First Time Flood Insurance buyer, any tips?

[Brad Penley]

I'm putting an offer on a multi-unit duplex in Panama City Beach, FL. After I submitted the offer I found out that I need flood insurance. Where should I go to find the best rates on flood insurance in that area? I'm trying to get a solid number so I can account for the additional insurance on my analysis. Thanks for any help you can provide! 

[John Mocker]

Brad,

The Rates from the National Flood Insurance Program (NFIP) were once the only option.  Later, NFIP licensed companies to handle the Insurance for them (the program was called Write Your Own).  The policies issued by NFIP and the WYO companies are standard and should give you worst case scenario for the cost. 

There are now private market flood alternatives (not part of NFIP) that may or may not be better or less expensive.  You should explore those options as well if you have time.

If the offer is accepted, see if the current owner has obtained an Elevation Certificate.  That certificate is done by a surveyor and details the actual elevation of the property in relation to the flood zone.  That may or may not help reduce the rate for the NFIP policies.

If your current agent can't help you with coverage in FL then PM me and I will see if I can suggest companies that write in FL.