New federal flood insurance rates

<p>We are in an area that presumably will be effected but I haven't talked to anyone that actually has had their rate rise to the astronomical levels quoted in the press.</p>

<p>We are currently live in an AE12 flood zone in South Georgia on an island. We pay the lowest premium because our house is raised. We purchased our house a little over 1 year ago and feel like we dodged a bullet. We looked at many older, lower properties closer to the beach. We always got flood quotes if we were serious about making an offer. All the professionals we spoke to never mentioned that our 3k or 4k rate quote could rise astronomically in one year.</p>

<p>I was curious if anyone has had any direct experience with the new rates.</p>

<p>I’m sure you love your home on a barrier island.
It will almost certainly suffer flood damage in the future, since that is the life cycle of barrier islands.<br>
They migrate, they suffer storm damage, they build back up. What they don’t do is offer any kind of security.
I hope your insurance covers your risk.</p>

<p>Our home was beyond the flood zone until it was redrawn after the Japan tsunami. It’s now about $2000 or more from not being able to buy it af all because the area wasn’t rated. We are across the highway and three streets in from the beach. The middle school is one street over, slightly elevated–maybe 10 feet and the shelter we are supposed to evacuate to. </p>

<p>Our insurance agent strongly urged us to purchase the flood insurance, so we did.</p>

<p>If you have hurricane insurance, it is pretty much worthless unless you have flood insurance. The hurricane insurance company will pretend the hurricane didn’t destroy your house but rather a flood cause the damage. Of course the insurance company has to ignore the source of the flood, namely the hurricane to reach that result, but that is what they are paid to do.</p>

<p>Our hurricane policies in the state are all issued in connection with some state/private partnership. The fund has been raided at least once already by our legislature and there is concern among those of us who have purchased hurricane insurance that the funds won’t be there when there is a hurricane and the funds are needed for insurance coverage.</p>

<p>I have now purchased both hurricane and flood coverage for our house and a rental that is in the flood zone.</p>

<p>Our beach house is 100 yards from the Atlantic Ocean, however the water from Sandy did not breach the boardwalk at the end of our beach. (There was some flooding in the southern area of our town that floods in a heavy rain due to poor drainage). </p>

<p>The new flood maps do not have our block in a flood zone, but the 1st beach block of our street has been redrawn as one. I don’t know if my neighbors are buying flood insurance, however our town is a National Historic landmark w strict building requirements that do NOT permit raising a house. I haven’t heard how this catch-22 will be resolved.</p>