by Guest » Tue May 13, 2008 04:24 am
I am buying a property that requires flood insurance. The last time the property flooded was in 1955 when the dam broke. We now have a new dam. The is a little brook that runs on the side of the property which is about 250 feet from the house. Fema said this is a flood zone and has never been revised in 100 years. I feel this is wrong. We have many people that have to pay flood insurance when they really don't need to. Is there something we can do to fix this problem? It's a lot of money a year to give to an insurance company or the gov. :( :(
Posted: Tue May 13, 2008 04:52 am Post Subject:
Hi I don't think its wise to avoid paying for flood insurance when you're staying in a flood zone after all. Yeah, your state may have mandated a coverage limit, so its at least that limit that you'd need to maintain. Carson_drew
Posted: Tue May 13, 2008 05:08 am Post Subject:
Fema said this is a flood zone and has never been revised in 100 years.
I believe such things are revised on the basis of studies conducted over the occurrence of flood..am I right!
May be you guys didn't face it for all these years..but lemme tell you that even small brooks could turn dangerous when the time comes. It better you consult the state DOI & file a petition if the rates could be lowered.
Thanks, Plasticmind
Posted: Tue May 13, 2008 05:09 am Post Subject:
Would you like to give us idea of which state you reside in!
Posted: Tue May 13, 2008 11:45 am Post Subject:
I feel this is wrong
Unless or until that creek gets out! You could submit to have it re-evaluated...but honestly I doubt you will get anywhere with it...Best just to make the decision based on the fact that if you purchase this property it willl cost you 'x' amount in flood ins. If that is too much, pass on that particular house and find one that is not in a flood plain.Posted: Tue May 13, 2008 09:00 pm Post Subject:
Is there something we can do to fix this problem?
Like anything goverment regulated, there is something you can do, you can write your congressman.
Prices are high even in areas with low likelyhood of flooding so that the people who insist on living along the Mississippi and in coastal areas can buy it at a semi-reasonable price. Low risk flood zones subsidize the high-risk areas. That's how it works.
Remember, flood insurance is not the doing of the insurance industry, it's good 'ol uncle sam.
I'd like to know at what point in the process you were informed of the flood insurance requirement. I see far too many clients who don't find out until days before closing and I feel as though realtors try to cover it up until people have fallen in love with the property. Not to knock realtors maybe they really don't know... Just curious to know when you found out.
Posted: Wed May 14, 2008 10:41 am Post Subject:
I see far too many clients who don't find out until days before closing
Happened to my own brother, already had their home sold, three days prior to selling, they were told and the area hasn't flooded for 150 years!!!!! He tried (without success) to get it changed....Posted: Tue May 20, 2008 10:41 pm Post Subject:
You can opt out of flood coverage - there are companies that will be willing to check to see if they can remap the area. I do recommend that you buy flood insurance. With everthing going on in the world.....flooding can happen anywhere, anytime :roll:
Add your comment