Flood insurance cutting WAY into our cash flow...

Rental Property Investor · Newport Beach, CA · Member since 2018 · 44 posts · 22 votes

My husband and I just recently bought a SFH in Saint Petersburg FL. The property is elevated and there is a big drain in the back. However, it is still in a flood zone and we were quoted at $4,000 for the YEAR in Flood Insurance. The flood insurance and home insurance is almost as much as the mortgage... we are set to close on Oct 14. Any and all help and advice... please!

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Zach KiddPro Member

Real Estate Agent · Clearwater, FL · Member since 2015 · 176 posts · 148 votes

@Jennie Monfried

Flood insurance will drive you batty in this area, but there are a few things you can do.

1 - Verify the flood zone is current.

2 - Elevation Certificate may adjust the impact.

Both of those can be challenged and updated.

3 - Get quotes from different insurance companies and brokers.

That sounds like a waterfront rate, which is not unusual for a property backing up to a drainage area. Frustrating for sure.

That may be subject to review as well.

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Amanda Kessler
Member since 2019 · 111 posts · 36 votes
7y
You need to get quotes from different companies. That seems extremely high
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Bobby Shell
Investor · Fort Collins, CO · Member since 2018 · 165 posts · 127 votes
7y
@Jennie Monfried heard in a podcast if you refuse to pay it the mortgage company will pay it for you and charge you. They naturally get a lower rate?!?
Not advising unethical actions, but If it’s gonna be paid at a lower rate regardless and you are still required to pay it, why not not pay it to end up paying it?
Anyways.... just sharing what I heard DYOR! I believe it was on a BP podcast too
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