Author Topic: 2012 Biggert-Waters Flood Insurance Reform Act  (Read 1210 times)

MKinVA

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2012 Biggert-Waters Flood Insurance Reform Act
« on: April 04, 2014, 09:04:43 AM »
A little editorial article from Roanoke, Va newspaper for those concerned about the FEMA map changes and increases in insurance.
http://www.roanoke.com/opinion/editorials/our-view-paying-a-fortune-on-flooding/article_feb878f6-bb6f-11e3-a933-001a4bcf6878.html


Milspecstache

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Re: 2012 Biggert-Waters Flood Insurance Reform Act
« Reply #1 on: April 04, 2014, 11:17:21 AM »
Thanks for the link!!  I have been trying to figure out why my flood insurance went up so much on one of my rentals...

My current house (that I built) was placed into a flood zone which means my original hope of refinancing went down the pipe as I have no desire to pay flood insurance on a second house.  Already my plan is to pay off the rental asap and cancel.

In both cases a corner of the property falls into the flood plain (100yr or something) so lenders force me to insure the whole house.  On the rental the cost is about 0.5% of the value of the house.  Far too much for the probability that a flood would actually happen and damage the house.

TrulyStashin

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Re: 2012 Biggert-Waters Flood Insurance Reform Act
« Reply #2 on: April 04, 2014, 01:29:06 PM »
We will reach a point where we have to begin funding buy-outs and relocations.  Setting the criteria for who gets the buy out will be a tricky business but the editorial is right -- certain structures simply should not be where they are and the cost to taxpayers is already out of bounds.  Those who refuse the buy-out can stay but should get no subsidies on flood insurance or other government assistance.

Disclosure -- I've survived two floods and my house was bought out through FEMA's Hazard Mitigation Grant program.  That was the best option for all involved and that program needs to be expanded to buy-out and  bulldoze repreat-flood properties.