In the instance where the collateral securing a loan consist of a home (not in a flood zone) but includes a boat house in the back yard (in a flood zone-- same pin#), how is the flood insurance amount determine? In the current appraisal report it does not itemize the value of the boat house. What to do?

Correct me if I'm wrong (and I'm sure someone will), but I thought structures over water weren't eligible for flood insurance.

I think you are right Skittles, but I haven't had time to look this one up...how come we don't know this...after ALL the DISCUSSION about HOUSEBOATS!!!)

The structure is a more like a large boat shed. A few boat can be housed. Must be nice!

You msut determine the value and obtain flood insurance.

“a building built completely over water cannot be insured under the Program if the building was newly constructed or substantially improved on or after October 1, 1982, nor can boathouses.” [Mandatory Purchase of Flood Insurance Guidelines, pages 17-18]

But post #593379 implies this building is not built over water.

I can understand the confusion, but as I read 593379 in response to 593365 I interpreted it to be clarifying it was a boat shed and not a boathouse. In our area, we are only 15 to 20 minutes from Lake Monroe, there are a lot of "boat sheds" that are built for mass boat storage or for individual boat storage. None of them are "boathouses".

So, in an attempt to clarify the answers, if the "boathouse/shed" is built over water it is not eligible for coverage, however if it is built on land that is located in a SFHA then coverage is required.

Sorry for the confusion that I believe I created in making the scenrio of the houseboat. Boat houses, that I am familiar with, are over water, just like a house boat...one would be treated the same as the other...hence the comparison. Sorry! I've never seen a boat house such as that Dan is referring too, so obviously where it is located is the key.

Boat Houses

Boat Storage Shed

Well for the most part they are here also, however there are some that are built specifically to store a boat or boats, some even have hoists in them to hang the boat or the boat and trailer off the ground. I was just trying to illustrate the ones built on the docks are the ones referred to as boat houses, the ones built on land are referred to as boat sheds.

Well, it is an easy distinction to make so as not to cause undue confusion! I guess it's a bit special, somewhat like an airplane hanger. I could park my horse trailer in it if I wanted to, but it's set up for a specific purpose! Ya'll have a great 4th!

now you've hit it square on the head...