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Posted on 10/8/21 at 8:49 pm to BallsEleven
quote:
Texas or Arkansas for me if that happens.
Be careful where you move in Texas. The Houston area floods every time it rains. We lived in Katy in Flood Zone X in 2017 for Hurricane Harvey and flooded there. We lived there for 20 years and never even had water in the street before then. And of course, we had no flood insurance at the time.
Posted on 3/24/22 at 4:16 pm to lafloodcert
Moving to Lafayette in the next month or so. Does anyone have any insight about flood insurance pricing for Flood Zone X or AE in the Lafayette areas?
As I understand it, 2.0 is individually assessed - which if I'm wrong please school me. I'm really just looking for any insight to prepare myself for this cost as I'm looking for houses.
As I understand it, 2.0 is individually assessed - which if I'm wrong please school me. I'm really just looking for any insight to prepare myself for this cost as I'm looking for houses.
Posted on 3/24/22 at 4:29 pm to bmela12
We live in an X zone and the property’s never flooded, but we’re on a lake. I think proximity to water is a greater factor now than flood zone. We’ve been quoted $2300 for 1800 sq ft. I’d contact an insurance agent in the area for quotes on specific properties.
Posted on 3/24/22 at 5:05 pm to Tiger in the Sticks
Just got my renewal notice in. It increase a little over $100, so about $700 total. This reflects the aforementioned 18%/year max increase. We're in zone X. There is a note that this reflects the new pricing methodology for Risk Rating 2.0 Phase II Renewals.
How is everyone else doing with this?
How is everyone else doing with this?
This post was edited on 3/24/22 at 5:07 pm
Posted on 3/25/22 at 6:04 am to meeple
Bump for the day crew
Posted on 3/25/22 at 6:12 am to dukesilver72
quote:
t's limited to an 18% increase per year (still too much).
That’ll be less than inflation. We should welcome it.
Posted on 3/25/22 at 6:16 am to meeple
Mine went up $200. $1148 to $1348. 3500 sqft on the water
This post was edited on 3/25/22 at 6:17 am
Posted on 3/25/22 at 6:26 am to meeple
quote:
Just got my renewal notice in. It increase a little over $100, so about $700 total. This reflects the aforementioned 18%/year max increase. We're in zone X. There is a note that this reflects the new pricing methodology for Risk Rating 2.0 Phase II Renewals.
How is everyone else doing with this?
Same zone and numbers as you. Gonna pay it even though this property has never flooded. Can’t risk it for that price. Hoping it doesn’t do this every year. Like always, following the rules and getting screwed by it.
Posted on 3/25/22 at 6:29 am to OldHickory
I need to check into this. I’m an X flood zone that doesn’t flood, but just being in S. LA makes me always want to have flood insurance. Hopefully ours isn’t increasing much.
Posted on 3/25/22 at 6:30 am to OldHickory
quote:
quote:
Just got my renewal notice in. It increase a little over $100, so about $700 total. This reflects the aforementioned 18%/year max increase. We're in zone X. There is a note that this reflects the new pricing methodology for Risk Rating 2.0 Phase II Renewals.
How is everyone else doing with this?
Same zone and numbers as you. Gonna pay it even though this property has never flooded. Can’t risk it for that price. Hoping it doesn’t do this every year. Like always, following the rules and getting screwed by it.
Lose your house without flood insurance and tell me that $700 isn’t worth it. Best money that no one spends. I’ll never not have it again.
Posted on 3/25/22 at 6:34 am to OldHickory
quote:
Hoping it doesn’t do this every year.
It’ll be 18% every year until you reach the new rate.
Posted on 3/25/22 at 6:55 am to Finnish
quote:
It’ll be 18% every year until you reach the new rate.
Is there any way to find out what the new rate is or will be?
ETA I'm talking about the "final" premium amount when the government will stop increasing my premium 18% max each year.
This post was edited on 3/25/22 at 6:58 am
Posted on 3/25/22 at 7:15 am to lafloodcert
So FEMA just announced their first grant for IDA victims. I found it interesting that to be eligible, you had to be enrolled in NFIP at he time of loss, but did not have to experience a flood loss to be eligible (although the home has to be “substantially damaged” from any peril if not repeated flood damage).
The catch is that if you receive the grant, the property has to be enrolled in the NFIP for the life of the property. The qualified expenditures of the grant are largely flood mitigation, so presumably the flood risk should be reduced. So by the way the program is written, they will basically create a federal tax that runs with the property rather than the insured, and they have invested in that property not flooding. The overall program in LA has $40M in funding, so I suspect these grants won’t go very far. And most don’t know what their new premium is even going to be
Look for more free money to be handed out with stipulations like this that guarantee a premium base
The catch is that if you receive the grant, the property has to be enrolled in the NFIP for the life of the property. The qualified expenditures of the grant are largely flood mitigation, so presumably the flood risk should be reduced. So by the way the program is written, they will basically create a federal tax that runs with the property rather than the insured, and they have invested in that property not flooding. The overall program in LA has $40M in funding, so I suspect these grants won’t go very far. And most don’t know what their new premium is even going to be
Look for more free money to be handed out with stipulations like this that guarantee a premium base
Posted on 5/2/22 at 10:15 am to OceanMan
Bumping to see if anyone has seen their rate increase 18% this year.
Anyone in zone X electing NOT to renew?
Anyone in zone X electing NOT to renew?
Posted on 5/2/22 at 10:35 am to rondo
quote:
I was always told that if you carry flood insurance when you don't need it, you are granfathered in at that price even if they rezone you.
Based on my personal experience this is not true. My house was rezoned several years ago. My policy slowly went from $250 per year when I was zone x to over $3,000 a year for Zone A.
With Risk 2.0 my policy is now around $800 per year.
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