What do you think the flood insurance would be on this house?

[Anonymous]

Anyone familiar with Bethany and their flooding? This seems awfully close to the water.

https://www.zillow.com/homedetails/2-Connor-Ln-Bethany-Beach-DE-19930/311540149_zpid/?rtoken=590aa31b-3ef2-4139-ae7a-125fbc648e4a~X1-ZU107h8uw8d0b2h_5xifh&utm_campaign=emo-instantsavedsearch&utm_source=email&utm_term=urn:msg:20230831110707b35b22cbec666621&utm_medium=email&utm_content=comingsoonimage&sse=X1-SS9rykjzv3wk9b0000000000_7dhgi

[Anonymous]

2000

[Anonymous]

Anonymous wrote:2000

Thanks!

[Anonymous]

It’s not built very high off the ground so I think you’re right that flood insurance would be high. Flood insurance is based on that, not only on proximity to the water. I’m on the water but because my house is elevated, my flood insurance isn’t bad.

[Anonymous]

Anonymous wrote:It’s not built very high off the ground so I think you’re right that flood insurance would be high. Flood insurance is based on that, not only on proximity to the water. I’m on the water but because my house is elevated, my flood insurance isn’t bad.

That is only one factor.

[Anonymous]

Things such as
Primary vs non primary
Grandfathering
Prior flood history
Zone type
Value of property
Distance from water

Etc all impact flood insurance pricing.

A copy of current flood insurance policy and working with a good flood agent is best way to know current cost and possible future cost

[Anonymous]

The property is in an AO zone with a 6 foot base flood elevation. Looks like they elevated 2 feet above the BFE which is code. The flood insurance would be based on the flood zone, BFE and elevation of the property. Since they are 2 feet above the BFE, the flood insurance would not be substantial. That being said, the risk is still there and flood insurance only covers 250/100k (or about) and it would cost significantly more to replace that house and redo the interior when it floods...and it will.

[Anonymous]

Anonymous wrote:The property is in an AO zone with a 6 foot base flood elevation. Looks like they elevated 2 feet above the BFE which is code. The flood insurance would be based on the flood zone, BFE and elevation of the property. Since they are 2 feet above the BFE, the flood insurance would not be substantial. That being said, the risk is still there and flood insurance only covers 250/100k (or about) and it would cost significantly more to replace that house and redo the interior when it floods...and it will.

The interior looks like it is built to be replaced cheaply. I think you could easily replace for 250k especially if the damage is limited to the first floor

[Anonymous]

A copy of current flood insurance policy and working with a good flood agent is best way to know current cost and possible future cost

+1

You agents are devaluing your clients homes when you post them here under these specious inquires.

In the highly, exceedingly unlikely event this is a sincere question:
1) Contact a flood insurance agent
2) Request an estimate

I cannot believe this needs to be explained.

[Anonymous]

Anonymous wrote:The property is in an AO zone with a 6 foot base flood elevation. Looks like they elevated 2 feet above the BFE which is code. The flood insurance would be based on the flood zone, BFE and elevation of the property. Since they are 2 feet above the BFE, the flood insurance would not be substantial. That being said, the risk is still there and flood insurance only covers 250/100k (or about) and it would cost significantly more to replace that house and redo the interior when it floods...and it will.

Read Risk 2.0 rate guidance. Literally elevation above BFE is just one factor. How they calculate rates is no longer just zone and elevation above BFE.

[Anonymous]

Why would anyone want this house for $2.5 million? Not on the beach, old and unrenovated, on a dingy looking canal, with highway noise and potential flooding issues.

[Anonymous]

Why would anyone want this house for $2.5 million?

+1

There is nothing redeeming about this property. Absolutely nothing.

[Anonymous]

Anonymous wrote:

Anonymous wrote:The property is in an AO zone with a 6 foot base flood elevation. Looks like they elevated 2 feet above the BFE which is code. The flood insurance would be based on the flood zone, BFE and elevation of the property. Since they are 2 feet above the BFE, the flood insurance would not be substantial. That being said, the risk is still there and flood insurance only covers 250/100k (or about) and it would cost significantly more to replace that house and redo the interior when it floods...and it will.

Read Risk 2.0 rate guidance. Literally elevation above BFE is just one factor. How they calculate rates is no longer just zone and elevation above BFE.

+1 This is truth. For the NFIP, zones are no longer used to rate, but your lender will still use them to determine if you will have to have flood insurance to get a loan.

[Anonymous]

Anonymous wrote:Why would anyone want this house for $2.5 million? Not on the beach, old and unrenovated, on a dingy looking canal, with highway noise and potential flooding issues.

Agree completely. Seems truly crazy to me.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The property is in an AO zone with a 6 foot base flood elevation. Looks like they elevated 2 feet above the BFE which is code. The flood insurance would be based on the flood zone, BFE and elevation of the property. Since they are 2 feet above the BFE, the flood insurance would not be substantial. That being said, the risk is still there and flood insurance only covers 250/100k (or about) and it would cost significantly more to replace that house and redo the interior when it floods...and it will.

Read Risk 2.0 rate guidance. Literally elevation above BFE is just one factor. How they calculate rates is no longer just zone and elevation above BFE.

+1 This is truth. For the NFIP, zones are no longer used to rate, but your lender will still use them to determine if you will have to have flood insurance to get a loan.

This house is in a flood zone so bank requires flood insurance. But flood insurance now house specific. More precise under risk 2.0.