K
kaje
Guest
What is the name of your state? NE
We recently signed a purchase agreement on a home, but have not closed yet. Our lender called yesterday to let us know she received a report that our new home is in a floodplain. On the disclosure statement it was marked no, as well on the disclosure statement from the previous sale. We know the home has switched hands a total of 4 (now 5) times. It was built in 1973. Our lender told us that it may not have been discovered before now due to no lending companies being involved in the deal. So, none of the previous owners have had flood insurance.
Is this possible?
We were told that it is possible to have someone come out, inspect the property and determine the BFE's. If greater than 2 feet, we can qualify for discounted insurance. Is it worth it? How do they figure this number?
Finally, we understand we have to carry a separate "flood rider" for insuring the structure against floods. However, in order to cover our belongings, do we need to purchase a separate rider?
Thanks!
Kaje
We recently signed a purchase agreement on a home, but have not closed yet. Our lender called yesterday to let us know she received a report that our new home is in a floodplain. On the disclosure statement it was marked no, as well on the disclosure statement from the previous sale. We know the home has switched hands a total of 4 (now 5) times. It was built in 1973. Our lender told us that it may not have been discovered before now due to no lending companies being involved in the deal. So, none of the previous owners have had flood insurance.
Is this possible?
We were told that it is possible to have someone come out, inspect the property and determine the BFE's. If greater than 2 feet, we can qualify for discounted insurance. Is it worth it? How do they figure this number?
Finally, we understand we have to carry a separate "flood rider" for insuring the structure against floods. However, in order to cover our belongings, do we need to purchase a separate rider?
Thanks!
Kaje