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derpbeluga t1_j5rarjs wrote

Reply to comment by Separate_Safe2779 in Buying a home in Warwick - extremely shady disclosure document by Separate_Safe2779

Pay attention to flood zones. If you are in a flood-zone you are required to have flood insurance. Also, I wouldn't want to deal with that stress.

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Separate_Safe2779 OP t1_j5rb8kb wrote

Thanks for that. We’re concerned about that for sure. I keep asking people whether they’d risk it for a great location, and I can’t get a consensus.

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TzarKazm t1_j5rcm10 wrote

To give you an idea on flood insurance, I was looking at a house that was in a flood zone, so I got a quote for flood insurance: $6,600 a year. Which is never going to go down, and might go up.

Also flood insurance only covers a max of $250,000 in damage. If the house were a total loss, I would be out a lot of money.

I decided that having flood insurance be 25% of my mortgage payment was unacceptable. I could buy a lot more house with that money.

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Mountain_Bill5743 t1_j5vyvo3 wrote

It's wild. Also there's no telling if you buy adjacent that you won't get rezoned in a few years-- I know people in another state forced to get it nearly 30 years later when the last thing you'd expect is a cost of living hike at that age.

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derpbeluga t1_j5ribac wrote

Keep in mind that the trend is for sea levels to rise, and storms seem to be more frequent. That will impact the cost of your flood insurance, and the resale value of your house over time. Flood zone was a hard no for us when we moved here, even though your realtor might tell you otherwise. Your realtor only makes money if you buy something, and since there's very little actually on the market they're not going to tell you that half of that is a bad idea due to flood zone concerns. Also, coming from Colorado pay attention to mold. A metric shit-ton of houses we saw had some type of mold issue. In Colorado that is much less of a thing. We had a separate mold inspection, which was worth the few hundred dollars they charged.

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Separate_Safe2779 OP t1_j5rigp0 wrote

Great advice!

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Loveroffinerthings t1_j5rw87z wrote

I’m curious where in CO you’re from. On the DIA flight path, so like Aurora? I know when I lived in Boulder we would get an occasional plane over us, but as a former Coloradan I’m curious. Can you bring me some Cosmo’s spicy ranch?

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Separate_Safe2779 OP t1_j5rz5tv wrote

Hahaha! We’re in Thornton. Depending on wind direction, we actually get quite a bit of traffic.

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Loveroffinerthings t1_j5t9bqa wrote

Ahhhh yes I could see that. Warwick is like Thornton, lots of stores that will have everything you need. The airport is right in the city though, so it might be a bit closer than DIA planes on approach depending what part of Warwick you’re living.

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njp9 t1_j5rxfvz wrote

Use storm tools to get a sense of the risk. Not worth it unless you have plenty of money and are willing to deal with the Hassel of replacing all your stuff.

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Status_Silver_5114 t1_j5t624s wrote

I would not risk floods for a great location. Unless you’re only staying a few years and even then. Water levels are only going up.

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ynwp t1_j5u7o2e wrote

Search “2010 flood Rhode Island”. Lots of info on where major flooding happened that spring. Warwick got hammered.

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Mountain_Bill5743 t1_j5vyl0f wrote

Flood insurance is not something you want to deal with. Also, is this a long term move? All the more reason to anticipate long term costs of insurance and stress. Shorter term you're going to have a better idea of how bad your insurance rates and flood/hurricane risk will be.

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