How to get accurate hazard and flood insurance numbers?

[Spencer Gibson]

Hello all, 

How is everyone obtaining accurate costs for hazard and/or flood insurance that can be used for the deal evaluation phase? I am crunching numbers on a wide variety of property types by using the bigger pockets calculators and I am having a hard time finding a good source or website to get insurance numbers (costs) from. What I have done in the past is base my figures on other deals that I have either gotten quotes on or actually bought. But as I make my transition into multi-family housing investing I find this approach to not work and calling my insurance broker isn't really an option either considering I am evaluating a ton of deals per week. Any and all suggestions appreciated!

[John Mocker]

Spencer,

I would suggest you shop for an Independent Insurance Agent that handles rentals (both 1-4 family and larger apartment buildings) and have them run sample rates for you on different flood zones.  This will work for a lot of properties (Pre-FIRM properties, ones that were built before the flood maps for that area).  In CT most of our maps were done in 1973.  

There are sites where you can find the flood zone for a specific address.  (https://msc.fema.gov/portal/search).  With the estimates you get from the agent you could have good estimates for at least some of the properties you are evaluating.

For building built after the Flood maps were done (Post Firm), you need the specific elevation to get the accurate flood rates and that would be very hard to estimate without the Elevation Certificate for the property in question.

There are a couple of non-FEMA flood programs that may help also. Have the Agent look into them to see if their rating requires the Elevation on Post FIRM properties. If not, get estimate there for different flood zones.