I want to buy a house surrounded by Ocean City,Md, 21842. The mortgage is $1.5 mil how much will the flood ins cost?

I know federal flood ins is $250K plus $100K tops but what if the mortgage holder wants full coverage?

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Answers:   Then you can't obtain that mortgage.

There IS no flood insurance, besides the NFIP one. It underwrites ALL insurance surrounded by the USA.

That $250K is the max for the building. The mortgage holder should know that, or you need to communicate to their supervisor.

Or, maybe you simply need to put seriously more down on the house.

There IS a policy you can get, conceivably, with the sophisticated flood limits - it's not a homeowners, though, it's a commercial policy. The baptize of it is a "difference in conditions" form. In lay down to get it, you ALSO hold to have that NFIP policy near maximum limits.

It's NOT CHEAP, and it's potential that, with a shoreline house, the company could refuse to write you, flat out. Premiums for that form start at $50,000, next to the carriers I'm comfortable with.

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If you're going to take something in Ocean City, I would significantly recomend that you get a timeshare or something, unless you'e going to contained by that house constantly. Depends in great business deal on what flood zone it is in.

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