Home Buying in Lake Ariel>Question Details

Titanic1974, Home Buyer in Lake Ariel, PA

Can anyone, advise the average cost of flood insurance for a house in The hideout located in a AE flood zone?

Asked by Titanic1974, Lake Ariel, PA Thu Oct 10, 2013

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Good Evening,

Regarding flood insurance premiums in AE Zone....you could expect to pay approx $3,500 annually. However, I don't believe there are ANY homes in The Hideout, that once appealed, fall into that category. 3 options are available to waterfront buyers:

1. Purchase the home...pay the premium and then appeal FEMA zone and receive a rebate.

2. Make the purchase contingent upon re-designation...prior to settlement.

3. During course of transaction, file for a temporary stay, based upon previous designation...this lasts for two years...which gives new owner the opportunity to satisfy requirements for amendment.

Not a difficult process, but you'll want to work with an agent who is Familiar with the process to facilitate.

Mark / Century 21
0 votes Thank Flag Link Thu Oct 10, 2013
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