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Old 01-19-2019, 10:33 AM   #1
tenman
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Default Flood insurance to buy property in Manhattan?

NY

Do I need flood insurance to buy property in Manhattan with a mortgage?

Is there any legal requirement as to flood issues when buying property there?
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Old 01-19-2019, 12:46 PM   #2
adjusterjack
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Default Re: Flood insurance to buy property in Manhattan?

That's up to the mortgage company. If the mortgage company says you have to have flood insurance to get the loan then you buy flood insurance.

If you pay cash for the property, it becomes your choice to have it or not.



Happened in New Orleans, could happen in Manhattan.

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Old 01-20-2019, 10:38 AM   #3
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Default Re: Flood insurance to buy property in Manhattan?

Lower Manhattan is certainly susceptible to floods as we already saw.
I would think most BUILDINGS would have flood insurance in that part of town.
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Old 01-21-2019, 04:43 AM   #4
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Default Re: Flood insurance to buy property in Manhattan?

If the property area is highly prone to flood it will be good to have a flood insurance. But it was not mandatory to have a flood insurance to purchase a property.
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Old 01-21-2019, 10:09 AM   #5
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Default Re: Flood insurance to buy property in Manhattan?

Quote:
Originally Posted by Lexus View Post
If the property area is highly prone to flood it will be good to have a flood insurance. But it was not mandatory to have a flood insurance to purchase a property.
Unless a mortgage company makes it a condition for getting the loan.
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Old 04-02-2019, 05:37 AM   #6
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Default Re: Flood insurance to buy property in Manhattan?

Hello, Studyabroadlife, new here from India. I want to ask that How much is flood insurance in NYC?...
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Old 04-02-2019, 06:56 AM   #7
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Default Re: Flood insurance to buy property in Manhattan?

Varies widely depending on the amount of insurance you need and value of the property.

Average in the US is about 800 dollars per year last time I checked.
I am sure a number of articles would be available online to update that figure.
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Old 04-02-2019, 04:03 PM   #8
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Default Re: Flood insurance to buy property in Manhattan?

One can call a New York City insurance agent and ask for a quote on a specific property.
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