Flood Insurance Required – Should I give up on this house? ?

Tips and Deals Forums Home Insurance Flood Insurance Required – Should I give up on this house? ?

This topic contains 0 replies, has 1 voice, and was last updated by  Anonymous 8 years, 1 month ago.

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    Anonymous

    I am about to purchase a house in the Washington Manor area in San Leandro, CA. This house is located in the high risk area and flood insurance is mandatory. The house is not close to river, lake or anything. To me, this house is perfect choice due to its condition, location, and selling price. If it is not about flood insurance, I would have purchased immediately. I think I can afford to pay for flood insurance if it costs less than $ 1500/year. However, I have another concerns that when I sell this house back in the future I will have to sell at a very low price because nobody wants to buy this house and pay for flood insurance. That’s even worst than buying the insurance itself. Please help me! Thanks a lot.
    How about the resale value? Do you think that the high risk flood zone area will have a big affect on the selling price? If so, by buying this house I lose money now for the insurance and its resale value in the future. Why didn’t the constructors build it on other low risk area?

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