Flood Insurance Question

[Josh Springer]

Hey All! First, sorry if this is mentioned elsewhere. There's so much material to dig through.

Right now, I'm considering a property thats somewhat a "house hack". The parcel contains one detached SFH and 5 units for cashflow. The catch, I need to purchase flood insurance.

My question, do you typically purchase flood insurance per unit on the property or can you purchase a blanket flood insurance policy to cover all units?

[Derek Lacy]

Per building. Be careful flood insurance is increasing at about 20% per year, should continue for 6-8 years. So $1000 in premium today could be $4,000 before the full rate hikes are over.

(Government declared no more subsidies for flood insurance and actuarial rates will apply).

May be able to get a private market policy, but still seeing similar increases.