Wednesday, July 17, 2013

New Flood Insurance Rates - OUR COMMENTS IN CAPS ...

New Flood Insurance Rates - OUR COMMENTS IN CAPS !

"insurance premium estimates in the AE zone, where many homes are located, will have three levels: $553 for 4 feet above base flood elevation; $1,815 for those at the base elevation; and $10,723 for a house 4 feet below flood elevation"NOT ONE PERSON IN THE TRI-STATE AREA HAS THEIR HOME RASIED 4 FEET OVER THE BFE!

"The brochure on building smarter that contained that $31,500 figure has been pulled from a Federal Emergency Management Agency website. No official from the National Flood Insurance Program or FEMA would provide the basis for that figure."AS LONG AS WE APPLY COLLECTIVE POLITICAL PRESSURE WE CAN LOWER THE PREMIUMS AGAIN.

Homes lose their pre-FIRM status if damaged or improved by more than 50 percent.Those policyholders already are starting to see their subsidies phased out. They will pay an additional 25 percent of current premiums until they reach full premium costs.
THIS WILL AFFECTS TENS OF THOUSANDS OF THE BUNGALOWS AND RANCHES IN OUR AREA.

"Confusing phase-outs

Those phase-outs can be confusing. For second homes, the phase-out began at the beginning of this year.2ND HOMEOWNERS ARE BEING DISCRIMINATED AGAIN.

For primary residences that are repeatedly flooded and for business properties, the phase-out starts in October.

The rest of those pre-FIRM homes will continue to enjoy subsidies until the home is sold or a flood insurance policy lapses, FEMA said.SO WHEN WE SELL OUR HOMES OUR PROPERTIES WILL BE LOSE VALUE FROM THE EXORBITANT RISE IN FLOOD INSURANCE PREMIUMS

For homes built after 1975 or when a community joined the NFIP, flood insurance rates will begin to rise when the new flood maps are made final, possibly at the start of 2015. Those rates will rise 20 percent a year until they reach the full premium amount.

There are exceptions. For instance, if a home is built new after the new maps are established, the owners will be paying the full flood insurance premium immediately".

http://www.app.com/article/20130715/NJNEWS/307150117/


New flood insurance rates could startle some Jersey Shore Sandy victims
The federal government has set the maximum flood insurance rate at an estimated $10,723 for a house in the high-risk AE flood zone, but many homeowners could pay much less ? as little as $553 a year ? if they elevate to the proper height.

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Source: http://www.stopfemanow.com/2013/07/16/new-flood-insurance-rates-our-comments-in-caps-quotinsurance-premium-estimates/

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