Need flood insurance advice

Hey all,

I’m looking at a house to buy located on a creek (but with a back yard that’s 150+ feet long probably) and the house is currently owned by a person who paid in cash and rennovated the house. They do not have flood insurance. The listing does not disclose that the house is in a flood zone, but I found out it was on my own accord (plus lender is requiring it). The seller does not have an elevation certificate, and the township does not either. The current NFIP quote is $5350. The yard is in an AE9 flood zone, that actual foundation of the house is in X (from the maps provided by FEMA I have determined this). However, when an insurance agent runs the quote, the house populates as being in an AE9 flood zone.

Exactly what are my options here? I cannot afford $5300 a year (and apparently no one else can as the house has been listed for 7 months, it’s overpriced as well but that’s a song and dance for another time). Private insurance is $2700 a year, with a three year locked in rate. I still find this to be too high; not even for the price, but for the fact that flood insurance will not cover the dock, fence, and shed which is what is actually INSIDE the AE9 zone, just the house which is inside the X zone. It’s totally bogus, I just don’t know what my options are. The insurance agent told me that because his system pulls the house up at AE9 (but he acknowledges how it’s just the yard) there’s nothing he can advise except to get an elevation certificate, but there’s no guarantee it will lower the rate.

Anyone with some experience or advice?

submitted by /u/hurricane1091
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