Flood Insurance Article

[BikingBrian]

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

[Moose]

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.

[Leftfield]

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.

[Moose]

This type of flood insurance is for natural flood, like that caused by rainfall and rising rivers, streams and washes.

[thehallmarks]