Quote:
Originally Posted by FlaChief58
I've never lived in a flood zone, but have talked to people who do. Most are willing to roll the dice and pray they never have a problem. Also, it's really hard and expensive to get flood insurance if you're in a flood zone.
I'm not sure if mortgage companies require flood insurance though
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Bolded is not true. I have flood insurance because I live in a flood zone.
The National Flood Insurance Program (NFIP) provides flood insurance to property owners, renters and businesses, and having this coverage helps them recover faster when floodwaters recede. The NFIP works with communities required to adopt and enforce floodplain management regulations that help mitigate flooding effects. Keep in mind your community must participate.
Flood insurance is available to anyone living in one of the 23,000 participating NFIP communities. Homes and businesses in high-risk flood areas with mortgages from government-backed lenders are required to have flood insurance.
I also have a certified Elevation Certificate.
Basically this is an a document that you file with your community that shows through elevation shots and official records that your buildings/dwellings and any substantial improvements in all identified Special Flood Hazard Areas (SFHAs)are properly elevated. By having this Elevation Certificate it lowers my flood insurance from $2500 a year to about $200 a year.