Flood Insurance

There are many issues to consider when purchasing a new home such as flood insurance for properties in flood zones.

“I was recently contacted by a client who made an offer on a home near the Long Island coastline in Point Lookout,” said experienced attorney James F. Misiano of Misiano Law in Hauppauge. “He was completely “gutting” the home and would need to apply for a permit and get a new Certificate of Occupancy (C of O) for the home. When we spoke, I asked him if he talked to the seller about an elevation survey.”

An elevation survey is important when purchasing a home or business property at or near the water because it can determine whether or not your lender will require the additional expense (which is constantly rising) of flood insurance. It may also determine the measure of your premiums of said flood insurance.

“The client said he hadn’t spoken about that, but the broker handling the sale should’ve brought that to his attention,” Misiano advised.

Adding a flood insurance premium, sometimes in the thousands of dollars per month, to your mortgage should be a decision you are well informed about BEFORE the binding contract is signed.  That elevation survey should also be brought to your insurance agent so that he can properly determine what you are facing in additional premiums.

James F. Misiano, P.C. has been representing home buyers and sellers for 38 years. He owned and managed a Title Abstract company for 12 years and is expertly experienced with title insurance issues and potential solutions.  If you are buying or selling a home, call Misiano Law today for a free consultation.