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Homeowners rate on the North Shore
Posted on 5/1/25 at 6:48 pm
Posted on 5/1/25 at 6:48 pm
Not sure if this should have gone on here or H&G but I guess it doesn't matter.
What are you paying for homeowners on the north shore? Flood required, AE. Building insured for about $300k. The neighborhood was built above BFE but of course it flooded during Katrina, the a houses took on 12-18" of water. It's hard to determine, but it looks like the houses are now about 14" - 20" under the new BFE and it would take another Katrina to make it flood like that again.
We haven't picked a house, but have some properties picked out that are all similar. I have gotten some old people say "OMG I AM PAYING $500 a month for insurance" and other people saying they are paying $10k-$12k per year all in similar situations. $6k a year would be golden, $12K a year I look elsewhere.
What are you paying for homeowners on the north shore? Flood required, AE. Building insured for about $300k. The neighborhood was built above BFE but of course it flooded during Katrina, the a houses took on 12-18" of water. It's hard to determine, but it looks like the houses are now about 14" - 20" under the new BFE and it would take another Katrina to make it flood like that again.
We haven't picked a house, but have some properties picked out that are all similar. I have gotten some old people say "OMG I AM PAYING $500 a month for insurance" and other people saying they are paying $10k-$12k per year all in similar situations. $6k a year would be golden, $12K a year I look elsewhere.
5
Posted on 5/1/25 at 6:53 pm to armsdealer
Live north of I-12 for this reason.
It’s a fraction of your quiet. Live in high demand area.
It’s a fraction of your quiet. Live in high demand area.
Posted on 5/1/25 at 6:58 pm to Artificial Ignorance
quote:This
Live north of I-12 for this reason.
But watch out for locations with local (rain event) flooding.
Posted on 5/1/25 at 10:28 pm to soccerfüt
The next time a storm is slow moving and dumps on the NS and SMS, the amount of flooding in northern and mid StTammany is going to be something to see. Developers have done a great job of lining the correct pockets to build on every natural flood plain and drainage area across the parish. It has been a race between STT and eastern Tangi on who can pile the most houses in flood prone areas .
Posted on 5/2/25 at 11:42 am to armsdealer
paying $5k a year in Mandeville, no flood required. I just put in a fortified roof this past week, hoping it will go down to closer to $3k on renewal or new policy, had a Katrina roof so they were on the verge of giving me a non-renewal apparently.
Posted on 5/2/25 at 12:04 pm to armsdealer
Live in Mandeville, south of I-12 off Highway 22:
Homeowners (SURE) - $5,987/year
Flood (Wright) - $930/year
Homeowners (SURE) - $5,987/year
Flood (Wright) - $930/year
Posted on 5/2/25 at 12:58 pm to John Casey
Well, at least you guys aren't getting declined for fire perils. 6 no's, # 7 Travelers wrote it for just over $3200 which is super cheap.
Posted on 5/2/25 at 1:10 pm to armsdealer
I’m north of I12 in Covington. My house is worth about $300k (about 1,560 sf). I pay under $2k per year
Posted on 5/2/25 at 2:09 pm to armsdealer
you spent a lot of time talking about flood stuff in a thread about homeowners.
homeowner variable will depend greatly on insured's credit, age of dwelling, roof age and type of roof.
Flood, you just gottta see how the specific dwelling rates up. With an EC or without an EC.
homeowner variable will depend greatly on insured's credit, age of dwelling, roof age and type of roof.
Flood, you just gottta see how the specific dwelling rates up. With an EC or without an EC.
Posted on 5/2/25 at 6:38 pm to Chad504boy
I have been told flood is around $930 which seems to be heavily subsidized.
The homes were built in the 90's, most have new roofs, seems like people selling know they pretty much need a new roof to sell a house these days. Even if not, I would spring for a metal roof given the location.
I don't know if you ever lived on the water, but its nice. We decided to rent a year and see how we liked it, the quality of life is just worth it. I'd rather spend the extra $5k a year on insurance and give up a vacation a year to have a dock in the back yard and my boat on a lift 365 days a year. I average about 16 days a month of work, so that leaves lots of time to enjoy the property.
Also, the expense of the insurance rates is reflected in the housing prices. The same house in similar neighborhood not on the water would cost about 10-20% more than these with higher insurance rates. It really is a wash.
I plan on investing in properties OUTSIDE of the area as my next step. I was thinking Hammond, but I haven't really done my market research.
The homes were built in the 90's, most have new roofs, seems like people selling know they pretty much need a new roof to sell a house these days. Even if not, I would spring for a metal roof given the location.
I don't know if you ever lived on the water, but its nice. We decided to rent a year and see how we liked it, the quality of life is just worth it. I'd rather spend the extra $5k a year on insurance and give up a vacation a year to have a dock in the back yard and my boat on a lift 365 days a year. I average about 16 days a month of work, so that leaves lots of time to enjoy the property.
Also, the expense of the insurance rates is reflected in the housing prices. The same house in similar neighborhood not on the water would cost about 10-20% more than these with higher insurance rates. It really is a wash.
I plan on investing in properties OUTSIDE of the area as my next step. I was thinking Hammond, but I haven't really done my market research.
Posted on 5/2/25 at 6:41 pm to armsdealer
quote:
I have been told flood is around $930 which seems to be heavily subsidized.
What do you mean subsidized? You saying it’s cheap?
Posted on 5/2/25 at 7:02 pm to Chad504boy
quote:
What do you mean subsidized? You saying it’s cheap?
It's federal insurance, yeah, cheap.
I wouldn't insure these houses for $1k a year for flooding and I don't think they will flood again in my lifetime.
Posted on 5/2/25 at 7:06 pm to armsdealer
I think you’re off. The land and house must be pretty high IF that number is correct and/or the cost could still be rising each year on house. You aren’t seeing the full premium cost cause increased is capped for 5 years.
Posted on 5/3/25 at 11:27 am to Chad504boy
Got an actual quote back. 6100/year, 1750 is flood, the remainder is the structures on the property. Does not include contents nor any discounts we might be eligible for by switching other insurance products to that carrier. We have 3 cars and a boat insured, so that might help combining things.
The flood is actually transferable from the previous owner. The flood is mandatory anyhow, I understand why the older people are moving out. Between property taxes going up and paying $6k a year for insurance it can be pricey if you aren’t bringing in much income.
The flood is actually transferable from the previous owner. The flood is mandatory anyhow, I understand why the older people are moving out. Between property taxes going up and paying $6k a year for insurance it can be pricey if you aren’t bringing in much income.
Posted on 5/3/25 at 11:55 am to armsdealer
quote:
so that might help combining things.
Highly doubtful. Assuming flood policy will only continue to rise and be a 2k policy w contents soon enough.
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