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
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
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
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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