Flood Insurance

[tonerrrr]

Anyone here own a home in a flood zone?

My flood insurance premium went from $400 to $1500 here in FL. :hitler: Is this typical/possible? I'm waiting on a call back from them now to explain... My home value is only around $120k.

Also, this can probably get political so I'd like to hear if this has happened to anyone else/cases rather than the typical "thanks Obama" post.

Thoughts?

[wikkid]

Flood insurance is thru FEMA. There's a pretty low limit of payout for a claim, but it sounds as if your house value would be covered.
Not sure why the premiums would jump like that, as I thought that FEMA would be regulated in that regard.
Private flood insurance: no carriers want to offer it any more (at least in coastal areas of NJ, NY Long Island, and Florida). Up here we see mega-houses insured for big $$$ thru Lloyd's of London.

[Farbin Kaiber]

My backyards northernmost property line is a river. Yes, I know flood insurance. Stupid government racket that regardless of policy or property value, will only cover $250,000. Stupidest thing ever to put flood insurance under the umbrella of FEMA.

[tonerrrr]

Damn, so you guys are at a comparable premium/coverage then? Did it increase a crap ton since Sandy?

I do know one thing, I'm selling in a year or two and moving into a non flood zone. I don't like the idea of getting bent over X percent more per year or whatever they want to charge.

[tonerrrr]

Got the call back. Turns out the idiot who used to work there misquoted me and when it got to Fema they "corrected it". While flood insurance has gone up, I wasn't supposed to be at $400. When I first moved into the house a few years ago it was $800.

Apparently flood insurance is all directly tied to Fema anyway like you said. There is no shopping around for a better rate, it is what it is unfortunately.