on a side note. What’s the average premium for earthquake coverage for say a $150,000 home? I realize it probably varies a bit based on location, but any rough figures?
Know that for a HO-3 policy form here in southeastern NC, the NCRB rate for a 150k home runs approximately 1600/year (for a frame home less then 20 years of age or an older one with recent updates. ISO Protection class 1-6) … and NOT on the beachfront
Flood Insurance Agent said I needed Flood Elevation Certificate from Seller. My Agent gets back to me a week later saying that the seller has no elevation certificate. I quickly schedule a survey team to go do it to the tune of $575. They did the survey Tuesday afternoon. I got the certificate this morning. The flood insurance agent filled out all the forms and submitted this afternoon (Friday). Apparently it takes 24-48 hours (business hours) to process, but that will be too late. I can’t get flood insurance. I can’t buy the house. It was part of an investment exchange. I could lose a lot on this. I hope Congress reauthorizes very fast.
Just a thought, Why not roll all of the speciality weather & natural(regional) disaster types of of insurance into one super category, attach it as a floater/ endorsement to the new health care plan, but include with it a special segment that will cover the unintended consequential results of idiots that vote incompetent politicians into office? Don’t think that premium would be too high, do you?
Sorry to hear of your problem … not sure why entire survey was ordered… they only need Elevation Certificate in our area which usually costs $125- $150. And as long as the policy was processed and paid for before Monday,policy can still be in effect. Most of my flood carriers allow payment by phone with credit card which will be on record before lapse. FYI you CAN get a policy without the elevation certif but the cost is usually alot more, until the elevation certif is received and they adjust premium accordingly…
They are greedy, selfish, only thinking of how much the system will pay them and how much they can skim off the top and bottom while they are in office. The system is a great system, however left to the devices of men who have figured out that all they have to do is get elected and it is a great ride no matter how they vote, we are in trouble. Ask your congressman or senator(no matter the party) how much money they accumulate in their war chest each year.(bet they wont tell you the truth). Ask them about pac money, and favors. Bet they wont tell. Truth be known, it is these guys who run the country just for themselves and we are all pawns including the president. Change them all out in novemeber. A message MUST be sent. Loud and clear. NO MORE.
The limits for NFIP-subsidized Flood Insurance are wholly inadequate for a multi-million dollar home. So, those folks are either buying privately issued (and unsubsidized) insurance in excess of NFIP, or not protecting the bulk of their assets.
To expand on Ratemaker’s comment, the most the NFIP will cover for a single-family private residence is $250,000. Not really enough to cover that multi-million dollar home…
Quoted an excess policy with LLoyds once, think minimum premium was in the 10k range.
We have updated our privacy policy to be more clear and meet the new requirements of the GDPR. By continuing to use our site, you accept our revised Privacy Policy.
on a side note. What’s the average premium for earthquake coverage for say a $150,000 home? I realize it probably varies a bit based on location, but any rough figures?
Know that for a HO-3 policy form here in southeastern NC, the NCRB rate for a 150k home runs approximately 1600/year (for a frame home less then 20 years of age or an older one with recent updates. ISO Protection class 1-6) … and NOT on the beachfront
Flood Insurance Agent said I needed Flood Elevation Certificate from Seller. My Agent gets back to me a week later saying that the seller has no elevation certificate. I quickly schedule a survey team to go do it to the tune of $575. They did the survey Tuesday afternoon. I got the certificate this morning. The flood insurance agent filled out all the forms and submitted this afternoon (Friday). Apparently it takes 24-48 hours (business hours) to process, but that will be too late. I can’t get flood insurance. I can’t buy the house. It was part of an investment exchange. I could lose a lot on this. I hope Congress reauthorizes very fast.
Just a thought, Why not roll all of the speciality weather & natural(regional) disaster types of of insurance into one super category, attach it as a floater/ endorsement to the new health care plan, but include with it a special segment that will cover the unintended consequential results of idiots that vote incompetent politicians into office? Don’t think that premium would be too high, do you?
Sorry to hear of your problem … not sure why entire survey was ordered… they only need Elevation Certificate in our area which usually costs $125- $150. And as long as the policy was processed and paid for before Monday,policy can still be in effect. Most of my flood carriers allow payment by phone with credit card which will be on record before lapse. FYI you CAN get a policy without the elevation certif but the cost is usually alot more, until the elevation certif is received and they adjust premium accordingly…
They are greedy, selfish, only thinking of how much the system will pay them and how much they can skim off the top and bottom while they are in office. The system is a great system, however left to the devices of men who have figured out that all they have to do is get elected and it is a great ride no matter how they vote, we are in trouble. Ask your congressman or senator(no matter the party) how much money they accumulate in their war chest each year.(bet they wont tell you the truth). Ask them about pac money, and favors. Bet they wont tell. Truth be known, it is these guys who run the country just for themselves and we are all pawns including the president. Change them all out in novemeber. A message MUST be sent. Loud and clear. NO MORE.
The limits for NFIP-subsidized Flood Insurance are wholly inadequate for a multi-million dollar home. So, those folks are either buying privately issued (and unsubsidized) insurance in excess of NFIP, or not protecting the bulk of their assets.
To expand on Ratemaker’s comment, the most the NFIP will cover for a single-family private residence is $250,000. Not really enough to cover that multi-million dollar home…
Quoted an excess policy with LLoyds once, think minimum premium was in the 10k range.