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5.13.14 Update In OP: Flood Insurance Question Help
Posted on 5/7/14 at 2:39 pm
Posted on 5/7/14 at 2:39 pm
Update: Insurance company called this morning and wanted to let me know about some great news! Effective May 1st all rates are going back to Pre-FIRM so my rate will go back to the subsidized rate when I renew in November.
I told the girl I had called earlier and asked about it with someone else. And then I asked about getting a refund for the difference of our increased rate for this past year. She didn't know anything about that and was amazed that I knew so much about it and she asked how I knew. So I let her know about the law that was recently passed and said she should probably look into that before she makes anymore calls. (She said I was the first person she called.)
Shouldn't insurance companies be more aware of legislation and how it will affect their customers?
------------------------------------------
I'm going to try to keep this condensed, and all help/opinions are welcome.
My wife and I bought our home in November 2012. We took out a loan for $140,000 and bought flood insurance for up to that amount because it was mandated by the loan company. We paid about $1200
When our policy renewed in November 2013 we had to get an elevation certificate. Our elevation is 2.9 feet and the Base Flood Elevation is 3.0 feet. The rate jumped to $3600.
This is all because of the Biggert-Waters Act and because we purchased our house after July 2012.
I called my flood insurance company today to ask if our premiums would be reduced due to the NFIP and was told that due to my house being below BFE that my rates would not be reduced.
This isn't a debate on if I was stupid to buy this house without looking into this first because honestly it's not really up or debate. Nor on how horrible it is to have subsidies on flood insurance or anything else.
I just want to know if anyone has any knowledge on if I really am not affected by the new law because of my BFE.
I told the girl I had called earlier and asked about it with someone else. And then I asked about getting a refund for the difference of our increased rate for this past year. She didn't know anything about that and was amazed that I knew so much about it and she asked how I knew. So I let her know about the law that was recently passed and said she should probably look into that before she makes anymore calls. (She said I was the first person she called.)
Shouldn't insurance companies be more aware of legislation and how it will affect their customers?
------------------------------------------
I'm going to try to keep this condensed, and all help/opinions are welcome.
My wife and I bought our home in November 2012. We took out a loan for $140,000 and bought flood insurance for up to that amount because it was mandated by the loan company. We paid about $1200
When our policy renewed in November 2013 we had to get an elevation certificate. Our elevation is 2.9 feet and the Base Flood Elevation is 3.0 feet. The rate jumped to $3600.
This is all because of the Biggert-Waters Act and because we purchased our house after July 2012.
I called my flood insurance company today to ask if our premiums would be reduced due to the NFIP and was told that due to my house being below BFE that my rates would not be reduced.
This isn't a debate on if I was stupid to buy this house without looking into this first because honestly it's not really up or debate. Nor on how horrible it is to have subsidies on flood insurance or anything else.
I just want to know if anyone has any knowledge on if I really am not affected by the new law because of my BFE.
This post was edited on 5/13/14 at 9:48 am
5
Posted on 5/7/14 at 2:56 pm to SLafourche07
The new law (Grimm-Watters) repealed most of BW. You should be retroactively refunded for the premium increase and elevation certificates are no longer applicable for BW triggers.
Posted on 5/7/14 at 3:01 pm to Paul Allen
That's what I thought. I was hoping I wouldn't have to argue with the insurance company, but such is life.
Posted on 5/7/14 at 3:06 pm to SLafourche07
What Paul Allen said, assuming house was built before 1973.
Posted on 5/7/14 at 3:13 pm to Buck Dancer
House was built in 1978. What's the deal with 1973? I don't mind if purchasing flood insurance is mandatory if I have a loan. I'm just trying to get it back closer to where it was the first year I lived in the house.
Posted on 5/7/14 at 3:34 pm to SLafourche07
1973 was when the first flood maps came out for most of Louisiana. Therefore, everything after was required to be built at base flood and have elevation certificated. Due to the law being delayed you can expect the rates to go up again in 2016.
I am curious as to why your premium is that high if you are at base flood. It should be much less, especially for 140,000 worth of coverage. I'd expect it hasn't been rated with an elevation certificate.
I am curious as to why your premium is that high if you are at base flood. It should be much less, especially for 140,000 worth of coverage. I'd expect it hasn't been rated with an elevation certificate.
This post was edited on 5/7/14 at 3:35 pm
Posted on 5/7/14 at 3:42 pm to Shadowlink
I'm actually an inch or so below Base Flood Elevation and that is why the insurance company said my rates would not go back down.
Posted on 5/7/14 at 3:54 pm to SLafourche07
quote:
Our elevation is 2.9 feet and the Base Flood Elevation is 3.0 feet
If this is true. You would be at base flood. Flood insurance rounds to the nearest foot.
You are either getting rated as a -1 or somehow have been rated as pre-firm.
Posted on 5/7/14 at 4:11 pm to Shadowlink
Good to know. Thank you!
Posted on 5/7/14 at 7:34 pm to SLafourche07
Not sure of your location but what are the odds of having a total loss from a flood? That 140 includes the lot. If it flooded tomorrow, the lot shouldn't disappear into the gulf. Have you though about dropping the coverage down a bit?
Also, the NFIP (FEMA) is who your insurance is through. Your insurance company is just there to write the policy and try to answer questions the best way they know how. In the end, The NFIP are the ones with the final say and just like all other government programs, there is a lot of waste and money given to the un deserving and people like you and me foot the bill. I had the unfortunate privilege of having to deal with these arse clowns and I pray that you don't have a flood and have to go through that. The flood or NFIP
Also, the NFIP (FEMA) is who your insurance is through. Your insurance company is just there to write the policy and try to answer questions the best way they know how. In the end, The NFIP are the ones with the final say and just like all other government programs, there is a lot of waste and money given to the un deserving and people like you and me foot the bill. I had the unfortunate privilege of having to deal with these arse clowns and I pray that you don't have a flood and have to go through that. The flood or NFIP
Posted on 5/7/14 at 9:14 pm to coonass27
You need to get a new flood agent, and a new certificate. There must be a 1 ft freeboard requirement or something is rating you low. It is dependent on your zone, but you are getting screwed. No way $140k of coverage should cost that. Do you have a forced place coverage? There are a lot of different things that come into play, but you can go here LINK
to check your actual zone if you are in La. You also need to be aware that any mechanical below the house is also effecting your rating, so elevate all your units, etc. I would need to see your elevation cert,you may not be reading it correctly. Not many people do. I make surveyors change them all the time. They give the wrong diagrams, etc. If what you say is true, you need to find that inch.
to check your actual zone if you are in La. You also need to be aware that any mechanical below the house is also effecting your rating, so elevate all your units, etc. I would need to see your elevation cert,you may not be reading it correctly. Not many people do. I make surveyors change them all the time. They give the wrong diagrams, etc. If what you say is true, you need to find that inch.
Posted on 5/7/14 at 9:43 pm to SLafourche07
I do not live in a flood zone but the Homeowner Flood Insurance Affordability Act passed with a resounding yes. Even if it didn't, I don't see how you are paying so much on that amount.
Posted on 5/7/14 at 10:35 pm to SLafourche07
I would find out if the person that surveyed the property and provided the flood certificate used historic landmarks or if they used a landmark obtained by gis or whatever it is called(satellite). I ran into this situation. The neighborhood I lived in was built in 2002-2004. The houses were built a foot above base flood elevation using landmarks in the neighborhood, which were derived from the historic landmarks.
After the house was built, the new FEMA flood maps put the house in AE flood zone, and the house was now at Base flood elevation. When I went to sell the house this past November, When the buyers got the flood elevation certificate, the surveyor used the gis elevation benchmark and it put me 1 foot below base flood elevation. Apparently the parish decided that the old landmarks were not good any longer and require the surveyors to only be able to use a handful of older landmarks and otherwise use the satellite elevations, which dropped my elevation a foot. So, the house went from being built in 2003 at 1 foot above base flood elevation to 1 foot below base flood elevation. Luckily, I was able to hire a surveyor who was familiar with the area who came back and shot the elevation using the neighborhood benchmarks, which put me back at base flood elevation or eels I probably would not have been able to sell my house. Good luck dealing with FEMA.
After the house was built, the new FEMA flood maps put the house in AE flood zone, and the house was now at Base flood elevation. When I went to sell the house this past November, When the buyers got the flood elevation certificate, the surveyor used the gis elevation benchmark and it put me 1 foot below base flood elevation. Apparently the parish decided that the old landmarks were not good any longer and require the surveyors to only be able to use a handful of older landmarks and otherwise use the satellite elevations, which dropped my elevation a foot. So, the house went from being built in 2003 at 1 foot above base flood elevation to 1 foot below base flood elevation. Luckily, I was able to hire a surveyor who was familiar with the area who came back and shot the elevation using the neighborhood benchmarks, which put me back at base flood elevation or eels I probably would not have been able to sell my house. Good luck dealing with FEMA.
Posted on 5/13/14 at 9:48 am to lsualum01
Update in OP
Posted on 5/13/14 at 3:58 pm to SLafourche07
quote:
Shouldn't insurance companies be more aware of legislation and how it will affect their customers?
They are aware. Conveying the message to the insured is a whole different story.
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