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Without evidence to the contrary the insurers assume that you're as low as you can be and charge the highest rates for your flood hazard area. That evidence comes in the form of an Elevation Certificate.
Find out if the current owners have an Elevation Certificate and if one exists use that for a quote. Otherwise investigate having it surveyed for one. I was quoted $700, although I don't know if it would be possible to pay less just for the measurements without a certificate if the numbers won't translate into lower insurance rates.
Parts of Sunnyvale are in a flood plain too (there's a big ditch with a trickle of water in the middle half a block towards San Jose from Fair Oaks which is allegedly a creek).
Hi all,
With a loan approval letter yesterday there was a condition that we are required to purchase flood insurance since our property is in a high risk flood zone - AO to be specific.
My first reaction - Flood zone in Willow Glen, San Jose? I thought we lived in a desert and barely got any rain.
Second reaction - Flood insurance premium for the minimum required $250,000 coverage is $2100 per year! WTH! And why the heck is this mandatory as per federal law? This just seems like a government scam to me. :(
Any advice on how I could get out of this? It might be a deal-breaker for our home purchase.