How to Purchase Flood Insurance - 0 views

FEMA Zones flood hazard elevation base zone

started by Genaro Green on 29 Jan 12

#1 Genaro Green on 29 Jan 12
if the loan is federally insured or the loan originator is regulated by this federal government"

As stated above, your mortgage company may be required to ask you to purchase flood insurance. Of course, they would want you to do so because they are protected also. You should also know the mortgage lender can also require flood insurance even if it is determined you don't require it. This is their prerogative. All over again, the rates should be rather low in this instance, but there are some costs nonetheless. Now that you know a little about the overall situation, how does this affect you directly? If you're currently shown to take or near a ton hazard zone, or if you're going to be in or near a flood hazard on the proposed maps, NOW is the time to act. Listed below are the possible situations in which you may find yourself:
1. Out of the flood hazard zone completely in the old and new maps. This is great. In this case there is no requirement for the purchase of ton insurance. But, as people said below, if there is ANY risk you might want to consider it.
2. Your lot is "in" the flood hazard zone nevertheless lowest adjacent grade (LAG) around your house is "out" or above the base flood elevation (BFE). In this situation, it is possible that flood insurance requirement may be removed. This process is considered a Letter of Map Amendment (LOMA).
3. Your lowest nearby grade (LAG) is usually below the BFE nevertheless lowest finished floor height (FFE) is above the BFE. In such a case you need to pay for flood insurance. An Elevation Official document is necessary in order to determine your premium rate.
4. Your lowest finished floor elevation (FFE) is actually below the BFE. This case is related to 2. b. above but the flood risk is higher. Again, get an elevation certificate to ascertain your premium rate.
When you're in situation two above, the first step may be to get an elevation determination. This process is done by a licensed land surveyor who will measure the elevation of your finished floor elevation and the lowest adjacent grade to determine your location relative to your flood hazard zone. This process will generate an Elevation Certificate that can be used to either complete the LOMA process or allow your insurance agent to set the flood insurance premium rate.

One money saving tip - if the maps haven't been printed yet you get the chance to obtain insurance below the old rates. Then, in the event the new maps become successful, your rates will remain the same - you will be grandfathered in.
.
Did you know that the homeowners insurance policy probably does not cover flood damage? Too many homeowners find this out the wrong way, by shelling out thousands of dollars to repair damage from your flood. The average home incurs $30, 000 of damage after having a flood, and you don't even need to live near a body of water to undergo flood damage. During the life of the 30 year mortgage, your home has a 26 percent probability of flood damage, as instead of a 9 percent probability of fire. If you live in an area where your house is at risk of flooding, protect both your personal property and your wallet just by considering flood insurance. Flood Zones
<div class="cArrow"> </div><div class="cContentInner">if the loan is federally insured or the loan originator is regulated by this federal government" As stated above, your mortgage company may be required to ask you to purchase flood insurance. Of course, they would want you to do so because they are protected also. You should also know the mortgage lender can also require flood insurance even if it is determined you don't require it. This is their prerogative. All over again, the rates should be rather low in this instance, but there are some costs nonetheless. Now that you know a little about the overall situation, how does this affect you directly? If you're currently shown to take or near a ton hazard zone, or if you're going to be in or near a flood hazard on the proposed maps, NOW is the time to act. Listed below are the possible situations in which you may find yourself: <ol> <li> Out of the flood hazard zone completely in the old and new maps. This is great. In this case there is no requirement for the purchase of ton insurance. But, as people said below, if there is ANY risk you might want to consider it. </li><li> Your lot is "in" the flood hazard zone nevertheless lowest adjacent grade (LAG) around your house is "out" or above the base flood elevation (BFE). In this situation, it is possible that flood insurance requirement may be removed. This process is considered a Letter of Map Amendment (LOMA). </li> <li> Your lowest nearby grade (LAG) is usually below the BFE nevertheless lowest finished floor height (FFE) is above the BFE. In such a case you need to pay for flood insurance. An Elevation Official document is necessary in order to determine your premium rate. </li> <li> Your lowest finished floor elevation (FFE) is actually below the BFE. This case is related to 2. b. above but the flood risk is higher. Again, get an elevation certificate to ascertain your premium rate. </li> </ol> When you're in situation two above, the first step may be to get an elevation determination. This process is done by a licensed land surveyor who will measure the elevation of your finished floor elevation and the lowest adjacent grade to determine your location relative to your flood hazard zone. This process will generate an Elevation Certificate that can be used to either complete the LOMA process or allow your insurance agent to set the flood insurance premium rate. One money saving tip - if the maps haven't been printed yet you get the chance to obtain insurance below the old rates. Then, in the event the new maps become successful, your rates will remain the same - you will be grandfathered in. . Did you know that the homeowners insurance policy probably does not cover flood damage? Too many homeowners find this out the wrong way, by shelling out thousands of dollars to repair damage from your flood. The average home incurs $30, 000 of damage after having a flood, and you don't even need to live near a body of water to undergo flood damage. During the life of the 30 year mortgage, your home has a 26 percent probability of flood damage, as instead of a 9 percent probability of fire. If you live in an area where your house is at risk of flooding, protect both your personal property and your wallet just by considering flood insurance. <a rel="nofollow" href="http://www.insuranceclaimsandpricequotes.com">Flood Zones</a></div>

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