Flood insurance - subsidized premium rates eliminated
Original post made by Julia on Sep 25, 2013
It says that my existing flood insurance policy will not be renewed because NFIP subsidized premium rates are eliminated and I will need to pay full risk premium rate (plus provide an elevation certificate, photographs of the building).
I have lived in this house for 8+ years and always had flood insurance and it just seems strange that now I have to go through all this. Has anyone received similar notices?
on Sep 25, 2013 at 6:14 pm
>It says that my existing flood insurance policy will not be renewed because NFIP subsidized premium rates are eliminated
Why should you have subsidized flood insurance? You chose to live in a flood plain. Quit complaining.
on Sep 25, 2013 at 7:03 pm
John - A lot of residents in Palo Alto did not "choose to live in a flood plain", they purchased their homes years before the areas near the creek were declared flood zones and they were forced to buy flood insurance, were forbidden from putting in basements and were forced to raise their home significantly if they remodeled, which in some cases impacted the value of their homes. They have a little room for complaint.
on Sep 26, 2013 at 10:49 am
"they purchased their homes years before the areas near the creek were declared flood zones..."
If you live in a low lying area near a creek, then you live in a flood zone, and there is no excuse to not recognize that fact. Those who failed to buy flood insurance never seem to be shy about asking the government to take care of them, after a flood. Then the government declares the obvious fact that it is a flood zone, with certain restrictions (e.g. ban on basements, required elevation). The government even subsidized the insurance premiums, if one can believe that! [Portion removed.]