Buyer beware… I recently had a client looking to purchase a home in the Sand Hills area of Scituate. Most of this neighborhood is located in the high risk flood zone.
When I asked for details on the existing flood policy I was told it was a transferable policy that cost approximately $5,000 annually. The additional cost of $410 a month was beyond my young couple’s budget. They were crushed but forced to move on. Before they walked away I decided to have the policy looked at to see if it was possible to reduce the cost. I know the neighborhood well and the policy seemed expensive for that particular location. Murphy/Carty insurance in Scituate discovered the property was not listed as the primary residence for the present owners. A “primary residence” flood policy providing the same coverage was less than $2,000 annually!! My clients were able to absorb the lower cost. They are the proud new owners!!
Hire a Real Estate professional with experience and knowledge regarding flood insurance and always get a second opinion on the policy from an insurance agency with flood expertise. Please realize when you buy a second home you will pay 2 to 3 times more for the flood policy if the structure is older.
