More about flood insurance changes

Alan-

 

Was checking with my sources.

 

They do not know this to be true.

 

Allstate has a "Write Your own Designation."

 

Allstate is one of a few (less than 10% of companies) that actually do all the processing of the new policies and the servicing of them.  We follow all their rules and Allstate earns a fee for doing it.  So this might be why it looks this way to your friend and not us.

 

If someone has this problem, please refer them to me.  We have been writing flood for 26 years and have customers countrywide... Ca to Delaware!

 

 

Robert

 

 

Robert Varich,  LUTCF

Exclusive Agent/Personal Financial Representative

Allstate

1125 Saratoga Ave 

San Jose Ca 95129 

Phone: 408-257-1234 

Fax: 408-257-0851 

For product disclosures and other information, visit

www.allstateagencies.com/rvarich

 

 

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From: Alan Russell [AlanRussell@princetoncap.com]
Sent: Tuesday, October 01, 2013 11:29 AM
To: Varich (Main Office), Robert
Subject: FW: Flood Insurance Policy Change

Is this true?

 

From: Essaid, Diyar [mailto:Diyar.Essaid@cbnorcal.com]
Sent: Tuesday, October 01, 2013 10:44 AM
To: Diyar Essaid
Cc: Sean Sullivan; Alan Russell; Greg Vanslow; Smyth, Tom; Shabnam.Motazedi@CSTitleCo.com
Subject: Flood Insurance Policy Change

 

I want to share with you what I heard from an insurance agent today regarding flood insurance.  All new policies, as of today, will be based on a combination of the FEMA flood zone AND a survey of the elevation of the property.  Policy prices will be heavily dependent on the survey.  In the case of a purchase transaction/lender required policy, the borrower will have to pay for what they’re calling a provisional policy.  The cost for such policies is in the $4k-$6k range.  He was not too sure about the price as it’s all new but he told us to expect to pay that much given that escrow will close prior to us obtaining a survey.

 

Thank you for taking the time to read this.

 

Diyar Essaid

Coldwell Banker Los Altos

650-279-3640

BRE#01335648

 

 

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