All Forum Posts by: Anthony Lee

@Marian Smith The Foremost Insurance Group is a company on it's own. However, It is a member of the Farmers Insurance Group of Companies. 

@Ryan Leavitt Although when purchasing a property cash, you are not required to purchase insurance, not having insurance in place, in this case having a lapse, will trigger an automatic decline for several carriers regardless of the line of business. However, there are still many carriers and options left for those with a lapse, but the price is not always as affordable. 

@Ben C. Builder's Risk insurance is extremely important to have and is a stand alone policy. Generally the GC or the Owner will purchase it and it is not a part of the GC's general insurance for his business. 

I just sent you a PM (and my info is below) 

Feel free to give me a call. 

@Bryan Wallace @Kyle Kingma @Russell Brazil @Joel Owens @Shaun M.

I've helped several clients through this process and have this conversation all the time. 

Feel free to reach out with any questions you may have. My info is below. 

@Paolo Nascimbeni I just sent you a PM. I several carriers and programs which have been designed specifically for RE Investors and will be able to do exactly what your looking for in a simple and easy to manage way. 

Feel free to give me a call, my info is also below. 

@Elizabeth Shelby More than 90% of the United States is in a Flood Zone. As mentioned in my previous post, its a question of which specific zone the property is located in. 

That being said, just because the property is near to the coastline, does not mean that flood insurance is more expensive than elsewhere. 

It has to do with the particular zoning of the property, in relation to the flood plains, as well as the elevation of the building in relation to the base flood elevation. 

For example, a property in a Special Flood Hazard Area, a higher risk zone, will be more expensive than a property located in a moderate- to low-risk zone. However, If the lowest habitable floor of the structure is significantly above the base flood elevation, flood insurance will be significantly less expensive than a property which has the lowest habitable at, or significantly below, he base-flood elevation. 

As you mentioned, it is often good for a buyer or property owner to check with FEMA's Map Service Center (MSC) to see if there has been a change in the zoning. However, the representatives at the MSC are not able to provide a zone determination, which is what you're looking for. They are also unable to provide information relating to the National Flood Insurance Program and exact impact a particular zone may have. Nor are they able to provide any advice or recommendations as to what can and cannot be done to mitigate the exposure to flood losses.

There are also times, depending on the particulars of the property, where even if a property is located in a Special Flood Hazard Area, or high risk zone, steps can be taken, and avenues can be explored, to potentially reduce the flood insurance costs significantly. 

It is best to speak with an independent insurance agent, like myself, whose specialties include Flood Insurance. 

@Raj Gupta I just sent you a PM. 

@Darya Karpova I have several carriers which are looking to write this type of risk. I just sent you a PM. Feel free to give me a call. 

@THU NGUYEN There are several options for this sort of transition. Feel free to give me a call. I just sent you a PM. 

@Joseph Mceneaney I just sent you a PM.