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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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Month: December 2016
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 … |