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how to, get rid of FLOOD INSURANCE?

Have flood ins. with my mortgage thou fha. Hate it, just wasting money.Need to get rid of it.

4 Answers

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  • 7 years ago
    Favorite Answer

    Zarnov missed one - if you truly think that the elevation of your house is high enough from your current flood zone area, you can hire a surveyor, and have an "elevation survey" done on your premises. This should cost you anywhere from $400 to $800 depending on where you live. If you can PROVE with this certificate, that your house is not, indeed, in a "high risk" flood zone, you can at the very least, get the rating under NFIP moved from high risk to preferred - under $400 a year. And maybe, just maybe, you can get your mortgage company to accept the re-rating because you wouldn't be in a "standard" rate any more.

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  • car253
    Lv 7
    7 years ago

    Everyone else is right. If your mortgage company requires it you can not get rid of it.

    If you are in a safe zone the flood insurance should not cost that much. If the flood insurance is with a private company you can try to get it through the National Flood Insurance to see if that would cost less.

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  • 7 years ago

    First, you have to pay off the mortgage in full, so that you no longer owe anything on the house.

    Second, after you have paid off the mortgage in full, so that you no longer owe anything on the house, you fill out and sign the paperwork to cancel the flood insurance.

    You cannot have an FHA mortgage in a place where the FEMA defines as a flood zone without having the flood insurance.

    It is just like the interest on the mortgage: It is something that you have to pay to have the mortgage.

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  • Zarnev
    Lv 7
    7 years ago

    There are several ways to get rid of flood insurance.

    The first way is to pay off your mortgage, then you won't be required to have it.

    The second way is to appeal to FEMA to redraw the flood zones. You'll need to prove that the flood zone maps are incorrect and that you are not in a flood zone.

    The third way is to move out of the flood zone.

    Source(s): Independent Ägent
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