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Started By
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Flood insurance rate increases
Posted on 3/18/15 at 11:34 am
Posted on 3/18/15 at 11:34 am
Just paid my flood insurance and it just about doubled from last years bill. Went from $375 to $655 
Just wanted to see if everyone else is experiencing a similar rate increase.
Just wanted to see if everyone else is experiencing a similar rate increase. 
6
Posted on 3/18/15 at 11:43 am to bayoudude
I don't renew until August but was told to expect an increase. I currently pay just over $400 so I wonder if I see a similar increase.
Posted on 3/18/15 at 12:00 pm to bayoudude
My dad just got his and the samething. He called his ins company and they got in touch with FEMA. They said it was a mistake. Apparently letters were suppose to go out asking to confirm if it is your primary residence. My dad never got his. So FEMA defaulted to it not being his primary residence. Which adds $250 to your flood ins. So they are resending his letter so he can confirm its his primary residence. So it sounds like that this was a glitch in the FEMA system and none of the verification letters got sent out. So I would call your agent to have them get in touch with FEMA.
Posted on 3/18/15 at 4:15 pm to bayoudude
I received the same letter. Signed it with copy of my license and sent it to my insurance agent. I still got a bill for $250 higher. I called the flood insurance company (not my agent). The guy let me email the signed form to them. He adjusted the balance and I paid right then and there.
Posted on 3/18/15 at 4:29 pm to bayoudude
quote:
Just paid my flood insurance and it just about doubled from last years bill. Went from $375 to $655 Just wanted to see if everyone else is experiencing a similar rate increase.
One of the many hidden taxes from our Federal Government. It was a racket when I paid. When they last expanded the flood area my neighbor was considered out of the flood plain and I was in. My house was clearly higher than his. I figured they must need more people paying so all those people could live around New Orleans.
It is a tax plain and simple. It is also a subsidy for folks to be able to live in a flood prone area.
Posted on 3/18/15 at 6:33 pm to bayoudude
NFIP is a complete clusterfrick. They said there was a glitch in there system and over half of the policies serviced through NFIP are not receiving the proof of residency letters, resulting in increases of $250 in flood premiums ($250 surcharge on all flood policies not written on primary residences).
Most people won't notice since mortgage companies pay the premiums. They'll notice it when their Escrow rebalanced though.
If this happened to you, call your agent to correct it.
Most people won't notice since mortgage companies pay the premiums. They'll notice it when their Escrow rebalanced though.
If this happened to you, call your agent to correct it.
This post was edited on 3/18/15 at 6:36 pm
Posted on 3/19/15 at 1:58 pm to bayoudude
quote:
bayoudude
quote:
Just paid my flood insurance and it just about doubled from last years bill. Went from $375 to $655 Just wanted to see if everyone else is experiencing a similar rate increase.
Look for 20-25% increases this year across the board, and continuing increases moving forward. Eventually people will stop buying homes below BFE, which means developers will either build neighborhoods up, mitigate them beforehand entirely, or stop developing in flood-prone areas.
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