Flood insurance premium concern

[Kevin Craven]

I found a property that cash flows nicely but there is a $3000/yr flood insurance premium. The area is under-market value for the area and is developing. I just wanted to get some feed back from people who may have been in a similar situation. 

[Frank Geiger]

Thanks @Eugene M. for the plug. Sounds like you're in a high risk area for a flood. You can pull FEMA flood maps. There are a lot of factors that go into the cost of flood insurance... even how much the house is elevated off the ground can save hundreds. It also depends on the 200/100/etc year flood maps and chance of annual flooding. I imagine since your property is directly on the water it has a higher probability.

Definitely get a few quotes because there is probably some wiggle room in that $3000.