I’m in California and due to FEMA changing their maps in our area, I was required by my mortgage lender to get flood insurance last year— TO HELP PAY FOR DAMAGE BEING DONE IN OTHER PARTS OF THE COUNTRY for sure. I was quoted as high as $2,200.00 for one year- 300K- $5,000 deductible or maybe it was more. Since I don’t owe that much on my mortgage, the lender allowed me to lower my coverage to my mortgage amount, still costing me around 500.00.
This year I was required to obtain an elevation certificate through a surveyor costing another $500.00, BUT the best thing to happen to me. The survey showed that my house structure was below the flood zone by several inches and now FEMA is supposed to exempt me and even get my premium back from last year. We will see- process just started.
Now, Missouri had the largest earthquake in this country. Earthquake insurance should be required by all mortgage lenders in the country!(/Sarc partly off)
Error- ABOVE the flood zone, not below**