What is your annual flood insurance premium?
I'm just curious. What are folks paying for federal flood insurance these days?
My mother's house recently sold, and we were all shocked to find that the new buyers had to pay $1900 a year for flood insurance (the original quote was $4000!). My mother didn't have a mortgage, so she wasn't required to carry flood insurance and had no idea what the cost would be.
This isn't a waterfront house, either. Even when the Delaware River flooded terribly last year, the water was hundreds of feet from her home.
I had flood insurance in my previous house (which was much closer to the river than my Mom's place), and it only cost $250 a year in 1999.
Has the cost actually gone up that much since Katrina?? If so, it must really depress the prices of homes in flood zones.