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| Name: |
southerncomfort
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| Subject: |
new flood insurance requirmts
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Date:
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11/2/2009 6:08:34 PM
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Has anyone else out there received a notification from your lender stating that you are NOW in a flood zone? Evidently FEMA has decided to redo the maps and lots of properties around Smith Lake are now considered to be in a flood zone and will require you to purchase flood insurance. Are you kidding me? We are about 30 feet above the 524 level, and according to the new maps we are indeed required to get a flood policy. I didn't leave Florida to again be required to pay it. Any thoughts?
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| Name: |
Dixie Drifter
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| Subject: |
new flood insurance requirmts
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Date:
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11/2/2009 9:27:58 PM
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I have had this problem with previous lenders. Everybody has to have a job, right? Someone at your lender's operation is a do-gooder, attempting to make sure all the i's are dotted an the tee's are crossed. Contact your lender and in a nice manner, suggest to them you are willing to provide them with an FCC (Flood Certification Certificate). An FCC is a document prepared by a licensed surveyor which verifies the elevation of your dwelling. If your home is several feet above the 524' level as you state, you should be able to avoid purchasing flood insurance. Only in the case where you are dealing with really dense people will you experience a lack of cooperation. Stand your ground and go up the chain of command, sooner or later you will have the privilege of speaking with some who has walking around sense. My wife is a realtor, she has lost count the number of times misguided lenders attempt to force lakefront property owners into purchasing flood insurance, which almost always, isn't required. Many times the lender makes the mistake of interpreting the whole of Smith Lake to be in a flood plain. Sounds wacky, but it's true! Good luck. Let us hear how you make out.
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| Name: |
southerncomfort
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| Subject: |
new flood insurance requirmts
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Date:
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11/2/2009 9:51:31 PM
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Thanks for the advice, but this is not just this lender -- we are in the process of a refinance and they told us the same thing.
FEMA has just recently revised the flood maps in 7 states and a lot of homes and lots around the lake that were listed in X or B zones are now in A which means any federal backed lender must
require you to obtain flood insurancee. We do intend to fight it, with a LOMA (letter of map adjustment)that can be requested from FEMA, unfortunately you have to pay for an elevation survey first.
We are just feeling our way through this and will keep posting progress. From what I'm hearing this thing could get big.
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| Name: |
Yankee06
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| Subject: |
new flood insurance requirmts
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Date:
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11/8/2009 6:09:58 PM
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Hi Y'all,
-If you look at the bottom of this page you'll find other posts on this subject,--see title New 524 flood level?" 7/27/09.
-I tried to take a loan out on my home equity, my mortage company found out and wanted me to pay for flood insurance, although when I brought the home three years ago, they didn't require it. had I not asked, they would never have put me on the flood insurance list. Seems teh mortggae companies are a little stupid on this. With computers you'd think they'd just do a cross search on their policies in flood zones. Can't be that hard.
-Anyway, after I received their threat to buy insurance for me to cover their liability if I didn't buy my own, I had a surveyor do a Certificate of Elevation saying I'm above the "526 foot" mark.
-I was supposed to send this to FEMA for a LOMA but that takes 6 months during which I would have been paying flood insurance. But my mortgage company said to skip FEMA and just send them the ceretificate and they would cancel my flood insurance.
-Now the flood level in the lake is 522 ft. The old FEMA level was 524. The new FEMA level is 526. According to a "knowledgeable" person I spoke with on this, if the flood goes above 522 and damages your home, Alabama Power is liable and must pay. Yeah, right!
-If youy've built you house above 522 but below 524 your screwed, you will not be able to get regular rate flood insurance.
-If you've built your house above 524 but below 526 "before" FEMA raised the level to 526, FEMA will supposedly grandfather you against the need for flood insurance as long as you provide them with evidence to that effect.
-If you're above 526 and have an Elevation Certificate to prove it, supposedly you're home free.
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| Name: |
Seal Team
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| Subject: |
new flood insurance requirmts
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Date:
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11/18/2009 10:35:22 AM
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We took out an equity loan earlier this year and went through this process. We had to go ahead and buy the flood insurance to close the loan (~$300). Then we had a survey done (also about $300) and generated the LOMA. We submitted the LOMA to FEMA and in about 6-8 weeks we received the appropriate paperwork. We then cancelled our flood insurance and received a 100% refund.
This is all by law. If you prove you are not in a flood zone and you haven't made any claims against the flood insurance, you are entitled to a refund.
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| Name: |
lotowner
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| Subject: |
new flood insurance requirements
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Date:
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12/2/2009 2:51:59 PM
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Back in 2004, I purchased my property and flood insurance was not required. The structure was built in 1994.
The company in Texas who determined the Flood Hazard Determination stated "the property is partially within a special flood hazard area. The existing structure, however, is not affected and is not in the floodplain".
In 2009, this property was declared to be in a floodplain area although it was not in 2004. What was the change? During a conversation with the company in Houston, this gentleman reported that FEMA issued a new flood map for the Smith Lake area in August of 2009. The structure on the new map is in the floodplain although the elevation is app. 540 feet ASL.
So why the change? Flood insurance fees, as per this gentleman, go to FEMA. Is this not a shifty way of collecting some of the billions lost to Katrina. Another way of saying this is we get the shaft again.
I can get around the flood insurance by spending $300 to $600 for a elevation certificate and going through FEMA to get corrective action. What a waste of time.
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