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Flood Plains And Your Home
In 2012 legislation was passed stating that the subsides for home owners flood insurance, which was put into act in 1968, for low lying and on the water properties was going to come to an end at the end of 2013 and rates would go up for insurance premiums starting the first of 2014. Low and behold people started getting their bills for renewal in October 2013 and got a major shock on costs. Flood insurance is based on the probability that a home will flood or not flood. Those that lie on a river or large body of water are more apt to flood and therefor have higher premiums. In one instance that we talked about the home sat on the river, had flooded a couple of times in the past and the owners had been paying $3000 per year and their new bill was now $24000 per year. Talking about sticker shock, needless to say they were getting ready to close on the house to a new owner and this caused the deal to fall apart.
In an instance like this the insurance was going to a point that the insurance company was looking to replace most of the house every 6 years. Do the math.
Our legislators got together after this and worked up a policy stating that the Flood Insurance subsides would remain in effect until 2019. However they also gave the insurance companies the ability to raise the cost of the insurance 15% but no more than 18% per year every year till then. How many insurance companies are not going to do that? The answer is none.
We will face this same dilemma in 2019.
Owners purchased these homes knowing they were in a flood plain and were willing to pay the fees associated with the cost of the insurance. Very few realized it could turn around and be a larger payment potentially than even the mortgage payment per month. The only way around having flood insurance is to pay cash for the property, and then you do not have to carry the insurance.
By the way, Flood Plain determinations is now being reevaluated as the original way of making these determinations was by means of survey crews. With todays technology those Flood Plains are now being determined by satellite to show where potential flood areas are. Already we are seeing some areas that use to not be in a Flood Plain now being put into a new Flood Plain area.
Imagine having a home in the Flood Plain near Harrods Creek, Prospect, or even in an area of town that has retention basins to help prevent some flooding.
Do you know if your home is in or near a Flood Plain? Contact Rick Hogue 502-649-3431 for an MSD determination for Jefferson County. If you are considering selling your home I would recommend contacting us to get the process started and not wait for the next 15 to 18% increase to come around on your flood insurance. Call today 502-649-3431 to set an appointment.
As the team leader for our group, my responsibility is to all of our clients to insure they are treated with respect and all of their needs are met. In addition I am the listing agent for the team hel....
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