The problem there is that the national flood insurance program heavily subsidizes flood insurance and artificially drives down the cost of living in a flood zone.
Depends where your “flood zone” is… If your coastal you get heavy subsidies, if your inland (barring being near some large rivers and lakes) you are subsidizing the coast.
I have to pay flood insurance for a dry brook that hasn’t flooded in its history. It costs over $1,200 a year for my 160k house. If I could get private flood insurance the cost would be 2 to 300, possibly even less.
You may be able to dispute that. I had a similar requirement, and it turns out the maps they based their decisions on were very out of date. I live on a hill that even a 30 foot swell wouldn’t touch. It took a while,and we had to work with the state emergency agency, but we were able to remove the requirement.
Yeah, there is a whole LOMA (Letter of Map Adjustment) process. However it’s super confusing, and I am 95% sure I will have to hire a land surveyor for 1-2k to get it done, due to no recent maps of the area.
If lenders require insurance, and insurers won’t cover it, shouldn’t it stop happening anyway?
The problem there is that the national flood insurance program heavily subsidizes flood insurance and artificially drives down the cost of living in a flood zone.
Depends where your “flood zone” is… If your coastal you get heavy subsidies, if your inland (barring being near some large rivers and lakes) you are subsidizing the coast.
I have to pay flood insurance for a dry brook that hasn’t flooded in its history. It costs over $1,200 a year for my 160k house. If I could get private flood insurance the cost would be 2 to 300, possibly even less.
You may be able to dispute that. I had a similar requirement, and it turns out the maps they based their decisions on were very out of date. I live on a hill that even a 30 foot swell wouldn’t touch. It took a while,and we had to work with the state emergency agency, but we were able to remove the requirement.
Yeah, there is a whole LOMA (Letter of Map Adjustment) process. However it’s super confusing, and I am 95% sure I will have to hire a land surveyor for 1-2k to get it done, due to no recent maps of the area.