Wondering how everyone/anyone else is estimating flood insurance on a loan estimate when they know the property is in a designated flood hazard area. Floodsmart calculator is really no help on a property in a flood zone and there are alot of variables - elevation, etc. Does anyone have a rule of thumb or estimator that they use. Insurance agents aren't much help - too much work and they likely won't get the business. We obviously have enough HOI data that we've gotten pretty good at estimating that. Flood, not so much.

We are having the same issue, interested to see how other Banks are obtaining flood quotes within 3 days in order to get the LE out in a timely manner.

What is wrong with using the Floodsmart calculator? All you have to do is show a good faith effort and by using whatever the number is that is provided directly from the governmental agency, how could a regulator ever question it?? It is an estimate after all with no tolerance associated with it..

The premium estimates on the Floodsmart calculator are for zones B,C and X - it doesn't provide one for A or V and we know that's the zone our property is in, so we know if we use the info from the calculator the premium is going to be understated. I realize it's unlimited tolerance but is it a good faith estimate? We were just trying to come up with a more accurate estimate based on the zone. For now it's pretty much all we have so that's what we're using it - just curious if anyone else has an alternative we haven't thought of.

I agree, SaaL...estimating designated zones is virtually impossible.