Hi, my house sits in a FIRM Zone A and I am required to carry insurance for my mortage. My house sits above flood elevation (I have an elevation certificate completed by a surveyor) and I think some people in my area also have houses above flood elevation and they were able to get their house built into Zone C. Does anyone know how it works when you have a house that sits in Zone A, but due to the fact that is built above flood elevation FEMA has it as Zone C? Does this allow you to drop that flood insurance? Or does the fact that the house is in Zone A on the map still come into play? Thanks
Flood Insurance Question
- Thread starter r_2016
- Start date
- 1,473
The bank is the one that require you to have it. They are very stickler about let you drop it. Maybe you can refinance to a different company that will not require it
moneymaker1
Expert
- 84
Call FEMA...they will have the answers to technica zone questions but the person that replied above is correct....the bank will NOT budge.
Not true, well, okay, but the rate will budge dramatically.
If you have an elevation certificate done, you can frequently get preferred rates rather than flood rates. Makes all the difference in the world.
You have two options. An agent certified to sell flood insurance can run a determination for you, they can add in the elevation certificate. If it comes back out of zone A, you should be able to use that with the bank to show you don't need flood insurance (all zone A requires flood insurance with a mortgage).
If they don't bite on this (though they should), you can get a policy issued at preferred rates, which in CA is $365 or less per year. This will resolve the issue with the bank at a much lower rate than what you are currently paying.
Dan
If you have an elevation certificate done, you can frequently get preferred rates rather than flood rates. Makes all the difference in the world.
You have two options. An agent certified to sell flood insurance can run a determination for you, they can add in the elevation certificate. If it comes back out of zone A, you should be able to use that with the bank to show you don't need flood insurance (all zone A requires flood insurance with a mortgage).
If they don't bite on this (though they should), you can get a policy issued at preferred rates, which in CA is $365 or less per year. This will resolve the issue with the bank at a much lower rate than what you are currently paying.
Dan
- 624
Why don't you go with a different mortgage company if you are not happy with their response?
NateCrawford
New Member
I believe that if you are in a flood zone, then you are in a flood zone and will be required by any lender to continue with the flood insurance. The elevation certificate, however, should give you a lower rate for your flood insurance premiums (since you are at a lower risk than surrounding properties). Make sure the company administering your flood policy is aware of the elevation certificate so you can benefit from the reduced premium it should provide!
Nate
Nate
- 1,473
I hate flood insurance.
- 409
AMEN! (except for the high commissions)
G
Guest
Guest
I have never written a flood policy in 8 years
- 409
I try not to, they're such a pain to set up. I keep getting referrals from mortgage people though because nobody else will do them. It's those $4K per year policies at 20% commission being paid through an escrow account so they won't get cancelled for non-pay that you have to do zero service work on that keep me coming back. So even though dealing the flood makes me want to beat my head on my desk I keep doing them. It's like crack. It's bad for your health but hard to quit.
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