Homeowners worry about flood insurance rates
When Richard Holmes purchased his St. Albans home two months ago, he didn't expect his monthly payments to double.
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Since: Oct 08
#1 Oct 24, 2013
It amazes me that folks will buy or build in a known flood plain then bitch when it floods or the premium goes up and wants people like me who are smart enough not to buy or build in those places to pay for the damage. Stupid on parade.
#2 Oct 26, 2013
#3 Nov 13, 2013
EVERY home or parcel that is sold in a KNOWN FLOOD PLAIN has to be labled such for any sale purchase. The Seller is OBLIGATED TO abide by a DISCLOSURE Statement at closing or before negotions really begin...
#4 Nov 13, 2013
#5 Nov 13, 2013
A few facts for the wary:
The Flood Insurance Reform Act of 2012 (Biggert-Waters Flood Insurance Reform Act of 2012) was passed that made significant changes to FEMA such as:
"Phase out subsidies for severe repetitive loss properties,2
second homes, business properties, homes
substantially damaged or improved (i.e., greater than a percentage of the market value of the home),
and homes sold to new owners.3
Allow insurance premium rates increases of 20 percent annually (previously capped at 10 percent),
allow for deductibles,5
and require that premiums be calculated based upon average historical loss
year, including catastrophic loss years."
In other words, it took away the federal governments subsidies to states that helped keep the premium rates low for homeowners. Where once a homeowner spent about $400-$800 a year for flood insurance, will now have to pay approx.$5000+ a year.
So as a result, people can't sell or refinance their homes either.
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