Homeowners and flood insurance

[panteramatt 27]

Ok last year yall helped me out with my food insurance problem. Well anyway I was too late as my policy had just renewed so Im gonna get it doen on time this year. I put an application in on privatemarketflood.com. Are  there any other sites to get a flood quote? Im currently paying $2110 for flood and $1821 for homeowners which seems outragous for my dwelling. My premiums are paid through my mortgage lender so I need to call them to see what company I have but who do you guys use? Any tips or info would be greatly appreciated. 

[GRIZ 3,369]

You probably can save some money by finding your own insurance. The mortgage lender really doesn't care too much the cost as you're paying it. I've never let the lender get insurance for me.

 

When I bought the house I paid the first year premium up front. My agent sent proof of insurance to lender. The lender then calculates the monthly payment and puts the insurance into escrow along with the taxes. When it comes time for renewal the agent sends the bill to lender ahead of time and the lender pays the next year premium.

 

If you're a veteran USAA is a good deal. I've been using them for everything for about 30 years. No one ever beat their price or service.

[kwadz 11]

For flood insurance, the premiums are set by the Federal government.  The different carriers are more or less administrators who collect a % to issue and manage your policy.  Shopping around won't make any difference for flood, from what I understand.  If you find out that it does matter, please let me know since I'm in the same boat...damn pre-firm flood zones...

[panteramatt 27]

Go to the website I posted about

[Barms 98]

For flood insurance, the premiums are set by the Federal government. The different carriers are more or less administrators who collect a % to issue and manage your policy. Shopping around won't make any difference for flood, from what I understand. If you find out that it does matter, please let me know since I'm in the same boat...damn pre-firm flood zones...

Wrong! Www.privatemarketflood.com

 

MetLife and Nationwide now offer flood too

 

Also check that you are only paying flood on the REPLACEMENT cost of your house. Not the mortgage cost. Huge difference.

 

I have my PhD in flood insurance. Ask me more questions.

[panteramatt 27]

How would I know what the replacement cost is?

[Barms 98]

It's on your home owners policy. And if you don't know what your replacement cost is it means they are probably ripping you off there too.

 

At $2k flood I'm guessing you are insuring for about $300k right? Are you insuring for $300k because that is how much your. mortgage is? How much would it cost to rebuild your house if it burned down?

[panteramatt 27]

My mortgage was only for $125k. I owe $99 on it now. I have no idea how much it would cost to rebuild it but its just a 1200 square foot rancher. 

[Barms 98]

Then you are wayyyyy overpaying for your flood. Pm me I will help you out.

[JustinBennett 0]

It is important to have an insurance policy that covers flood damage in areas that are prone to flooding because flood damage repairs can often be quite costly. You should have full knowledge about public adjusters and should call them before taking any action in response to the loss. A public adjuster can advise you as to whether or not the claim is worth filing, and can also assist you in fulfilling your responsibilities imposed upon you by your own policy. Fulfilling these details will aid in the speedy, accurate resolution of your claim.

[panteramatt 27]

Progressive quoted me $1275 a year but will also save us $222 on car insurance. The only thing is he said my house would cost $265,000 to rebuild and theres no way its close to that. 

[Bt Doctur 188]

Curious, if you own your home its not required to purchase. If you do have it ,exactly what does the flood insurance cover.

If you were to raise your house above the flood plain level , would you still need the insurance ?

figuring 30 year loan x 2K for insurance, can you raise the home and cancel the insurance .

Once raised, there is nothing under it to get flood damage. And if raised 10 feet , and you still get water in the house, were all going to be dead anyway

[Barms 98]

Because progressive is scsmmimg you on your home owners.

 

Just redo your privstefkood.com for $100k and your flood premium will be under a grand.

 

I'm telling you nobody knows more about fliod insurances than me.

[panteramatt 27]

Sorry barms but I have no idea what your trying to say

[Frank Rizzo 59]

Barms schooled me 2 years ago on this, his advice is sound.

[panteramatt 27]

what is  privstefkood.com?

[Luke_WO 11]

what is privstefkood.com?

A typo that meant to say privateflood.com, I'm assuming. Lol

[Frank Rizzo 59]

what is privstefkood.com?

http://www.privatemarketflood.com

[Barms 98]

i don't know how else more I can try to get you to reach out to me to save you money on both your HO or your flood i guess you just want to hash it out cryptic on this board.

[PK90 3,570]

A little aggressive, don't you think?

 

Sent from an undisclosed location

[kwadz 11]

Holy crap!  I'm apparently way overpaying for FEMA backed insurance rates.  It's much lower on http://www.privatemarketflood.com/.  Thanks so much for pointing this out!  Is the concept of private flood insurance new?  When we purchased, everyone told us that you had to go with FEMA rates because they were all that was available.  Is there a downside to using the private market?  Will I lose my pre-FIRM status if I leave the FEMA system to go with a private plan like this?

[panteramatt 27]

Are you talking to me barms? Cause if you are I hope you know I sent you a pm and never heard from you. Guess it's too cryptic for you to read

[Barms 98]

You mean a pm you just sent me like I'm supposed to spend every minute of my day checking my PMs

 

Just for your snarky response to my offer to help you now you get no help.

[Barms 98]

KWADZ.: Private insurers entered the market in 2014 after the Biggert Waters Act lifted subsidies.

 

And the Flood insurance Parity Act voted on last year will make it mandatory for all banks to accept private flood.

[panteramatt 27]

No the pm I sent you 12 hours ago that you have since been on here and posted you tool. I'll survive without your shitty attitude or help with the better people on this forum.

[Zeke 5,504]

Well this became interesting.

 

Panteramatt. Shop around...

[panteramatt 27]

Yea I currently am. Once I find the best deal I'll post it on here to help my fellow members instead of being a complete asshole.

[Barms 98]

Scroll up oh ye who seeks help. On Jan 10 I said PM me. You didn't. You kept asking on here hence my posting why you keep wanting crytipc info on this thread. You PMd me 5 am I didn't read board until 5 pm you got all whiney i hadn't opened your PM.

 

Again. For someone wanting help your very ungrateful.

[Barms 98]

The best deal is www.privatemarketflood.com

 

Your coverage amount should be the LESSER of your mortgage amount or your replacement cost on the hiuse.

 

It's simple. You putt in those values and it tells you the quote. No games. Anybody who is being "forced" to carry higher coverage than that is getting ripped off by their bank

 

$200k in flood coverage is $1500 a year.

 

If your miratge is less than $200k you shouldn't be paying over $$1500 for flood If your replacement cost is under $200k you shouldn't be paying more than $1500 for flood

[Barms 98]

MetLife and Nationwide now offer flood through NFS Edge which is a susidiary of AON. Their rates are almost exactly the same. I've checked.