Home Buying in Dayton>Question Details

Natasha Wend…, Home Buyer in 45005

Flood Insurance 2014

Asked by Natasha Wendling, 45005 Tue May 6, 2014

Hi! I am VERY interested in buying a home that just happens to be in flood zone. I need some advice with all the new laws/amendments. I am just not sure what they all mean. I know the rates are going back down but how/when will they go back up? Does anyone really even know whats going on yet?

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Answers

3
who told you the rates were going down????

FEMA has been making a number of changes since last winter.
Currently, you should expect to pay the same premium the seller is paying. That amount could increase 18% after the first year.

There is a lot to learn about flood insurance, and it can be very confusing!

I have a listing whose owners applied to FEMA for a LOMA (letter of map amendment)...as a result, the home was removed from the flood zone............sellers are elated (they now save $2515 in yearly premiums). I am sure potential buyers will also be elated and not hesitate now that the flood insurance requirement has been removed.

Anyway, speak to a local insurance agent and get the most recent news.
0 votes Thank Flag Link Wed Jul 30, 2014
I would recommend talking to multiple insurance agents. They are professionals who understand all the new laws about flood insurance and can help you make a decision. By talking to more than one professional, you can get a variety of opinions and get more insurance quotes. They should be willing to answer your questions and give you a quote for free.

Claire Reynolds || http://premierflood.com/e-quo/flood-insurance-quote.html
0 votes Thank Flag Link Wed Jul 30, 2014
I agree. I would also talk to multiple insurance agencies. I would also ask around to your neighbors to see what their coverage is or what they expect. That way, you get the professional point of view, but also a local perspective. Good luck!

Brooke Bowen | http://www.inservsarasota.com/flood.aspx
Flag Mon Aug 11, 2014
You should contact FEMA in regard to the new flood insurance laws and also contact a local insurance agent to go over your options in order to avoid any confusion.
0 votes Thank Flag Link Tue May 6, 2014
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