Thinking about buying in Falmouth area, primary residence

Asked by Writ, 02540 Thu Aug 5, 2010

Can anyone tell me a little about how insurance rates differ for homes in the 2-300K range near the water vs inland on the Cape? Thanks.

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Gary Smith, Agent, Williamsburg, VA
Sun Dec 8, 2013
With all of the recent changes in Flood Insurance, an elevation certificate is a good idea to get an accurate quote for properties in flood zones. You would have to hire an engineering company to do this. But if you are financing the purchase, most if not all banks will require this.
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Jean Wright, Home Owner, 02421
Sun Jul 28, 2013
Make sure that you get a correct quote for flood insurance. We got an incorrect quote and the price difference was about $10k!
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Jim Fox, Agent, Falmouth, MA
Fri Mar 2, 2012
The main difference is the high Wind area 1 mile from beach.

But the added expense is worth it, walking distance is the most requested feature home buyers are looking for.
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Heath Coker, Agent, Falmouth, MA
Fri Nov 5, 2010
Most properties in Falmouth are close enough to the water to need some sort of flood insurance decision. You can get a FEMA map that shows which flood zone any property is in from the FEMA web site. You can search it by address. The cost of flood insurance is usually not as much as people have been led to believe. If you need help with a FEMA map, I'd be glad to help. I have included a link to the FEMA web site for reference to get you started. (It is a govt site, so you have to be patient in looking for the correct and useful blanks to fill in or buttons to push.) Best wishes, Heath
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James Kinchla, Agent, Falmouth, MA
Fri Aug 20, 2010
The big difference in one area verses another is if you'll need flood insurance. If you need flood insurance there will be a big difference. If you don't need flood insurance the difference between one area and another should be minimal and it will based more on the size, condition and replacement value of the house. If your getting financing, your bank will check and confirm if they're going to require flood insurance to finance the property. The listing agent should have a clue of wether or not the property may require flood insurance and should disclose to you the property may require flood insurance. Most of the time they can get that information by just asking the sellers but you should look into it and be sure, it could be a deal breaker! Most insurance companies will also pay a visit to the property to determine replacement value.
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Writ, Home Buyer, 02540
Fri Aug 6, 2010
Thank you for the information and the recommendations. I'm not looking for waterfront (I've been flooded too many times), but want to be able to walk to the beach without taking my life into my hands.
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Joe Arnao, Agent, Sanwich, MA
Fri Aug 6, 2010
800-439-2027 is the number for Olde Cape Cod Insurance. They have been writing insurance on the Cape for 40 years and will be a great resource for you. Feel free to contact me with any other questions or if other resources needed.
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Lisa Cannata, Agent, Falmouth, MA
Fri Aug 6, 2010
In the 200k to 300k range you're going to be hardpressed to find a waterfront property. However, that being said, there won't be a huge differnce in homeowners insurance between the two price points, but waterfront versus inland there will be. Also the cost of maintaining/building waterfront is more costly. Homeowners insurance is best quoted by and insurance professional, but my best guestimate would be approximately 800 to 1000 inland and probably twice that for waterfront. If you need help finding a home I'm happy to assist and know Falmouth extremely well and can provide you with some guidance on what is and what's not a good buy. Call or text anytime 774-353-7129.
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