re: Buying Home - Potential Flood Insurance Worries

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NOLAGreg

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When the maps change in the future they are getting better for the most part within the protective levee system. Check to see If the flood quote is reasonable now (make sure it is quoted using a flood elevation) and then ask the insurance agent what the future map will be at that location. The new maps (not in affect yet) can be found at riskmap6.com Doing this should take out most uncertainty out about current and future prices.

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FedGov will soon stop subsidizing the National Flood Insurance Program (NFIP). Once this happens, look for 20-25% across the board rate hikes. Before the insurance agents jump me, I'll admit I know little about the insurance industry.

But I know the folks who are heavily involved. It's gonna happen. Be very careful with flood policies. Also don't trust a "projected" elevation certificate as these are often done by friendly engineers when developers on new properties want to save money on temporary flood policies.