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Old 05-12-2008, 10:19 AM
 
Location: Central, NJ
2,731 posts, read 6,129,600 times
Reputation: 4110

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Hello,

We found a house that we're interested in but I think it is in a flood hazard zone. Can anyone tell me how much flood insurance costs? I think the house must be part of the rezoning. It has a basement and there were absolutely no signs of water down there. So I'm not worried about damage, I really just don't know what the insurance costs. Thanks!
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Old 05-12-2008, 10:26 AM
 
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I paid over $1000, it depends on your coverage but it is very expensive, it costs more than homeowners insurance.
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Old 05-12-2008, 10:27 AM
 
Location: Atlantic Highlands NJ/Ponte Vedra FL/NYC
2,689 posts, read 3,977,985 times
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Quote:
Originally Posted by Irish Eyes View Post
Hello,

We found a house that we're interested in but I think it is in a flood hazard zone. Can anyone tell me how much flood insurance costs? I think the house must be part of the rezoning. It has a basement and there were absolutely no signs of water down there. So I'm not worried about damage, I really just don't know what the insurance costs. Thanks!
it all depends on what the FEMA flood maps say, regardless of reality, FEMA has just issued new maps so find your lot and see where it stands on the maps
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Old 05-12-2008, 01:46 PM
 
Location: Central, NJ
2,731 posts, read 6,129,600 times
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It IS in a flood zone. But with the rezoning it seems as though much of Hazlet will be eventually. So far I got a quote of 1400. We'll shop around but we're going forward.

I ask a lot of annoying questions but if we ever actually get into the area I promise to be nothing but helpful on the board.
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Old 07-28-2008, 06:28 AM
 
11 posts, read 37,633 times
Reputation: 19
The cost of flood insurance is based upon a few criteria such as the age of the home, type of construction (slab on grade, crawl space, basement etc), what flood zone the structure is in, the base flood elevation, the elevation of the structure and a few others.
If a home is Post-FIRM then the insurance agent should be asking for an elevation certificate to accurately rate the policy. If the agent does not have an elevation certificate to rate the policy the premiums are very high due to the lack of rating information.
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Old 07-28-2008, 10:48 AM
 
Location: Central, NJ
2,731 posts, read 6,129,600 times
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Thanks very much. Do you know if you can insure the structure and not the contents? The person I went through to get insurance is, quite frankly, an idiot. After the pressure's off and we move in I'm going to be doing a lot more research and likely changing everything.
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Old 07-28-2008, 02:54 PM
 
11 posts, read 37,633 times
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Flood insurance is offered for structure and content. You can get them seperately. The maximum available is $250,000 for residential.
Good luck.
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Old 07-30-2008, 09:54 PM
 
20 posts, read 132,214 times
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Default Flood Insurance

You can shop around but the rates are set by the National Flood Insurance Program and Insurance Companies must charge those rates. There is no deviation. The only reason the rate would differ between agents is if the policy was rated using different information. The NFIP only provides coverage for your home up to $250,00. After that you need to go to the Excess Market to insure your home for replacement cost value. Also if your home was built after 1974 and is in an A or V zone you most likely will need an Elevation Certificate but you will need to verify this with the agent.
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