There are a few things everyone needs to know about flood insurance before I get into detail on the cost associated with it. Flood insurance is REQUIRED when you are obtaining a mortgage on a house. The lender does a flood certification check & if they see the home is in the flood plain they will make you obtain insurance. Another piece of information to note is that there are different Flood Plain categories. Meaning, some areas have a higher risk of flooding vs others.
Flood Plain Types
The 2 main flood plain types are the 100 year flood plain & 500 year flood plain. What does this mean?
Well, with the 100 year flood plain your house has a 1/100 chance of flooding each year. Or 1%. With the 500 year it is 1/500 chance or .2%. As you can see it is more beneficial for insurance cost & flood worry when you are in the 500 year flood plain. It would be very rare for your home to flood & in some cases you can even have the property re-mapped by the DNR to remove you from the flood plain.
Removing a Property From a Flood Plain
It is possible to remove your property from a flood plain & get rid of the cost of flood insurance associated with it. Of course there is a charge by the DNR for doing this, but it may be worth it!
When you are looking to remove your property from the flood plain you are going to have to talk with several different agencies. It will be the DNR & your local zoning board.
In order to have the property removed from the flood plain you will need to obtain a LOMA report showing what the grade of the house is compared to where the flood plain currently is at. If the Grade of the house is greater than the flood plain, you will get the approval!
Cost of Removing a House from a Flood Plain
The cost of removing the house can range from $500-$1000 depending on how specific the report needs to be & how large your property is. I would recommend shopping around price with 2-3 different companies if possible. Then after you go through all the expense of trying to get the property removed, it MAY not be approved if it is still below the flood plain level.
Please do your research ahead of time when trying to figure this out! My recommendation is to look at the FEMA maps in your specific county to see if any of the neighboring properties have been removed.
Cost of Flood Insurance
Flood insurance cost will range from property to property. Like I had mentioned about one of the larger factors is if it is in a 100 or 500 year flood plain. Another factor that has a large effect is if it has a basement, crawl space, or slab.
As I am sure you can imagine, a full basement in a flood plain is going to cost you A LOT more. This is because the basement is at a higher risk of flooding & insurance company having to pay out.
NOTE: Flood insurance cost is in addition to home owners insurance cost
Let me give you some examples of flood insurance cost:
1000 sq ft House on Fox River – Market Value $120,000 (Crawl Space) $875 a Year
1600 Sq Ft Home on Lake Winnebago – Market Value $340,000 (Crawl Space) $2600 a Year
2400 Sq Ft Home on Creek in Neenah – Market Value $365,000 (Full Basement) $3600 a Year
850 Sq Ft Home in Oshkosh – Market Value $105,000 (Full Basement) $1100 a Year
Please Let me Know If I Can Help!
Carter Crowley 920-252-2864 or fill out the form down below 🙂