Home Buying in Bethany Beach>Question Details

kfwinn, Home Buyer in Bethany Beach, DE

Flood insurance or not? Will having an existing contract with a co help to improve flood insurance rates when the rezoning takes place?

Asked by kfwinn, Bethany Beach, DE Fri May 23, 2014

Bethany West home purchase. Current flood insurance quote $414
Do we need if not required? area has never flooded

Help the community by answering this question:

Answers

2
FEMA sets the rates for required flood insurance.
FEMA is a bit confusing these days as the rules keep changing.

That being said...........

The only way to try to "improve" rates, if that's possible........... would be to have an "elevation survey" done ($500 - 900 here) and then apply to FEMA for what is called a LOMA (letter of map amendment).

If the home is in a designated flood zone - the lender will require insurance.
If you're paying cash, then whether you have insurance or not is up to you.

Your agent can check to see what type/level of flood zone the home is located in.... once you have that information - you can then call any insurance company that handles flood insurance for a quote .
0 votes Thank Flag Link Thu May 29, 2014
Hello,

You would have to check with FEMA and the latest flood maps. If you are designated in a flood area and you currently have a mortgage, most likely you would have to maintain flood insurance otherwise you would not be required to have it.

Hope this helps.

Jeff Hoover, REALTOR
EXIT Realty
0 votes Thank Flag Link Thu May 29, 2014
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer