I was advised this week that my house is now in a “Flood Zone A” and my mortgage company is requiring flood insurance. I contacted my home/car insurance company and asked for a quote.
My house is 1 1/2 stories and the payoff is around $ 130,000. They gave me a quote of $ 2,521 a year, which would cause my house note to increase $ 210 a MONTH. This is with the highest deductible, $ 5,000.00, they offer. This is in addition to the $ 600 I pay annually for homeowners.
Right now they are running a quote for me without the content ins. I want to compare the annual premiums.
$ 210.00 extra a month and for 29 more years is alot to a single person. Please let me know if you carry the flood contents insurance and your thoughts.
If anything, at least I can have the house rebuilt, but with no contents I will have to sleep on the floor naked (LOL).
Also, is it true that if you dont live in a flood zone and have flood insurance your rates can’t increase if your ever placed in a flood zone?