Saying goodbye to government subsidized flood insurance...flood insureance that once cost $2,700 annually will be $26,000 annually.
WOWZA!
There is nothing, I believe, to prevent homeowners from staying in place and just elevating their homes above the food level. Such is the case along the coastal areas of Southern Gulf states, I have seen. This makes the ground level floor a sacrificial area (goodbye vehicles) but saves the upper floors and belongings. I guess you could park a boat alongside the vehicles for when it floods!
WOO HOO!
Now let’s stop wasting taxpayer dollars replenishing beach sand!
Subsidize something, and you get more of it.
Someone could make a fortune building floating carport docks! Risin’ tide and all dat!
Taxpayers should not subsidise flood insurance. Their current insurance should pay them, but they should move out of the flood zone.
To paraphrase Sam Kinison; Move to where the water isn’t.
Mortgagees require flood insurance based on location and not how high a home is elevated. It will kill values.
It was a bad program to begin with; it is why FL coastal areas are crowded with homes.
I just wish equal devastation was visited on the source of our national decline, Washington DC.
I’m in California and due to FEMA changing their maps in our area, I was required by my mortgage lender to get flood insurance last year— TO HELP PAY FOR DAMAGE BEING DONE IN OTHER PARTS OF THE COUNTRY for sure. I was quoted as high as $2,200.00 for one year- 300K- $5,000 deductible or maybe it was more. Since I don’t owe that much on my mortgage, the lender allowed me to lower my coverage to my mortgage amount, still costing me around 500.00.
This year I was required to obtain an elevation certificate through a surveyor costing another $500.00, BUT the best thing to happen to me. The survey showed that my house structure was below the flood zone by several inches and now FEMA is supposed to exempt me and even get my premium back from last year. We will see- process just started.
Now, Missouri had the largest earthquake in this country. Earthquake insurance should be required by all mortgage lenders in the country!(/Sarc partly off)
I live on a hill, I only need quake and tornado insurance....
If I lived “In a Hill” I would only need quake insurance....
Owning an Insurance friendly Hobbit Hole is my dream retirement home...
In flood zones V new construction and repairs and renovations which trigger those standards via $$$ value do have to have breakaway construction on the ground level. Which means living space can not be at that level.
Gulf and East Coast water front housing just went WAY down in value.
I’m on a hill overlooking a lake in east Texas. My house is over 65 feet above the top of the dam. A meteor would have to hit the Gulf for my house to flood... And I bought that way on purpose.