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

2
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
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
I agree, you should definitely call your insurance agent. If you don't have one in mind, you can always do a simple internet search to find one. If you are in a flood zone, you'll definitely want to make sure that you have the coverage that you need. Water damage can really destroy the value of your home so quickly. http://premierflood.com/flood-insurance-rates.html
Flag Tue Jan 20, 2015
Good call. I think an insurance agent would be helpful in this situation. With the laws changing currently, you don't want to make any decisions now that you'll regret in the future. An insurance agency will know how to keep on top of the coming laws. | http://www.preferred-ins.com/
Flag Sat Jan 10, 2015
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