2024 Tropical Weather Thread
FEAMA told me a few years ago that I am not required to have flood insurance and now my mortgage company does not pay it from escrow. I live in New Orleans in the Navarre neighborhood between Mid-City and Lakeview. I'm about a mile or so from where the 17th Street Canal breached in Lakeview during Katrina and the house got 8 feet of water in Katrina. Not to mention the fact that my street floods every time we get a hard rain. Thanks FEMA and mortgage company, but I think I'll just go ahead and pay for the flood insurance anyway.
the flip side to that is when you bought home, the 17th St canal repair was most likely "touted" as impenetrable. Just like it was PRIOR to 2005.
For folks just starting out, for ANYONE in the industry ( be it real estate broker, mortgage broker, surveyor, seller, FEMA etc ) to say "you arent in a flood zone so you dont need flood insurance" will come across from a place of "authority" and folks will listen.
Ive been selling flood insurance for 35 years now. I cant tell you how insanely hard it is to get a client to purchase a $2000 flood policy in an X zone- because they say " well if i go 10 years with no claim, ive wasted $20k" - REALLY? on your INVESTMENT? folks try to squeeze out every single penny of profit and look at things thru "short term lens" vs long term.
( Or its insinuated " you just trying to sell me flood insurance to make more income" )
As i routinely tell them, when your property floods in year 11, that $22,000 will pale in comparison to saving your $300,000 investment.
Its very hard to get folks to listen and understand the threat of flooding and WE LIVE IN A BOWL. All we hear is USACOE/Pumping stations blah blah blah.