Flood insurance can be expensive, especially if there is no current elevation certificate on the property. If a property is in a flood plain, you will need extra hazard insurance or otherwise known as flood insurance.
Recently, we handled a purchase where the initial cost of the flood insurance premium was $5,800 a year. The buyer chose to pay for an elevation certificate that cost $800 and the flood insurance premium dropped to $1,600 per year. Bids can change from provider to provider. Reprenting a buyer recently he received a bid for $3800. Suggested another bid and it came back $920 for the exact same property!
Investing in an elevation certificate can many times significantly reduce the cost of flood insurance to the homebuyer.
Thinking of buying or selling real estate in Tucson, AZ? Give me a call, Spirit 471-6900
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