Flood insurance cutting WAY into our cash flow...

[Jennie Carolan]

My husband and I just recently bought a SFH in Saint Petersburg FL. The property is elevated and there is a big drain in the back. However, it is still in a flood zone and we were quoted at $4,000 for the YEAR in Flood Insurance. The flood insurance and home insurance is almost as much as the mortgage... we are set to close on Oct 14. Any and all help and advice... please!

[Zach Kidd]

@Jennie Monfried

Flood insurance will drive you batty in this area, but there are a few things you can do.

1 - Verify the flood zone is current.

2 - Elevation Certificate may adjust the impact.

Both of those can be challenged and updated.

3 - Get quotes from different insurance companies and brokers.

That sounds like a waterfront rate, which is not unusual for a property backing up to a drainage area. Frustrating for sure.

That may be subject to review as well.