Ask your Insurance questions on Harvey here?
Is flood insurance too expensive?
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Is flood insurance too expensive?
The news has routinely profiled homeowners bemoaning the costs of flood insurance or citing annual premiums that are certainly cringe-worthy.
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Justices uphold Katrina fraud verdict against State Farm
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Justices uphold Katrina fraud verdict against State Farm
More importantly, their case gave rise to other claims that Illinois-based State Farm defrauded the National Flood Insurance Program. Last year …
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No Base Flood Elevation, What to do?
No Base Flood Elevation, What to do?
Recently, we helped a client who’s property was 1996 feet in elevation, yet was deemed in a flood zone after a torrential rain fall in the early 2000’s. Homes in the area were built allegedly to FEMA specs but after research there were minimal flood openings in the new home and it resides in a hilly area. What made this even more complicated was the fact that no Base Flood Elevation existed. As a result Section E of the flood elevation certificate had to be completed.
HAG and LAG
It is critical when your surveyor or engineer does this they understand the terms Highest Adjacent Grade (HAG) and Lowest Adjacent Grade (LAG). These terms are often misinterpreted and can end up leaving you below grade if incorrectly documented on the elevation certificate. When submitted for a flood quote you will get a rate that is totally excessive.
On the positive, completing section E gives you a little more leverage to work with your surveyor on getting the proper measurement to obtain a lower flood insurance rate.
See these helpful links. Elevation Certificates Short Course
FEMA Deadline for Louisiana Flood
As predicted Deadline extended 60 days
| FEMA Extends Deadline For Louisiana Flood Victims Another 60 Days
As we have noted in previous posts, flood insurance policyholders have deadlines they must comply with to ensure full and fair payments from their … |
Flood Insurance in Long Island Can Keep the Property Safe
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Flood Insurance in Long Island Can Keep the Property Safe
Natural calamities like a flood can potentially damage the property to a great extent, and without any coverage, it is hard to get life back on track.
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Petition seeks more time to file Hurricane Matthew-related flood insurance claims
Flood Insurance Claim Deadlines should extend..Similar to Sandy and other storms it should be expected that deadlines to file flood claims post Matthew will be extended. Given the devastation and that people may just be returning to their homes now it is reasonable to expect this. Even if you aren’t sure you have claim, you should make a claim now. Water damage from flooding often goes undetected and shows up later in time.
Petition seeks more time to file Hurricane Matthew-related flood insurance claimsA plaintiffs attorney has launched a petition drive urging the Federal Emergency Management Agency to extend the deadline for homeowners to …
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Flood Maps Changing Saga continues
Flood Maps Changing Saga continues
Today it was announced in Tennessee that Flood maps will be updated, thousands will be impacted see article below and other articles on how to navigate the storm.
Tennessee Announced today
Thousands may need flood insurance under new FEMA maps
Thousands of property owners may have to purchase flood insurance policies for the first time. Mortgage companies typically require coverage if a …
Flood Insurance Maps Are Changing!
Flood Insurance Maps Are Changing!
As FEMA releases new flood maps thousands of homeowners will now zoned in flood areas. Some never thought they would be in a flood zone, but 100 year storm analysis shows they could, can and mostly like will be hit by a flood at some point in time. Many homeowners feel this is unfair because they never had a flood and if they have a mortgage, they will now be required to purchase flood insurance.
Below are links to stories of some of the most recent changes. The following considerations should be made by these towns when building new, first is to build more than just 2 feet above the base flood elevation. This will ensure long term protection an lower flood insurance rates. Second new permits for additions and updates to homes should have flood proofing considerations.
For homeowners the key thing is to be grandfathered into the flood insurance program to get lower flood insurance rates. Suggest getting a policy now. Consider higher deductibles to lower the cost and if you are skeptical then obtain an elevation certificate which may show your main floor well above the Base Flood Elevation (BFE)
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Diaz-Balart urges FEMA to adopt new flood maps
The current flood maps zoned Clewiston into a higher risk flood zone, crippling the community with much higher flood insurance premiums. In early …
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Changes coming to FEMA maps for flooding in Norfolk
NORFOLK, Va. (WAVY) — Flood maps have been redrawn for the City of Norfolk. So, do you need to buy flood insurance? FEMA has given Norfolk …
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Changes coming to Norfolk flood insurance rate maps
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Changes coming to Norfolk flood insurance rate maps
(AP) – Norfolk officials are urging residents to take notice of proposed changes to federal flood insurance rate maps in the wake of Hurricane Matthew.
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