Lefty33, Home Buyer in Swartz Creek, MI

I'm considering Alpena MI for a retirement residence. Due to the lakes & rivers, would I be required to purchase flood insurance?

Asked by Lefty33, Swartz Creek, MI Sun Oct 2, 2011

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Tom Sharp, Home Buyer, Alpena, MI
Thu Mar 22, 2012
as far as i know it will depent on wear you purchase your land
0 votes
Maria Gilda…, Agent, Manchester, CT
Sun Oct 2, 2011
Hi Lefty33,

Derek is correct. As a lakefront specialist in Connecticut, I have only sold one property which was required by the lender to be covered by a flood insurance although the previous owner has not paid it in the past.

You can however dispute or at least try to dispute this by getting an elevation certificate from an engineer. This may cost you a few hundred dollars but the potential savings could be in the thousands annually.

There is nothing like living by the water. It offers the most ideal respite if you are yearning for tranquility and serenity. If peacefulness of the water is what you are looking to buy, make sure that the lake is restricted to non motorboats.

Good Luck.

Maria
Good Luck.

Maria
0 votes
Derek Bauer, Agent, South Lyon, MI
Sun Oct 2, 2011
Congratulations on your retirement!

Proximity to a lake and/or river does not necessarily mean anything when it comes to flood insurance. Flood insurance requirements are determined by the 100 year flood plains from FEMA maps. You can live on a lake and not need it, or seemingly in the middle of nowhere near water, and it be required. Have your loan officer or real estate agent help you further.

Good luck.
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