By Jen Lapietro
Did you know that flood insurance can cost as much as $5,000 per year? Another house on the same street may require no flood insurance.
Recent customers made an offer on a property. The first quote for flood insurance was $5,000. Bob got other quotes - the lowest quote was $3,600. The customer decided not to buy the house. They looked at six other houses and didn't like any of them.
There was another waterfront house on the same street that was priced $8,000 more. Bob called the agent. "Flood insurance is not required on this house!" The buyers loved the house and made an offer. The buyers realized that the higher price was offset by the insurance savings.
Tip: Flood insurance is based on the elevation of the property. If you're thinking of making an offer on a property, consider getting a preliminary quote for insurance.