Quote:
Originally Posted by A930Rocket
We are looking at a lot in a flood zone and have been told by my banker that the govt is pulling out of flood insurance in 2-3 years. The lot isn't in a V zone, but maybe AE. It's been awhile but I remember that for $200 or so you could get $50k with FEMA.
Anybody heard of this and what the alternatives will be? Private insurance?
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930Rocket, I am in the insurance business along the New Jersey Coast. a large portion of my business is flood insurance. The Gubmint aint pulling out of the flood insurance business any time soon and definitely not in the next 2-3 years or 5-10 years. They are switching from subsidizing rating to actuarial rating so premiums and deductibles are changing.
First you can not buy insurance (other than liability) on a vacant lot. Your flood rates will be based upon the structure that you build and if it is in compliance with the guidelines.
It mat be possible that at some time you could buy $50K of insurance for $200.00 or so but there are variables that would dictate that.