which company those will be does not seem to be consistent.
If you have any questions on the above feel free to PM me.