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So, is this law proposed and enacted without any public or private debate or discussion ? Does this new law catch homeowners by surprise and why ? Dont know but did it get thru legislature, pass, enact as quickly as any law ever ? Seems like it will change the world as the southern east coast, Florida, Gulf coast knows it.
Do earthquake fault owners have similar taxes for living on or near a major fault ? Tornado alley homeowners ?
Of course, our federal state and local govts cannot be expected to carry such a load - and this would include more than FEMA. Our (ALL OF 'EM) representatives need to be taken by the collar and showed the door. of course this OMHO.
Trouble is you can no longer get a flood insurance quote without an elevation certificate. The pre-firm houses dont have them and they cost like $500 bucks.
That depends on what zone they are in. You only need an elevation certificate if it is in a designated flood zone ("A" "AE" and "V")
Burr,
This is a federal piece of leg that Congress enacted to end the taxpayer subsidy of Flood Insurance for those living in flood-prone areas. It is/will be painful and gradually raising rates would be more palatable to those impacted than the sudden increase that's currently in place. However, the FEMA flood insurance plan has been abused by some (certainly not the majority) who keep rebuilding houses within a flood plain (think Mississippi River) and then get bailed out year after year. An article in the Sun News recently indicated that without changes, the insurance plan would be bankrupt within a few years.
Re your question on homeowners in earthquake/tornado zones...first of all they are not covered by FEMA insurance. Their insurance is through private insurance companies who bear the risk and rate accordingly...the taxpayers are not on the hook through insurance. Second, this is not a tax...it is insurance premiums which are supposed to cover the risk of loss...and for the FEMA flood insurance plan, the premiums are falling far short of the losses so the government must raise premiums to avoid having those with no risk (those taxpayers with no flood risk) bailing out an insurance plan for people who live in high risk areas.
I don't disagree that the financial pain caused by this change is significant and it should be phased in to lessen the impact. But, the reality is, it has to be done.
I looked up a couple of addresses in the area I am interested in (Market Commons) and they are listed as "low to moderate" risk. What kind of rates are we talking about for this designation? This area is on our list of potential retirement destinations, but if the rates are going to be astronomical I might have to take it off our short list. Thanks
It would be impossible to say because insurance rates vary with location, size of home, if it is on a slab or has a craw space, age of structure etc etc ... and they also vary greatly from insurance company to insurance company. I would suggest you take a home that is for sale in community in Market Common that you like (that is similar to what you are looking for) and call a local insurance company (or 2 or 3) and ask them for a quote. Although it won't be the same with the house you buy in the future, it will give an idea of what you might pay in a particular community.
I think the cost for flood insurance is set by FEMA, so all things being equal, you should get the same price no matter which agent/co you call.
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Flood insurance
