"I've never needed it before, why do I need it now???"
Many local residents are getting alarming news from their Mortgage companies. Folks who have never been required to carry flood insurance on their homes, are now being told they have to buy a policy, with prices running between $5000 and $7000 per year.Lately, many flood zones have been redrawn in the Castro Valley and San Leandro area. Houses that were previously just outside the "flood zone," are now in the zone.
Most mortgage companies require flood insurance on homes in flood zones.
The disturbing part of this sets in when the homeowner calls their local insurance guy for a quote. Flood insurance is regulated by FEMA, so all companies have the same prices. Alarmingly, a basic flood insurance quote will be between $5000 and $7000 per year. Most people don't realize, that this can be GREATLY reduced. Here's how...
The homeowner can pay for a licensed contractor to come out and create an Elevation Certificate for the house. This will show all of the detailed information about the property, an in MOST cases it will result in the yearly premium being reduced to $300-$400 per year! Quite an improvement!
Most mortgage companies fail to tell you that little detail because, frankly they don't need to, and they don't care...
What's the catch? An elevation certificate will cost you about $600. It sounds steep, but it will save you THOUSANDS every year.
For more information on getting flood coverage, call the Baldwin Insurance Agency anytime at 510-274-9766 or drop by our office in the Intero Real Estate Building at 3185 Castro Valley Blvd.
CA License #0I17593
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