Quote:
Originally Posted by Nucky
I always purchase a Flood Policy for my first year of ownership no matter where the house was located. It's not expensive and you sleep better till you live there for a year and feel out your new surroundings.
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Not expensive unless you are in a FEMA flood zone. Tried to sell my parent's small house after they passed away and the buyers found out that FEMA recently put part of the garage in a flood zone. Mandatory flood insurance for a government-backed mortgage was $2400 per year (in ADDITION to the regular insurance), Killed one deal after another, until I got an elevation survey on the house itself ($1000) to put it above the flood zone. Finally sold the house, but a lot of better offers were left on the table. Make sure you do not buy a property in a FEMA flood zone.