General Area in Louisiana>Question Details

Lara, Both Buyer and Seller in Lake Geneva, WI

Flood insurance

Asked by Lara, Lake Geneva, WI Fri Apr 11, 2008

We are considering moving to the area from Chicago. I am worried about hurricains and flooding. Does everyone need and get flood insurance in souther louisiana. What kind of cost are we talking.

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As with all low lying coastal communities, South Louisiana is structured, by the Federal Government, into three basic flood zones. These are A, B, and C designations with "A" being the worst, or more likely to flood. Assuming the property is mortgaged, your lender will insist that you purchase and maintain flood insurance on the shell of the home. Zone "A" is also the most expensive of the three unless you assume the sellers "grandfathered" policy. Zone "C" has no such requirement however, because it is much cheaper than zone "A" we highly recommend obtaining it.
0 votes Thank Flag Link Tue Jul 29, 2008
Hello Lara, Louisiana is making a great rebound. There are Insurance agencies writing home binders for purchases. In order to get a specific quote, the agency will need home information to include area. The first step would be to get pre approved and find out your financial status on a home purchase. After you have found a specific home, then you can get the insurance quotes. If perhaps you want more information, log onto my web below and contact me at the office. Thanks again and welcome to Louisiana......
0 votes Thank Flag Link Sat Jul 26, 2008
Hi Lara -
As a mortgage broker, I see all of the flood insurance policies issued to my clients. Flood insurance policies can range from $250 (for properties not located in a flood zone) up into the $1000-$2000 range depending on the price and size of the home, and which flood zone the property is located. Your credit and the insurance company you choose also are determining factors.

Also, not all properties in Lousiana require flood insurance. You can ask your realtor to look up prospective properties on the flood elevation map to see if they are in a flood zone before you sign a purchase agreement.

I would be happy to assist you in your upcoming purchase! We pre-qualify clients for free and can give you the local perspective.
Web Reference: http://www.LALending.net
0 votes Thank Flag Link Tue May 20, 2008
Hi, Where are you wanting to move? I am not a realtor just a recent buying that will hopefully close this coming Monday if all goes well. I can tell you from my recent and on going attempt to buy a house in the Denham and Walker, Louisiana area. I am buying a house that is in the AE flood zone and not one insurance company would give me a quote until I did a flood elevation. The flood elevation put us 2+ feet above Base Flood Elevation. The current owner was paying 700.00 and we will pay $371 or close to that. The neighbors across the street pay over 1,100 or more. The neighbor to my left pays less than $350. Anyhow, my point is no one really knows what you have to pay till the Flood Elevation is done. I found a company that only charges 300.00 located in Baton Rouge and others in the Denham Springs and Walker area that charge 400 to 450 for the elevation certificate. It is money well worth spending. I can say stay away from the Amite river near Denham areas... those homes have been flooded before. You can check out the web site http://www.floodsmart.gov and fema preliminary flood website http://www.lamappingproject.com also. The second website shows you what areas in Livingston Parish are considered flood. The Fema flood maps also show that some areas considered AE may change to B as where I plan to buy etc. They only have the preliminary flood change on that site for the Livingston area so far. Also, Denham Walker and Zachary have the best graded schools so far if that is an interest. Lots of luck! Blessings! parrishtp@cox.net
0 votes Thank Flag Link Wed May 7, 2008
Prices vary significantly on insurance...you have to shop prices
1) Flood - based on a 1200 SF house, between $800 to $2000 a year.
2) Wind/hail and NAMED storm: between $1500 to $4000 a year.
3) Taxes - less in Jefferson Parish than Orleans Parish, but still less than Chicago and environs.

Hope this helps!
Web Reference: http://www.iansellsnola.com
0 votes Thank Flag Link Fri Apr 18, 2008
Hi Lara,
Where in Louisiana will you be relocating to? I 'll be happy to send you information about Louisiana and the area you're considering.
esoderberg@erastirling.com
337-296-6577
Erin Soderberg
0 votes Thank Flag Link Sat Apr 12, 2008
depending where you are, yes you should surely have flood insurance. the cost will range depending on what flood zone classification you are in. Typically if you are in a flood area the cost will be roughly 1,000-1500 for a 200K house (give or take). If you are not in a flood zone, it may only be about 200-300. You may not be required to have flood insurance if you afre not in a flood zone, but living here, and only costing you a few hundred bucks a year...you should always have it.

What area specifically are you moving to? Shoot me an email, i would love to dicsuss your future move
realtorcraig@cox.net
0 votes Thank Flag Link Fri Apr 11, 2008
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