Los Angeles, CA · Member since 2019 · 12 posts · 5 votes
I have a rental property in flood zone. I am refinancing and the lender requires flood insurance. My insurance agent told me it would cost $3,000-3,500 per year to insure this through NFIP/FEMA. Are there any alternatives to this? The property is in St Louis, MO and not in an area that is very high flood risk area compared to other areas.
Yes, there are now dozens of "Private Market" flood programs. Most are using their own algorithms to calculate the rate for a specific property. Many can quote with just the address and a few other items. I routinely runs quotes with most of the markets because there are often large differences between programs rates and which will be most competitive differs from property to property. If your agent can not access all these markets PM me and I will get you some recommendations on who can.
Yes, there are now dozens of "Private Market" flood programs. Most are using their own algorithms to calculate the rate for a specific property. Many can quote with just the address and a few other items. I routinely runs quotes with most of the markets because there are often large differences between programs rates and which will be most competitive differs from property to property. If your agent can not access all these markets PM me and I will get you some recommendations on who can.
Hi John, thanks for the reply. I will send you a private message now.