Flood Insurance Premiums

[moose]

I am reaching out to readers, particularly those in Carroll Valley, or other flood-prone areas of the county. I was contacted by someone who lives in a flood-prone area of Carroll Valley. Her concerns are with a recent law change that have caused flood insurance premiums to skyrocket to the tune of $10,000/year for some folks. These premium increases have allegedly forced some homeowners to fall into Foreclosure and lose their homes.

I was unaware of any law changes that had this negative impact on local homeowners. I have already reached out to our local state representatives to see if there is anything on the Legislative Agenda that could offer some relief to these folks.

In the meantime, I request that if any local homeowners have experienced these ridiculous increases in flood insurance premiums to contact me at moose[at]spreadthemustard.com (please replace the [at] with @ to cut down on spam in my mailbox). If there are enough affected folks that reach out with their horror stories, perhaps we can get some action.

Does anyone else know of anything like this?

[Venter]

The only thing I know about Flood Insurance is that the commercial, on TV says you're not covered if you don't have it
But $10,000 a Year for flood insurance sounds insane - unless you are the captain of a Houseboat, or the Maid-of-the-Mist.

[lifesaver]

Apr 26, 2014 9:01:43 GMT -5 moose said:

I am reaching out to readers, particularly those in Carroll Valley, or other flood-prone areas of the county. I was contacted by someone who lives in a flood-prone area of Carroll Valley. Her concerns are with a recent law change that have caused flood insurance premiums to skyrocket to the tune of $10,000/year for some folks. These premium increases have allegedly forced some homeowners to fall into Foreclosure and lose their homes.

I was unaware of any law changes that had this negative impact on local homeowners. I have already reached out to our local state representatives to see if there is anything on the Legislative Agenda that could offer some relief to these folks.

In the meantime, I request that if any local homeowners have experienced these ridiculous increases in flood insurance premiums to contact me at moose[at]spreadthemustard.com (please replace the [at] with @ to cut down on spam in my mailbox). If there are enough affected folks that reach out with their horror stories, perhaps we can get some action.

Does anyone else know of anything like this?

Now this is something I can jump on the bandwagon with you!  In my opinion, flood insurance has always been out of line, compared to your run of the mill homeowner's insurance.  Personally, I'd steer clear of a home in a flood plain.  Even with regular homeowner's insurance the advice isn't to submit small claims, for if you do you run the risk of significant rate increases, or even cancellation!  There seems to be no oversight of this type of insurance. Maybe it's time there should be.