Flood insurance?

[Mr. Bloom]

Indy, you're too busy to sort this out. Stop being soooo self sufficient

You're too close to not get the insurance...start the process with your insurance agent, they're paid to sort it out...test their knowledge along the way if you think they're just taking a path of least resistance. If you're not in zone A, I think the insurer can underwrite it and take FEMA out of your process

You can also look at the appraisal and/or survey from your purchase. Check your realtor as well. Here, the gis shows flood prone areas and topography with reasonable precision. See if you have that up there.

[indysteel]

Indy, you're too busy to sort this out. Stop being soooo self sufficient

Agreed. If you saw my desk right now....

But the lawyer in me likes to figure things out on my own, especially when they are at least partially related to The Law. I have orders into DH to contact our agent and I'll take a look at our closing docs, both for the original purchase and refi.

Ugh, Mr. B. It seems like everything I touch these days is overly complicated. It's not just the flood insurance. Every friggin' case I'm working on makes my head hurt. Add in my obligations with the Y, and I'm nearly tapped out. Our week's vacation to Utah next month cannot come fast enough.

[indysteel]

Thanks for the additional info, withm. I'll digest it fully tonight, but I did look at the article you linked to. That's just the thing I was trying to get a feel for, i.e, how stable is this program to begin with. I also found a website that discusses some of the problems you can anticipate with the program.

That's not to say that I won't get flood insurance; I just what a realistic understanding of how much faith to place it. I gotta first determine whether I can get it, whether I should, and how much it's going to cost.

Thanks for everyone's input.

[Mr. Bloom]

Ugh, Mr. B. It seems like everything I touch these days is overly complicated. It's not just the flood insurance. Every friggin' case I'm working on makes my head hurt. Add in my obligations with the Y, and I'm nearly tapped out. Our week's vacation to Utah next month cannot come fast enough.

Welcome to the life of a banker in the 21st Century! You're just farther down the food chain dealing with the final phase of the "cycle". Good news is that you're the leading indicator for things getting better

[indysteel]

Welcome to the life of a banker in the 21st Century! You're just farther down the food chain dealing with the final phase of the "cycle". Good news is that you're the leading indicator for things getting better

Ironically, Mr. B., little of what I work on these days involves a loan gone bad, although the case that's most bothersome right now is just that, but not from a traditional lending institution. Half the due diligence and twice the fun! Most of what I deal with is interpersonal stuff gone awry. Desperate people take desperate measures and do crazy things along the way. It's up to us to sort it out. It's like Judge Judy without the cameras and cussing. Oh, and throw some actual law in there as well.

Sorry for the thread drift. I've had a long couple of months at work and needed to vent.

[Mr. Bloom]

All a function of the same economic environment...as I said, welcome to my life!

[bmccasland]

All a function of the same economic environment...as I said, welcome to my life!

the economics are easy
There are FEMA flood zones, which will indicate if homes and businesses within those zones have a certain risk for flooding.
There's the actual elevation of your house and the BFE (which could have been revised post construction).
Then there's whether or not you are willing to pay the complete cost of recovery if you have a flood.

One other little tidbit... if you have flood insurance and have multiple flood events, there's a percentage of damage from the last event, after which you'll be required to raise (or raze) your house. I've seen homes that flooded after major rain storms in my neighborhood carpet was out on the street - that were being raised 3-4 ft. Fortunately for said lifting, small business loans are available. Pretty much, after a point, you have to do something to the structure of your house to reduce the risk.