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Update on Flood Plain Situation

February 8th, 2016 at 08:01 am

I had mentioned a few weeks ago that we were having to get Rental #1 surveyed. The small town we live in had not had a new survey done in something like 25 years, and when they did a new one this year it showed part of our Rental Property was in the flood plain, and we received a notice that we would now need to purchase flood insurance (est. extra $2K per year!). So our options were to purchase the flood insurance, or if we didn't agree with the city survey, we could have one done solely on our property and have to pay the costs to prove that we were not on the flood plain (and risk being wrong and having to pay for the survey AND the insurance).

Well MO decided it was worth the risk and great news it came back that we are NOT in the flood zone, so we don't have to purchase the additional insurance! Plus if we ever sell the property that will be a huge benefit to have the paperwork showing that the property isn't in the flood zone. We do have to pay the $1200 for the survey, which stinks, but def worth it to not have to pay an additional $2K per year!

I put the cost of the survey on our Discover Card so we get the cash back bonus on it and we will have to take that money out of savings when that bill is due at the end of March.

2 Responses to “Update on Flood Plain Situation”

  1. househopeful Says:

    That's awesome. Great job with the due diligence. It can really work out to your benefit Smile

  2. creditcardfree Says:

    Nice work!!

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