Posts Tagged ‘Flood’
What is the range in NJ for home flood insurance??
May 16th, 2012
Question by a.d.b.b: What is the range in NJ for home flood insurance??
we are buying a home we found out is definetly in a flood zone (though it has never flooded ever). Just wondering what you guys have found to be the range of flood insurance in NJ??
okay.. perhaps i didn’t clarify- I know you can get a quote but it requires you fill out all those forms and I was just wondering what people are finding to be the usual rates… that is all I need. Since we do not own the hosue yet I do not have all the info to fill out the forms or tell the guy.
Just your experiences or knowledge please in this matter… number wise
Best answer:
Answer by ernesto_tig
You don’t have to guess, go find out. The link below is for the flood insurance program; put in an address, get a quote.
***** NO FORMS REQUIRED
If you buy the house and you’re required to get a survey done, request a flood certification from the surveyor. Since he’s there already, he can kill …. you know
Good luck.
http://www.floodsmart.gov/floodsmart/pages/premiumest.jsp
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How Do you apply for FEMA flood insurance?
May 13th, 2012
Question by Sam: How Do you apply for FEMA flood insurance?
WE liv ein New Jersey, Mercer County, and we are having problems finding the application site! Can some1 show use the site please?
Best answer:
Answer by Justin
personally I’ve gone with thefloodinsuranceagency.com. It was pretty easy.
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Congress wrestles with fate of National Flood Insurance Program
May 9th, 2012
Leah Shepherd
With hurricane season approaching, Congress is weighing whether to reauthorize a federal program that partially subsidizes flood insurance for homeowners in flood-prone areas.
A U.S. Senate panel held a hearing May 9 to ponder the future of the National Flood Insurance Program (NFIP). The program is set to expire May 31, unless Congress reauthorizes it before then. Several bills have been introduced to extend NFIP funding, but none has passed. The program has received several short-term, last-minute extensions in recent years.
Sen. John Tester, D-Mont., said at the hearing that another short-term extension is likely, as he thinks federal lawmakers will be unable to pass longer-term legislation before May 31. “We’ve been down this road before, and we’ve seen how unproductive and destructive lapses of the program can be,” said Tester, chairman of the subcommittee that held the hearing.
If the program expires, coverage from NFIP no longer would be available. That means homeowners would have to pay for flood-related damages out of pocket. In addition, people who intend to buy or refinance a home in a floodplain wouldn’t be able to do so.
Standard home insurance policies usually do not cover losses from flooding. There’s a 26 percent chance of being hit by a flood during the life of a 30-year mortgage in areas that are a high risk of flooding, according to NFIP. Flood damage to cars may be covered by auto insurance, but only if you have optional comprehensive coverage.
Reauthorization and reform
Todd Klietz, a floodplain administrator from Montana, urged lawmakers to reauthorize the program — with some reforms — to encourage property owners to make improvements to reduce the risk of flood damage.
“The American taxpayer is increasingly unwilling to provide financial support for those who have time and time again received handouts post-flood who then do absolutely nothing to prevent future damages, as they know Uncle Sam will be there — check in hand — to quite literally bail them out again,” Klietz said.
David Sampson, CEO of the Property Casualty Insurers Association of America, a trade group, also advocated for reauthorization as long as the program is revamped.
“The NFIP is both statutorily unable to charge adequate rates and often unwilling to raise prices by even the amount they are allowed, despite their massive accumulated debt. … The NFIP is fiscally unsustainable in its current path and must be reformed,” Sampson said in his testimony.
The history of NFIP
According to the U.S. Government Accountability Office, NFIP owes $ 18.5 billion to the federal government.
Congress established NFIP in 1968 to allow homeowners, renters and business owners to buy insurance from the government to protect themselves against flood losses.
The Federal Emergency Management Agency (FEMA) administers the program. Participating communities agree to adopt and enforce a floodplain management ordinance to reduce flood risks, and the federal government makes flood insurance available to residents. NFIP paid $ 709 million in flood insurance claims to homeowners, renters and business owners in 2010.
Federal subsidies
Some policyholders receive government subsidies on their flood insurance premiums; others do not. In the Senate bill that the banking committee approved last year, government subsidies would end for commercial buildings, second and vacation homes, homes with frequent or significant flood damage.
Sampson favors ending government subsidies for NFIP, which would dramatically raise consumers’ insurance premiums.
“Government insurance subsidies can create a moral hazard by encouraging overbuilding and discouraging consumer risk mitigation. This results in greater ultimate costs to taxpayers,” he said.
Jon Jensen, government affairs chairman for the Independent Insurance Agents and Brokers of America trade group, agreed: “Subsidized properties experience as much as five times more flood damage than structures that are charged full-risk rates. Customers that are paying a full actuarial rate have a vested interest to take measures to reduce the economic damages associated with floods.”
The average flood insurance policy costs $ 600 a year, according to NFIP.
Sarah Murdock, senior policy adviser for the Nature Conservancy, a nonprofit environmental organization, said at the congressional hearing that the subsidies promote building in coastal zones and floodplains, contributing to destruction of ecosystems that provide “a natural defense” for people and property.
The cost of gaps and delays
Gaps or delays in reauthorizing NFIP create extra costs, uncertainty and bureaucracy for homeowners and the housing market.
“Gaps in flood insurance coverage cause significant disruption in the housing markets. Homebuyers in flood zones with a federally backed mortgage are required to purchase flood coverage before the property can be closed on,” Sampson said.
In addition to NFIP, some private insurers offer flood insurance, but that option may not be available in flood-prone areas where coverage is needed most. Fourteen percent of American homeowners had flood insurance in 2011, up from 10 percent the year before, according to the nonprofit Insurance Information Institute.
“Just because most of the United States had dry and mild winter weather doesn’t mean flood risks have altogether disappeared,” says Michael Barry, a spokesman for the Insurance Information Institute. “Largely due to the limited winter snowfall, for the first time in four years, no area of the country faces in 2012 a high risk of major to record spring flooding, according to the federal government. But some states have still been deemed as being at above-normal risk of flooding.”
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what is definition of lowest adjacent grade in reference to flood insurance?
May 7th, 2012
Question by Mr Yankee: what is definition of lowest adjacent grade in reference to flood insurance?
I am trying to get a LOMA. My surveryor states that if my corner elevations are raised than I would qualify. If I add a flower bed next to my house is the soil in the flower bed considered the grade or the 4 by 4 adjacent to house?
Is a border of belgium blocks on driveway next to house considered adjacent grade?
Best answer:
Answer by Caveat Emptor
The adjacent grade is the natural ground elevation touching the structure – not something artificially “boosted.”
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Hagens Berman: Lawsuit Filed Against JPMorgan Chase Over Force-Placed Flood …
May 6th, 2012
Hagens Berman: Lawsuit Filed Against JPMorgan Chase Over Force-Placed Flood …
The plaintiff alleges Chase illegally charged homeowners for inferior and often unnecessary flood insurance at premium rates nearly 10 times the market rate for similar policies. The lawsuit was filed in the United States District Court for the …
Read more on MarketWatch (press release)
INSURANCE TIMEBOMB FOR FLOOD RISK HOMES
By Jon Coates MILLIONS of families living in flood risk areas are facing a timebomb of soaring insurance bills from next summer. About 200000 homeowners in the worst-affected communities may struggle to get insurance or have to pay thousands of pounds …
Read more on Express.co.uk
Fitch Ratings : uncertainty remains on availability of flood insurance
The end of the government and insurance industry's Statement of Principles (SoP) agreement to provide insurance in high flood risk areas in June 2013 may prove positive for the UK insurance industry, Fitch Ratings says. Although potentially problematic …
Read more on News-Insurances (press release)
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The Flood Levy
May 5th, 2012
From now on, flood insurance will be mandatory in all insurance policies. But this still will not take effect for a few years yet. So the people affected by the latest floods might not have insurance.
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Are all houses in flood zones eligible to be covered by federal flood insurance?
May 2nd, 2012
Question by itsjunglepat: Are all houses in flood zones eligible to be covered by federal flood insurance?
And if not, is there a way to know other than calling?
Best answer:
Answer by acermill
Yes, they are eligible. In fact, if you have a mortgage on the property, such insurance is a requirement.
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Wait, Nashville flood insurance is too expensive so the government needs to intervene and help out?
April 28th, 2012
Question by Michael Scarn: Wait, Nashville flood insurance is too expensive so the government needs to intervene and help out?
I seem to remember a movie about a healthcare bill.
Best answer:
Answer by katmandu_85219
There is no private flood insurance, its a government program only.
The government sets the price for flood insurance.
A flood is too catastrophic for private companies.
All flood insurance is through the government, thats why its
so hard to claim on. You gotta jump through hoops for the gov’t.
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Tags: expensive, Flood, government, Help, insurance, intervene, Nashville, Needs, wait | 
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Would having home insurance and flood insurance reduce my property tax?
April 25th, 2012
Question by Ron Paul 2012!: Would having home insurance and flood insurance reduce my property tax?
what else can I do to lower my taxes? Security and fire system?
Best answer:
Answer by tro
no
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I purchased my 1st home on June 29. I had to have flood insurance before I could close, we used state farm,?
April 20th, 2012
Question by rebecca c: I purchased my 1st home on June 29. I had to have flood insurance before I could close, we used state farm,?
whom we have our homeowners, auto, & windinsurance through. We closed on June 29th, moved into our home. Now today we received a letter from state farm stating that we regret to inform that we cannot issue the policy as requested. WE have not received minimum premium as required by the national flood insurance program..what does this mean?? What do we do? I live 16 miles from the Gulf Of Mexico, near Galveston, TX.
Best answer:
Answer by HG2003
It means that your mortgage company never paid your flood insurance for the full year when they received escrow from you. You need to call your mortgage company and tell them to pay asap or you’ll get cancelled. You have at least 20 days from the date of that letter to actually pay it.
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