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pickles16
Real Estate Professional
Member since 11/07 17227 total posts
Name:
Jen
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elevation certificate
Sorry to be asking 8 million questions...
but an agent just told me that if we got an elevation certificate for the house, our premium could fall from 1800 to like 400 a year...anyone do this, and is it true???
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Posted 8/10/10 10:37 AM  |
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dapnkap
Our 3 angels
Member since 7/07 4824 total posts
Name:
Karen
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Re: elevation certificate
We were required to get this upon closing on our house 7 years ago.
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| Posted 8/11/10 3:11 PM |
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JohnGardner
LIF Infant
Member since 7/10 54 total posts
Name:
John
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Re: elevation certificate
it all depends on what your elevation IS. If your in a floor zone, you'll be required by your bank to have flood insurance. Try taking the section lot and block # of your house and ask companies what the premium would be. (Don't ask your current company) If anything, with the new guidlines in effect, there is probably more chance that you payment will go up. Tread carefully on this one.
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| Posted 8/12/10 2:28 PM |
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pickles16
Real Estate Professional
Member since 11/07 17227 total posts
Name:
Jen
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Re: elevation certificate
Posted by JohnGardner
it all depends on what your elevation IS. If your in a floor zone, you'll be required by your bank to have flood insurance. Try taking the section lot and block # of your house and ask companies what the premium would be. (Don't ask your current company) If anything, with the new guidlines in effect, there is probably more chance that you payment will go up. Tread carefully on this one.
thx it's for a house we're buying not the one we're in currently..and according to most companies the premium for flood insurance is set by the gov, so there isn't a lot of room in the premium price...I'm just wondering if the bank will make us get an elevation certificate in order to close..we shall see
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| Posted 8/12/10 3:19 PM |
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6plusnoodles
LIF Zygote
Member since 6/10 45 total posts
Name:
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Re: elevation certificate
Posted by pickles16
Posted by JohnGardner
it all depends on what your elevation IS. If your in a floor zone, you'll be required by your bank to have flood insurance. Try taking the section lot and block # of your house and ask companies what the premium would be. (Don't ask your current company) If anything, with the new guidlines in effect, there is probably more chance that you payment will go up. Tread carefully on this one.
thx it's for a house we're buying not the one we're in currently..and according to most companies the premium for flood insurance is set by the gov, so there isn't a lot of room in the premium price...I'm just wondering if the bank will make us get an elevation certificate in order to close..we shall see
We didn't have to get an elevation certificate to close and we're a few hundred feet from the water. With that said, premiums went up even more after they changed the flood zones.
If you do get an elevation certificate, I do not know that it would definitely reduce your premium. Suppose it depends on how "elevated" the house is?
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| Posted 8/12/10 6:11 PM |
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pickles16
Real Estate Professional
Member since 11/07 17227 total posts
Name:
Jen
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Re: elevation certificate
Posted by 6plusnoodles
Posted by pickles16
Posted by JohnGardner
it all depends on what your elevation IS. If your in a floor zone, you'll be required by your bank to have flood insurance. Try taking the section lot and block # of your house and ask companies what the premium would be. (Don't ask your current company) If anything, with the new guidlines in effect, there is probably more chance that you payment will go up. Tread carefully on this one.
thx it's for a house we're buying not the one we're in currently..and according to most companies the premium for flood insurance is set by the gov, so there isn't a lot of room in the premium price...I'm just wondering if the bank will make us get an elevation certificate in order to close..we shall see
We didn't have to get an elevation certificate to close and we're a few hundred feet from the water. With that said, premiums went up even more after they changed the flood zones.
If you do get an elevation certificate, I do not know that it would definitely reduce your premium. Suppose it depends on how "elevated" the house is?
Yup that's what our lawyer and insurance person told us as well..I hope the bank doesn't make us get one honestly..it's just another PITA..KWIM...
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| Posted 8/12/10 7:03 PM |
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