Flood insurance?

[Mr. Bloom]

Indy, the facts are in conflict with my understanding/experience on the issues.

On one hand, I believe the flood insurance requirement extends to federally insured institutions, not federally insured transactions. And, guessing who your originating lender was, I think this rule would have applied to them unless you were outside the flood plain. So, consistent with your experience and observation, I don't think you're in the 100 yr flood plain.

But, if this is true, then the premium seems awfully high. In the past, I lived on the edge of a flood plain (part of my very flat yard was in the plain) and there was a voluntary program...but the premium was no where near that high...but that was 10+ yrs ago.

So, two facts in conflict - it's likely you're not in the flood plain, but it seems you're being quoted a premium that is...

So, I'm wondering if the rate was quoted to you without a specific review of the flood maps??? Do you have a survey showing the structure is outside Zone A? What would the premium be if you were in the flood plain?

But, in any event, I'd still get it. Development changes storm water flows and municipal planning can't always keep up. You're in a developing area... And the flood maps arn't always current either. Being OK this year doesn't mean the same next year...you almost can't afford not to have it...