NREIG and Flood
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NREIG and Flood (by Donna L [SC]) Dec 5, 2017 6:22 PM
       NREIG and Flood (by Tom [FL]) Dec 5, 2017 6:43 PM
       NREIG and Flood (by Tom [FL]) Dec 5, 2017 6:43 PM
       NREIG and Flood (by NE [PA]) Dec 5, 2017 6:59 PM
       NREIG and Flood (by Richard [MI]) Dec 5, 2017 7:33 PM
       NREIG and Flood (by JAC [OH]) Dec 6, 2017 10:42 AM
       NREIG and Flood (by RR78 [VA]) Dec 6, 2017 1:41 PM
       NREIG and Flood (by BRAD 20,000 [IN]) Dec 7, 2017 1:01 AM
       NREIG and Flood (by NE [PA]) Dec 7, 2017 4:03 AM
       NREIG and Flood (by AllyM [NJ]) Dec 10, 2017 6:06 AM
       NREIG and Flood (by WMH [NC]) Dec 10, 2017 6:46 AM
       NREIG and Flood (by Donna Lee [SC]) Dec 11, 2017 12:29 PM

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NREIG and Flood (by Donna L [SC]) Posted on: Dec 5, 2017 6:22 PM
Message:

My rental was remapped into a flood zone. Nationwide serviced the insurance policy which is almost 3k a year just for the flood portion with American Bankers or something like that. Nationwide allowed me to cancel the landlord policy with Foremost but said of my new flood coverage with NREIG "because its Lloyd's of London, it is not a national flood insurance program policy." They also said my request to cancel is denied so "we'll just have to ride it our through March."

Any advice or suggestions on where else I can go or what I can do?

Thanks, all!

--108.210.xx.xxx




NREIG and Flood (by Tom [FL]) Posted on: Dec 5, 2017 6:43 PM
Message:

Will your property flood actually, the elevation etc. The flood zone was remapped using two satellites most likely so I would question if you are in a flood zone. Challenge it with FEMA. Make them come out and do a visual inspection of the property. Unless you can see that it will flood or was near flooding in the past then pay the higher flood insurance.

Best of Luck!!! --99.56.xx.xx




NREIG and Flood (by Tom [FL]) Posted on: Dec 5, 2017 6:43 PM
Message:

Will your property flood actually, the elevation etc. The flood zone was remapped using two satellites most likely so I would question if you are in a flood zone. Challenge it with FEMA. Make them come out and do a visual inspection of the property. Unless you can see that it will flood or was near flooding in the past then pay the higher flood insurance.

Best of Luck!!! --99.56.xx.xx




NREIG and Flood (by NE [PA]) Posted on: Dec 5, 2017 6:59 PM
Message:

You need a base flood elevation certificate. Most surveyors can do them $700-$1500.

If you have a good relationship with insurance agents and bankers, ask several of them for a flood determination letter. Chances are that you will get several different zones from several different people. (Ben though the use the same mapping)

Take the best zone letter you get and send it to whoever needs it and that should shut them up.

Just know this, IF YOU GET THE BASE FLOOD ELEVATION CERTIFICATE, it could make your situation worse! It may make it better, maybe not.

Try the determination letter route first. --50.107.xxx.xxx




NREIG and Flood (by Richard [MI]) Posted on: Dec 5, 2017 7:33 PM
Message:

Sell before insurance prices go way up even more. Prices have rebounded lately. Take your profits and reinvest in a place well out of flood zones. --23.121.xx.xxx




NREIG and Flood (by JAC [OH]) Posted on: Dec 6, 2017 10:42 AM
Message:

Tom and NE are right. They create these maps using satellite elevation and topological data and run it through a computer algorithm. There is no incentive for them to tighten up the maps so they include all kinds of properties that really shouldn't be in the zone. I had a friend that bought property next to a river and they initially classified him in the flood zone. He had a surveyor come out and they worked out the elevations and were able to have it removed from the zone. It saved him a bunch of money in flood premiums and it has never flooded his property. --74.83.xx.xx




NREIG and Flood (by RR78 [VA]) Posted on: Dec 6, 2017 1:41 PM
Message:

Ask them what would happen if you sold the house. Could not cancel?

I often wondered about these new Fema maps.

I do know they have been losing money on flood ins for years. And one way to correct that would be to add more people paying premiums that have little or no risk of a flood. Makes you think.

We just went ahead and paid off the couple we had with flood insurance.

--172.74.xxx.xxx




NREIG and Flood (by BRAD 20,000 [IN]) Posted on: Dec 7, 2017 1:01 AM
Message:

Or pay off the mortgage.

"Borrower is slave to the lender."

BRAD --68.51.xx.xxx




NREIG and Flood (by NE [PA]) Posted on: Dec 7, 2017 4:03 AM
Message:

Depending on what flood zone your in, you still have to comply with height restrictions for any new works done, regardless of you have a mortgage or not.

Also, you can only put up to 50% of the value back into the home in repairs. Good thing "value" is subjective.

--50.107.xxx.xxx




NREIG and Flood (by AllyM [NJ]) Posted on: Dec 10, 2017 6:06 AM
Message:

Well supposedly sea level is rising due to global warming. It's a thousand year cycle (Dansgaard Oeschger Event) and a lot of water goes into the atmosphere rather than the sea during solar maximum. Unfortunately during Solar Minimum, next five years, the atmospheric water will be falling out on us due to the air cooling and not holding so much water vapor. Witness the snow this weekend being a surprise to the Weather Channel meteorologists. You can get up to the minute information on sunspots and lack thereof and this whole phenomenon from space weather site online. But yeah, I would get a surveyor. --73.33.xxx.xxx




NREIG and Flood (by WMH [NC]) Posted on: Dec 10, 2017 6:46 AM
Message:

There are Flood Zones and there are Flood Zones. A, AE, V, VE, X, X-shaded...

We are in a flood zone, meaning it's possible the water could flood our bottom floor. It's changed over time, we used to be in a VE zone (bad) and now are in part of an AE zone, I think. Don't care.

We priced what it would take to renovate the apartment completely, and it's about one-two years premiums. So we do without the insurance. It would have to flood every year to be worth it.

We had a place that did flood during Hurricane Irene. 36" all around the place. Even though we HAD flood insurance, we knew it wasn't correctly rated - grandfathered at $300 a year - and we didn't bother filing a claim - we just went it and FIXED it. We were done and re-rented before the adjusters were even coming around, let alone paying out claims. It cost around $5,000, which is exactly what our rate would have risen to if we filed a claim. Again, would have to flood every year to justify the cost.

But these floods are rising water floods, NOT rushing river or ocean floods which take houses off their foundations. Big difference. --173.22.xx.xx




NREIG and Flood (by Donna Lee [SC]) Posted on: Dec 11, 2017 12:29 PM
Message:

Thank you, everyone for your thoughtful responses, tips, advice and things to consider. And Brad, you are so right! The payment was $217 on the credit line when I took it and then one month later I got mapped into AE zone and payment is now almost $700. Wish I had never done it and can't wait to get out from under.

Have a surveyor coming out for $325 and will let you know what happens next.

Thanks for all your comments and especially sharing your experience, feedback and wisdom! It is so appreciated!

Donna

--205.185.xx.xxx



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