Conduminums For Sale » risk http://condominiumsforsales.com Fri, 25 May 2012 05:34:12 +0000 http://wordpress.org/?v=2.9.2 en hourly 1 How do I get a preferred risk premium on flood insurance? http://condominiumsforsales.com/how-do-i-get-a-preferred-risk-premium-on-flood-insurance/487/ http://condominiumsforsales.com/how-do-i-get-a-preferred-risk-premium-on-flood-insurance/487/#comments Sun, 20 Jun 2010 05:34:13 +0000 http://condominiumsforsales.com/how-do-i-get-a-preferred-risk-premium-on-flood-insurance/487/ I live in a low risk (Zone X, not within a 500-year floodplain) condo.

I log on to floodsmart.gov, and there are two schedules for Zone X:
- “Preferred” risk
- “Moderate to Low” risk

Preferred risk premiums are about 1/3 the price of moderate to low risk premiums. According to the website, most people in moderate to low risk areas qualify for preferred risk.

However, when I got a quote, I did not get preferred risk, so flood insurance costs over $1000/year for my $125000 condo. This seems like a ripoff since my odds of flood are nearly zero.

I suspect that my agent is trying to inflate the bill, but I have no idea what qualifies a property for preferred risk. Does anyone have a clue what determines if a property qualifies for preferred risk vs. moderate/low risk?

]]> http://condominiumsforsales.com/how-do-i-get-a-preferred-risk-premium-on-flood-insurance/487/feed/ 3 Do I need to buy Title Insurance for my condo? What is the risk? http://condominiumsforsales.com/do-i-need-to-buy-title-insurance-for-my-condo-what-is-the-risk/196/ http://condominiumsforsales.com/do-i-need-to-buy-title-insurance-for-my-condo-what-is-the-risk/196/#comments Mon, 15 Feb 2010 05:40:30 +0000 http://condominiumsforsales.com/do-i-need-to-buy-title-insurance-for-my-condo-what-is-the-risk/196/ I am buying a condo in a new development and paying cash for it. I understand that mortgage lenders require title insurance, but that isn’t an issue here. I understand that the insurance is there for peace of mind to protect the large investment, but I don’t understand what the risk is, especially since the other 110 new condo owners in the building are likely going to purchase title insurance at the requirement of their lender. The Title Insurance company wants to charge $820 for ALTA Owners Standard Coverage.

]]> http://condominiumsforsales.com/do-i-need-to-buy-title-insurance-for-my-condo-what-is-the-risk/196/feed/ 11