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Are All Houses In Flood Zones Eligible To Be Covered By Federal Flood Insurance?

Question by itsjunglepat | Posted in Insurance

And if not, is there a way to know other than calling?

Answer: No. You also have to be in a "participating community". You can call your local town hall, or the equivilent, to ask if your community participates in the federal flood mitigation plan.

If they don't participate, no one in that community can buy flood insurance.

Which means, no one can get a mortgage to buy a house in that community, if it's a high hazard flood zone community. Which means, property values drop like a rock - which is why MOST communities participate.
 
 

Does Federal Flood Insurance Cover The Appraised Value Of A House?

Question by itsjunglepat | Posted in Insurance

or the purchase price? If there's a total loss of use, does it cover total loss even if the owner decides not to build there again?
I'm considering a house on the coast so I'm trying to consider worst case scenario.
Couldn't add Insurance Geek-ette as a contact. :(

Answer: Neither - it's based on the "cost to rebuild". If the building is a 'total loss' (not quite the same as "total loss of use", it will only pay depreciated value if the owner decides not to build there again - assuming that there isn't a 'coinsurance' issue.

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Federal Flood Insurance Lapse From March 28 To At Least April12. Are You Looking Forward To Fed Health Care?

Question by Moosey Flathead | Posted in Politics

http://jacksonville.com/business/real-es tate/2010-03-31/story/flood-insurance-la pse-blocking-home-sales-congress-blamed< br /> Ah yes, Medicare. The only insurance that requires 45 years of premiums before you get any benefit at all. What a great idea.

Answer: Well, I won't qualify for Federal Health Care (Medicare) for another 22 years, so I have thought that far ahead.

But I don't see the connection between Medicare and flood insurance.

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Federal Flood Insurance Cost For 250000dollars Worth Of Coverage.?

Question by one4skippy | Posted in Insurance


Answer: You're not exactly asking a question.

Your agent can get you a quote. It depends on some factors that you didn't mention here. The rates are all set by FEMA.

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Why Didn&#39;t Federal Involvement Destroy Flood Insurance In The USA?

Question by TP Patriot | Posted in Politics


Yes, I have flood insurance.

Linda J - The federal gov't doesn't take property to build playgrounds. That sounds like a local government issue.
Matt W - No surprise Katrina swamped the program. The government would have ended up paying those claims anyway, or they would have gone unpaid. As you said, the private companies avoid the high risk situations. That's why the program exists in the first place.

Answer: NFIP has operated under a deficit of close to $17 billion, which had to be borrowed from the Treasury in order to pay claims.

It has hurt private insurance. Most just take their check from gov't for offering the NFIP crap. They insure low risk areas and let the tax payer pick up the check for million dollar, beach front homes.

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The National Flood Insurance Program

FEMA&#39;s Mitigation Division explains the National Flood Insurance Program (NFIP) and the standards communities can maintain to qualify for the ...

FEMA: Flood Insurance, Elevation Of Homes Are Top Mitigation Questions

LAREDO, Texas -- Flood insurance, home elevation and other measures to protect homes from flooding and hurricanes are among top concerns South Texans are seeking information about when they talk to hazard mitigation specialists with the Federal... Homeowners also want to know what they can do at minimum costs to protect their homes from hurricanes and flooding, and prepare their homes in other ways for disasters. The specialists are visiting home improvement stores in the eight counties affected by Hurricane Alex and the flooding that followed....

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