California E&S Insurance

Don’t. I am a Realtor and I advise all of my clients to not buy a house in a floodplain, for these reasons, aside from the actual risk of loss from flooding: 1) The lender required flood insurance adds to your monthly costs which reduces your purchasing budget. 2) When you sell it, there will be much fewer buyers willing to consider it and it will sell for less than a similar home that is not in a flood plain. So you are paying more per month for a home that will have a lower return on your investment. 3) The National Flood Insurance Program, which subsidizes flood insurance is not guaranteed to be renewed, so you could be left without flood insurance. The only times it might make sense to buy in a floodplain are: 1) If it allows you to buy in a particular desirable neighborhood or school district that you would otherwise not be able to afford. 2) If you are buying a rental property in a desirable, high-rent area such that the lower purchase price (due to the flood plain) and the higher rent makes the cash flow worthwhile. 3) In a coastal area where everything is in a floodplain, so it doesn’t really matter. As a separate point, I recommend avoiding manufactured homes, because generally they will not appreciate as much as a site-built house, and you may not be able to get a conventional 30 year mortgage on them.

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