Flood Insurance renewal time .

[dantheman]

Got my renewal today . They bumped it $100 . Not bad ..

 

[sandman7925]

Does it go up often?
I’m buying a place in a flood zone for the first time and was just wondering.

 

[kpm]

Google flood risk 2.0 and basically most rates are increasing. Also the advocate had a good article Explaining several weeks back. I’m not in a flood zone but carry insurance. The new changes for renewals don’t go into effect until 4/1 if I remember correctly. I am not in the insurance business.


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[LACamper]

Does it go up often?
I’m buying a place in a flood zone for the first time and was just wondering.

Like most insurance it goes up every year, at least a bit. Get the elevation survey/ certificate before buying and let your agent look it over. Risk Rating 2.0 is still somewhat a mystery (and I'm in the business!). We'll see how it all plays out in a few months. Expect 18% increases per year for a while.

 

[bigtattoo79]

Got my renewal today . They bumped it $100 . Not bad ..

That’s good news. I’d take a $100.00 bump and smile.

 

[sandman7925]

Like most insurance it goes up every year, at least a bit. Get the elevation survey/ certificate before buying and let your agent look it over. Risk Rating 2.0 is still somewhat a mystery (and I'm in the business!). We'll see how it all plays out in a few months. Expect 18% increases per year for a while.

The place I’m buying never flooded. It’s on a rare high point on false river. There is even a drone video on YouTube showing it being the only house in the area that didn’t flood in 2016 so I was wondering if there was a way to challenge the rate at some point.

 

[glimmerman]

The place I’m buying never flooded. It’s on a rare high point on false river. There is even a drone video on YouTube showing it being the only house in the area that didn’t flood in 2016 so I was wondering if there was a way to challenge the rate at some point.

Get an elevation certificate on your slab from and engineer. It may be high enough to remove your house from the flood zone. I have seen that done, years ago, on new construction.

 

[LACamper]

Get an elevation certificate on your slab from and engineer. It may be high enough to remove your house from the flood zone. I have seen that done, years ago, on new construction.

Yes, you can do a LOMA (letter of map amendment). But being removed from the flood zone doesn't solve your issue. Flood quotes for x zone policies have been running from $1200 to $1900 with the new rates. But the survey may save you $ in other ways.

 

[drill sgt]

Even if property is not in a recognized active flood zone or any area that has never experienced flooding the lender/bank or whoever can mandate the property be covered by flood insurance.... Also with the way that flood zone boundaries seem to be changed because of many factors related to other area changes cause your area to be reclassified without you possibly having knowledge of status change...... 2016 flood got our home/property even though we were in a no flood zone that required flood insurance... I classify insurance in any form to be legalized gambling for what its worth but sometimes you have to pay to play..... drill sgt.

 

[LACamper]

There are many mortgage programs. There are some that require flood insurance even if you're in an b, c, or x zone. It varies... and maps change but usually there's a lot of warning from the parish before that happens. And yes, there are similarities between insurance and gambling.

 

[Cajun Camper]

Got our renewal notice yesterday. went from $550.00 to $681.00. Not in a flood zone & Lafayette as done quite a bit of mitigation projects the past couple of years ( large retention ponds & cleaning of ditches drainage coulees, etc.) Probably won’t renew.

 

[LACamper]

Got our renewal notice yesterday. went from $550.00 to $681.00. Not in a flood zone & Lafayette as done quite a bit of mitigation projects the past couple of years ( large retention ponds & cleaning of ditches drainage coulees, etc.) Probably won’t renew.

We've had lots of claims in non-flood zones lately. Self insuring (which is what happens if you don't renew) is risky. What are the odds of flooding in the next 100 years? (681 x 100 = $68K which is about what you'll spend if you flood to renovate the house).