Food insurance in NJ wants $2k for coverage. Fema put my home as AE, but never flooded for over 30 years. Anyway to get it much cheaper?

  • by Dukenukemx
  • Apr 07,2016
  • 8 answers

Food insurance in NJ wants $2k for coverage. Fema put my home as AE, but never flooded for over 30 years. Anyway to get it much cheaper?


LIKE OR DISLIKE:

  

Insurance Answers (8)

curtisports2 6 months ago

FEMA uses a 100-year flood plain map. 30 years is nothing.

Help others find the most helpful reviews
Was this review helpful to you?  

mbrcatz 6 months ago

Flood insurance rates are set by FEMA, no matter what insurance company you go to. Flood rates aren't based on PAST flooding history, after all, AE, or 100 year flood plain, means that the house will flood, on average, once every 100 years. The fact that it hasn't flooded yet, doesn't help your case.
You should probably talk to your agent, and play with the deductibles. Raising your deductible high enough, maybe eliminating contents coverage (which you might regret later) could save some money.

Help others find the most helpful reviews
Was this review helpful to you?  

jmm2112 6 months ago

No. Flood insurance rates are fixed by federal law no matter what insurer you go through. You can have an elevation certificate done and apply to have your house excluded but the costs for that are on you. "Never flooded in 30 years" means nothing.

Help others find the most helpful reviews
Was this review helpful to you?  

Casey Y 6 months ago

Elevate the home, get an elevation certificate, put in flood vents (if possible). There are certainly ways to mitigate flood losses and subsequently reduce your rates.
Whether you agree with the determination is irrelevant as is the 30 years issue, especially considering AEs have a 1% chance of flooding in a given season. Don't give me the "didn't flood in Sandy" story either, since that was a completely different type of storm from the typical storms we face. For reference, NJ hasn't had a Hurricane (very specific definition) make landfall since 1903...we've got one coming. Even Irene was downgraded to a tropical storm prior to making landfall (a determination made in retrospect).

Help others find the most helpful reviews
Was this review helpful to you?  

Rachel 6 months ago

K

Help others find the most helpful reviews
Was this review helpful to you?  

Bob 6 months ago

nope

Help others find the most helpful reviews
Was this review helpful to you?  

Biff 6 months ago

move away from NJ

Help others find the most helpful reviews
Was this review helpful to you?  

Equality 7-2521 6 months ago

If you have a slab elevation survey performed that shows you are a certain distance above base flood elevation, you may qualify for lower rates. But that could cost several hundred, and if you have not built up the property with this in mind (if you've been there 30 years you probably didn't) then it may not be worth the expense to find out you are not high enough above BFE.
Never flooding in 30 years does not guarantee you won't flood tomorrow. Things change over time; rivers shift banks, construction changes water diversion patterns, etc.

Help others find the most helpful reviews
Was this review helpful to you?  

Post a Answer

Your comment was successfully posted!

Or use your account on Blog

Error message here!

Hide Error message here!

Forgot your password?

Or register your new account on Blog

Error message here!

Error message here!

Hide Error message here!

Lost your password? Please enter your email address. You will receive a link to create a new password.

Error message here!

Back to log-in

Close