Flood Insurance Blues

[Nico C.]

I have multiple properties in a FEMA Rated "minimal flood risk" zone - but still in Virginia Beach, VA. VB experiences all the joys of a hurricane prone area as well as the weather irregularities of the southern east coast.

To insure these properties for flooding costs me almost $3,000 annually... I am asking the group why continue to shoulder this burden? How much weight does FEMA's rating carry in your mind?

[Jennifer T.]

If you don't already have one for each property, you can also look into getting a flood elevation certificate. In a nutshell, FEMA bases the risk on the absolute lowest point for any particular zone/area. So, if you're property is higher than that, it can potentially be a big savings on the flood insurance. In fact, if any of your houses are raised even just a little bit, definitely get a flood elevation certificate.

My own personal home in the lovely, Katrina-hammered city of New Orleans was $1800/year when I bought the house in 2011.  But it didn't have an elevation certificate and is raised about 2' off the ground.  I got an elevation certificate (costs $250-$400 where I live) and my flood insurance dropped by almost 2/3rds. down to just a hair or so above $700/year.