The Flood Insurance Guru Blog
Hello. Chris Greene here, the Flood Insurance Guru. Today, we're here in Pelham, Alabama in Chandalar Court, and we're talking about what your flood insurance options are. Not just here, but also, in Alabaster, Helena, and South Shelby County. As you've got some possible map changes coming in the next couple months, we want to make sure that you're aware of all of your options.
Over the last couple months, we've gotten several customers, particularly here in Chandalar Court in this area, that has said, "Hey, I got a $4,000 flood insurance quote. What can I do? Is that my only option?" Well, today, we're here to tell you about what all the different options are.
Option number one. You can go to the National Flood Insurance Program. Just do a normal policy through FEMA. We recommend reaching out to an insurance agent that really focuses in flood. They understand the coverages, deductibles, what's going to apply and what's not, how to get zones changed. That's why we're here at the Flood Insurance Guru for you, and so you could do that traditional policy through the National Flood Insurance Program.
Now, let's just say this homeowner here already has a policy through the National Flood Insurance Program. That can be your option number two where you could do what's called a policy transfer. They could be where that policy was in a high-risk zone or low-risk zone. Let's just say low-risk when they did the policy. Then, what that can do is protect you with those lower rates, so that's option number two.
Option number three is you could go to the private market depending on your loan type. If you have like a conventional loan, a non-government-backed loan, check with your lender to see exactly what your loan is. You can look at the private market. They might be 50%, 60%, 70% less. I know in the last couple weeks, we helped a customer just here on Chandalar Court in Pelham save about $1,500 a year when we looked at different options for her.
Option number four is you could get an elevation certificate done. Se if this property qualifies for what's called a letter of map amendment or zone change, which removes the mandatory requirement and gives you access to preferred rates.
So, those are the four options when you're looking at buying, or selling, or you're just looking at your flood insurance options here in Pelham, Alabaster, Helena, or South Shelby County. So, if you've got questions, you can reach out to us. www.floodinsuranceguru.com, our Facebook page or YouTube channel, The Flood Insurance Guru. You can even give us a call, 205-451-4294.