Home Insurance in 31411>Question Details

S&S, Home Buyer in 33412

I assume homeowners must/should obtain flood insurance. Annual rate for a $500,000 home is approximately? Thank you.

Asked by S&S, 33412 Mon Mar 28, 2011

Skidway Island, GA

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Dear S&S,

Please know if you will have a mortgage on a home and the home requires flood insurance in accordance with FEMA.gov guidelines the annual rate could vary based on the flood zone as well as other factors such as have they enclosed an area below the flood zone - base level or if it is located in a velocity flood zone. The year the home was constructed also plays an important role in determing premiums for flood insurance.

I would ask the existing homeowner if they have a "flood elevation certificate" or if you plan to purchase a home, I would see if the current insurance provider has a flood elevation certificate. The "flood elevation certificate" helps the insurance provider determine the rate for the home. Typically, most homes on Skidaway Island would be in a flood zone but there are different categories for flood zones so you may wish to reference FEMA's website (FEMA.gov) for additional information.

If the home will not have a mortage on it, you may not be required to have flood insurance but it is advisable to seek information about coverage for your home and contents from a licensed insurance provider.

I am not an expert in the area of insurance, flood zones, price quotes or premiums but there are a lot of wonderful insurance carriers in our area that could provide you a price quote on a particular home. There are so many factors that determine the premium for flood insurance and a licensed insurance agent would be the best individual to consult regarding this matter.

Skidaway Island (Savannah, Georgia) is a beautiful gated community with a first-class marina and the golf courses are awesome! You have great views of the marshland / waterways while playing golf. The marina at Skidaway Island is located within close proximity to the intracoastal waterway and coastal barrier islands which is a plus for boaters.

If you are searching for a new home in the Savannah - Skidaway Island area, please let me know if I may assist you if you are not currently working with a realtor in the area. Hopefully, you will find a home that requires a modest/reasonable or affordable premium for flood insurance so you can enjoy this beautiful coastal region!

Kindest Regards,
Diane Strickland
REMAX Accent
(912) 429-1093
(912) 756-5888
Fax (912) 756-5861
Email: strickdi@yahoo.com

Information subject to errors and omissions. No warranties or guarantees.
0 votes Thank Flag Link Sat Jun 16, 2012
Hey Susan....the area you are looking at zip 31411 generally requires flood insurance. If you are under contract on a home, ask your agent to get the FLOOD ELEVATION CERTIFICATE for you and give that to your home insurance company. Once they know what elevation it is in they can quote you. If it is only an AE zone it shouldn't run more than $500 to 600 annual. If it is an an especially low area, it could be substantially more.

If you do not have a Realtor already, I would love to help! Traci Amick 912 631-0220
0 votes Thank Flag Link Mon Mar 28, 2011
Please call me at 912-660-5169. It depends on where you live on the island as to whether you must buy it.
If you do buy it you can get some through govertment and private insurance depends on elevation.
Do contact me I live on Skidaway and am very familiar with area.
0 votes Thank Flag Link Mon Mar 28, 2011
Flood insurance is only required on homes located in the flood plain. Flood insurance is a Federal Government program so it is a set price depending on the elevation of your home. If you are not in a flood zone it runs approx. $250-$350 per year and if you are in a flood zone approx. $700 per year plus depending on elevation and any additional coverage you may have. The Federal Government only insures up to 250,000 on the dwelling itself. I know this is somewhat vague but it is had to answer without location and elevation.
0 votes Thank Flag Link Mon Mar 28, 2011
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