Posts Tagged ‘Flood’
What if I don’t have flood insurance and am required by law to have it?
April 18th, 2012
Question by John B: What if I don’t have flood insurance and am required by law to have it?
I bought my home not realizing I needed flood insurance until after the fact and it cost me $ 2500. The next year I coudln’t pay it and the mortage (Countrywide) placed lender placed coverage for only $ 700 for the year covering interest on loan (a lot cheaper). My house is on top a hill that would have to be a big rain to come close to flooding and hasn’t flooded in 60 years. My question is can they foreclose if I don’t fix this or each year will the just continue to use there lender placed policy which is allowing me the opportunity to stay in my home? Am bout 3 months from next insurance due date.
Best answer:
Answer by upstatecamp
No one is require to have flood insurance by law.
Your lender required it because your home is located in a flood plain, which is an area designated by the government to be prone to flooding. The lenders requirement probably only required sufficient coverage to protect their loan. You should check the insurance covenants that are part of your mortgage closing documents to confirm that is the case.
If the house was sold using a realtor, it should have been disclosed that the house is in a flood plain. Even so , that is easily determinable from the county or the internet.
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Flood Insurance: A Primer for Homeowners, Renters and Anyone Living in Coastal Areas
April 18th, 2012
Flood Insurance: A Primer for Homeowners, Renters and Anyone Living in Coastal Areas
Most Americans don’t realize that flood damage is NOT covered by standard property insurance policies. This book helps educate homeowners and renters about how to protect themselves. It’s a primer on flood insurance, covering the mechanics and details of how flood-related damages are discovered, identified, repaired, insured, litigated, negotiated and settled. Uses NFIP and FEMA insurance/risk management guidelines, standard insurance policy language, current case studies and analysis of black-letter law to give the reader a thorough understanding of this risk. And practical tips on what to do when flood waters start to rise.
List Price: $ 19.95
Price: $ 19.95
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Flood Insurance in the State of Florida?
April 1st, 2012
Question by : Flood Insurance in the State of Florida?
I am thinking of buying retirement mobile home in the Florida Keys what can I expect to pay for a basic flood Insurance policy?
Best answer:
Answer by Caveat Emptor
That depends on the coverage limits, type of house and what flood zone it is located in.
Add your own answer in the comments!
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Flood insurance suit reaches court [Skagit Valley Herald, Mount Vernon, Wash.]
March 25th, 2012
Flood insurance suit reaches court [Skagit Valley Herald, Mount Vernon, Wash.]
March 22 –A judge will hear arguments next week on whether to prevent the federal government from issuing flood insurance policies for new construction in flood-prone areas, including urban areas in Skagit County . The lawsuit, filed in US District …
Read more on Insurance News Net (press release)
Long Beach family floods after canceling insurance
"With the cost of insurance going up and up non-stop, with us being classified as a no-flood zone and the economy the way it is, the family did away with the flood insurance," Timothy said. Timothy and Casey Sartin both work at the Humane Society of …
Read more on WLOX
Flood Insurance Ban May Be Bad For Skagit County Cities
The federation's request would prevent the federal government from issuing any new flood insurance policies for construction in flood plains. However, 16 Puget Sound cities, including Burlington and Mount Vernon, agree with FEMA that such a restriction …
Read more on KGMI
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New Flood Maps Show Current Risks In Rogers County, Oklahoma
March 24th, 2012
New Flood Maps Show Current Risks In Rogers County, Oklahoma
Rogers County, Oklahoma homeowners, business and residential renters, and business owners who do not have flood insurance are encouraged to buy coverage now to get the best possible premiums before new flood insurance rate maps go into effect.
Read more on Insurance News Net (press release)
Flood-exemption repeal passes House
By GEOFF PENDER – glpender@sunherald.com JACKSON — Crisis has been averted for thousands of homeowners, lawmakers said, with Thursday's passage of a bill to fix a law that could have gotten the state kicked out of the National Flood Insurance Program.
Read more on SunHerald.com
Flood Insurance Ban May Be Bad For Skagit County Cities
The federation's request would prevent the federal government from issuing any new flood insurance policies for construction in flood plains. However, 16 Puget Sound cities, including Burlington and Mount Vernon, agree with FEMA that such a restriction …
Read more on KGMI
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Can cons who say mandating insurance is unconstitutional explain the National Flood Insurance Program?
March 24th, 2012
Question by : Can cons who say mandating insurance is unconstitutional explain the National Flood Insurance Program?
An easy example of Insurance mandated by the federal government and upheld by a conservative supreme court.
I never said EVERYONE had to have flood insurance….I was stating that federally mandated insurance IS CONSTITUTIONAL as upheld by the supreme court.
Best answer:
Answer by bevan
yes.
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Tags: CONS, explain, Flood, insurance, mandating, National, Program, unconstitutional | 
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FEMA Releases New Flood Maps for the Current Risks of Rogers County, Oklahoma
March 23rd, 2012
FEMA Releases New Flood Maps for the Current Risks of Rogers County, Oklahoma
(Source FEMA) – Rogers County, Oklahoma homeowners, business and residential renters, and business owners who do not have flood insurance are encouraged to buy coverage now to get the best possible premiums before new flood insurance rate maps go into …
Read more on LoanSafe
I.I.I. Provides Overview of Earthquake Insurance in Mexico
Coverage for other kinds of damage that may result from earthquakes, such as fire and water damage due to burst gas and water pipes, is generally provided by standard homeowners and renters insurance policies. Earthquake coverage is available in the US …
Read more on Business Review USA (press release)
Homeowners and Renters: The Value of Taking Inventory
“Creating a detailed inventory of your possessions is one the best ways to ensure you have the right amount of homeowners or renters insurance for you and your family.” Last year alone, severe weather disasters across the country inflicted more than …
Read more on Newark Post
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Flood threat rising
March 20th, 2012
Flood threat rising
Allstate Insurance Company of Canada says sewer backups account for 39 per cent of water-related claims, while more flooding has led to extensive damages to homes and properties. “Water seems to be the new fire as it is now the leading cause of …
Read more on Windsor Star
Habitat vs. development? Valley cities join in wildlife vs. FEMA case to …
Filing in the Seattle-based US District Court for Washington's Western District, the federation seeks to stop FEMA from issuing any new flood insurance policies, arguing that development in watersheds harms wildlife and violates the Endangered Species …
Read more on Snoqualmie Valley Record
NY Court Enforces Flood Insurance Policy's Proof-of-Loss Requirement
By Young Ha | March 19, 2012 A New York appeals court recently affirmed a lower court's ruling that a homeowner was not entitled to coverage under the policy from the National Flood Insurance Program because he failed to follow the proof-of-loss …
Read more on ClaimsJournal.com
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Jersey's flood insurance rating improves
March 17th, 2012
Jersey's flood insurance rating improves
"This class improvement will result in Jersey County saving each of its 105 flood insurance policy-holders in the 10- year floodplain 25 percent, or an average of $ 214 per year, on their flood insurance premiums," Cofoid said. "Since you joined the CRS …
Read more on Alton Telegraph
Home insurance is rising with the tide
But, even more frighteningly, around 200000 homes in Britain could be left uninsurable within the next three months as an agreement that ensures flood-prone properties can continue to be insured comes to an end. In fact the agreement – made between the …
Read more on The Independent
Rehberg Challenges New FEMA Flood Zones That Could Force Montana Businesses to …
Montana's Congressman, Denny Rehberg , is questioning new Federal Emergency Management Agency (FEMA) flood zoning policies that may cause some businesses in Montana to close their doors due to dramatic increases in the cost of flood insurance.
Read more on Insurance News Net (press release)
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billy mayes sells flood insurance
March 16th, 2012
billy mayes doesnt really want to help
