WrightwoodCalif.com Forum
Public Forums => Disaster Awareness & CERT => Topic started by: BikingBrian on Feb 18, 14, 02:19:17 PM
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Meanwhile, my flood insurance rates continue to rise, even though only a corner of my property in on the flood map...
http://www.nbcnews.com/news/investigations/why-taxpayers-will-bail-out-rich-when-next-storm-hits-n25901
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I just received a letter from the Wright National Flood Insurance Company informing me of a surcharge that is being applied starting this year. It is part of the Homeowner Flood Insurance Affordability Act of 2014 (HFIAA).
(one of many documents detailing the new guidelines)
http://www.nfipiservice.com/Stakeholder/pdf/bulletin/w-14011.pdf
It says that there will be a $25 surcharge for the Primary Residence of a policyholder and $250 for a Non-Residence property.
The fact that they making a distinction between, and charging more for non-residential properties makes no sense.
I do not understand what difference it makes if the property I am insuring is my primary residence or not.
I have had flood insurance for over 15 years as required by my bank for my mortgage. Now that I no longer have the mortgage, I am not required to have flood insurance and because of this new surcharge I may re-consider continuing to pay for flood insurance since the property is not my primary residence.
I am sure there are others on this group that have property in Wrightwood that is not their primary residence and would like to hear their opinions on the subject.
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If flooding includes those types that are tenant-caused, then I can see the reason why its more expensive. If there are no tenants then it could be that the property isnt as well monitored as a primary residence. Maybe your agent can explain other justifications.
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This type of flood insurance is for natural flood, like that caused by rainfall and rising rivers, streams and washes.
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