Ballpark range for Flood insurance?

Question

What's a ballpark figure for monthly dues on flood insurance for $235k condo? The lender is requiring that I get this insurance and I don't want it to be something like $1000/month. That would be a deal breaker if it was.

Answer 1

The ballpark range is $300 a year to $7,000 a year.   It's going to depend on where you are.  Iowa?  Ohio?  Florida?  New Orleans?    

Obviously, it's a flood zone, so it's going to be at the higher end.  AND, you can't pay flood insurance monthly - you have to pay it in full, up front.  You're going to have to get a quote from the guy that's going to write the condo policy for you.

Answer 2

Condos have special considerations, because the association usually maintains insurance on the building. (This applies in most cases, but not all.)

First, I'm assuming that the building is in a flood zone, since the lender is requiring coverage, so have you asked the condo association for their insurance for the building?

Second, check with the agent who is writing your condo policy. In most cases, he or she can write your flood policy, too. The price will depend on whether the association has a flood policy. If they do, then you want your policy to cover primarily your contents. If they do not have a policy, then you want your policy to cover your portion of the building, too. Your agent will need to know exactly what the association has so that he or she can do your policy right.

Answer 3

That depends on where you are.  In Florida, flood is the cheapest (of flood, wind and homeowners).  It should run less than $500 per year.