I’m pretty sure it they are revamping the flood maps as planned. Older homes that were grandfathered into the pre-firm rates are now being phased into the post firm rates. That’s what it sounds like to me.
LETS GO FURTHER—LETS MAKE EVERYONE PAY ACTUARIALLY SOUND PREMIUMS, ELIMINATE ALL SUBSIDIES, AND THEN PERHAPS THE PRIVATE SECTOR INSURANCE COMPANIES WOULD SELL FLOOD INSURANCE, AND TOTALLY ELIMINATE THE NFIP!
Since $250,000 is the current max building limit for residential homes, sighting $600,000 building value or more, will move more of the true policy cost to the more affluent citizens who want to live on the coast or rivers edge.
For 10 yrs I’ve lived in the Chicago area in a pre-firm house that does not come anywhere near the $600K value in a 100 yr flood zone and pay double the premium for flood cover vs. H.O. This is even after there have been major changes to drainage systems , it is incredibly frustrating. The requirements of mortgage cos for flood cover has increased dramatically. It’s a bit out of whack…
Why are we still paying flood insurance if my bank send me a letter stating that we dont need to show proof of flood insurance since we dont live in a flood area. but the association still is charging us as a flood area.
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So what does this really mean?
I’m pretty sure it they are revamping the flood maps as planned. Older homes that were grandfathered into the pre-firm rates are now being phased into the post firm rates. That’s what it sounds like to me.
Correct, revamping the flood plan maps & removing the exclusion for homes built before 1974 which cost more than $600,000.
Honestly, not being familiar with the exclusions for homes pre-1974, I don’t know if that removes all of the exclusions or not.
LETS GO FURTHER—LETS MAKE EVERYONE PAY ACTUARIALLY SOUND PREMIUMS, ELIMINATE ALL SUBSIDIES, AND THEN PERHAPS THE PRIVATE SECTOR INSURANCE COMPANIES WOULD SELL FLOOD INSURANCE, AND TOTALLY ELIMINATE THE NFIP!
Since $250,000 is the current max building limit for residential homes, sighting $600,000 building value or more, will move more of the true policy cost to the more affluent citizens who want to live on the coast or rivers edge.
For 10 yrs I’ve lived in the Chicago area in a pre-firm house that does not come anywhere near the $600K value in a 100 yr flood zone and pay double the premium for flood cover vs. H.O. This is even after there have been major changes to drainage systems , it is incredibly frustrating. The requirements of mortgage cos for flood cover has increased dramatically. It’s a bit out of whack…
Why are we still paying flood insurance if my bank send me a letter stating that we dont need to show proof of flood insurance since we dont live in a flood area. but the association still is charging us as a flood area.