Flood Insurance rates increased

[Paresh Patel]

We purchased a two flat (converted from single family home) a year ago. Paid for flood insurance when we closed on the deal. Now we get a letter from FEMA stating our flood insurance premium is more than doubled. Reason, they show as excessive risk. Last claim was from a prior owner in the year 2013. Any remedy to rectify and find out what will be a good way find out what will be true rate. Thank you,in advance for your help and suggestions.

[Jennifer T.]

You can have an elevation survey done on your property.  They cost around $250-$400 where I live.  But it will generally only help you if the property is higher than the lowest points for the area you are in.

For example, my personal duplex is raised about 2.5' off the ground.  But there was no current elevation certificate for the property when I bought it, so I had to pay the "standard" rate for the area, which was around $1800/year.

I paid to have an elevation survey done and get a fresh certificate.  Being that it is a raised house, it was pretty much a slam dunk that I'd be better off.  But I was shocked by the difference!  My flood insurance went down by over 65%.