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Sacramento Forums: Flood Insurance is $60,000 now!!! - Sacramento Forums

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Flood Insurance is $60,000 now!!! Rate Topic: -----

#1 User is offline   NatParkRes 

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Posted 14 January 2009 - 02:47 PM

We're wondering how many other Natomas home owners have not purchased their flood insurance yet.  We received the notifications that flood insurance was going to be required, and that if we didn't purchase early it would be a bit higher, but we had no idea how exhorbitant it would be.  Since we didn't purchase it prior to Dec 7, we were required to get an elevation certificate (most of which cost upwards of $2,000) and now that we've submitted the certificate to our insurance company we are finding that flood insurance at this time is $60,000/yr.  We're wondering how many other people are in this same boat.  We will surely lose our home at this rate, and are wondering how many other Natomas residents will be losing theirs as well due to the impossible to pay new rates.
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#2 User is offline   drivelocity 

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Posted 14 January 2009 - 04:44 PM

Holy crap! That doesn't seem right... How can people possibly be expected to pay that?
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#3 User is offline   Sweetp34z 

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Posted 30 January 2009 - 09:24 AM

$60,000 is an awful lot... that is craziness! It sounds like that is they price that you would have to pay to fix your home if you didn't have flood insurance. According to the news and some other resources, it should be roughly about $1,600 somewhere (if you bought your home after that specified date)... so roughly around the $2000 range as you had mentioned, depending on the size of your house and other factors involved. Regardless, that is huge amt to pay for insurance, especially in this economic time!  ;)
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#4 User is offline   eyesopen 

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Posted 23 February 2009 - 01:10 PM

I remember there was a warning that if you didn't pay flood insurance before the deadline it would be pretty expensive.  Still, that's awfully high.  I would investigate further.
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#5 User is offline   natomasbuzz 

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Posted 23 February 2009 - 09:42 PM

I don't believe that is accurate information.
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#6 User is offline   Eric 

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Posted 24 February 2009 - 06:28 AM

Yes, it wold be nice if the OP could clarify....
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#7 User is offline   stankie3 

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Posted 25 February 2009 - 10:25 PM

On a positive note, flood insurance rates will not rise in 2009, courtesy of Matsui here's the linky: http://www.news10.ne...x?storyid=51632
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#8 User is offline   mr.pickles 

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Posted 20 September 2009 - 09:24 AM

As a former insurance agent,

All flood rates are federally set by the NFIP. Call around to a few insurance agents who participate in the WYO program (Write Your Own). Most agents are able to write flood insurance policy's on behalf of the NFIP, and then take a 12% cut for setting up the deal.

As long as your comparing like coverages, multiple quotes should  be identical. The rates are federally set, so again, pick 2 or 3 insurance agents and make sure they are all coming up with the same insurance quote, then pick the agency you like the best.
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