All Forum Posts by: Anthony Lee

@Huiping S. there are several private alternatives to the National Flood Onsurance Program. Unfortunately, not all carriers are offered in all areas. (From block to block it varies). I work with well over 15 different private flood insurance companies in additional to the National Flood Insurance Program. 

I work throughout the country. So feel free to reach out offline if you like, my info is below, I'd be more than happy to help. 

@Pat L. flood insurance deductibles can vary greatly. More often than not a $5000 deductible is most common as generally that is the highest lenders will allow. That being said, it's a matter of risk tolerance as well as whether the flood insurance is through the National Flood Onsurance Program (NFIP) or a private alternative. 

A vast majority of my clients with properties the high risk flood zones of Florida, and elsewhere, have deductibles at $5000. 

That being said, in some few instances, with private flood insurance, I've seen the difference between a deductible of $2000 and $5000 be less than $200 in premium. Especially in these cases, it's a matter of rconcern so tolerance. 

@Pat L. the appraised value and the dwelling coverage, or Coverage A, are often very different. More often than not, the situation is reversed where the reconstruction cost of the property is greater than hha appraised value. 

The dwelling coverage is to cover the repair or reconstruction (labor, materials, etc) of the building(s) and therefore is valued as such. 

Typically this will equate to a set reconstruction cost per square foot. 

So in short, the dwelling coverage is the reconstruction cost. Not the market value. 

Feel free to reach out directly, my information is below, with any further questions you may have. I'm always happy to help. 

@Robert Howard There are several Private Flood Insurance Alternitives to the National Flood Insurance Program which are generally, significantly cheaper. 

Feel free to reach out, I'm more than happy to answer any insurance questions you may have. 

@Ned Micic Yes, you will have to change the insurance policy on your home from a homeowner's policy to a landlord dwelling policy. 

Feel free to reach out with any questions you may have. I'm always happy to help. 

@Serge Suchkov You definitley want to make sure you have the right insurance in place. Regarding the attorney though, my recomendation would be to give @Jessica Zolotorofe a call. 

@Richard Burke Ahh totally Missed the PITI, my bad.

@Richard Burke and the insurance? bound to eat up another 1.5k+ if its in FL. 

@Daniel L. You should be listed as an Additional Interest on the Tenant's policy, residential or commercial. It should be stated in your lease, especially if tenant is commercial. This allows you to receive a certificate of insurance and documentation should the policy lapse, cancel, or be non-renewed. 

@Erick Panger Welcome! Feel free to reach out with any insurance questions! I'm always happy to help.