Are you kidding me? Don’t be fooled, this is not for your protection. If you are now suddenly in FEMA’s AE flood zone, you are required to carry flood insurance equal to the lesser of $250,000 or the balance of the loan secured by the property. Guess who wrote this legislation and who that’s protecting. The quote we received for a $135,000 policy (no content protection) was $4,820 per year. This is based on a 13-plus foot elevation to mean high tide. Can someone explain to me how Mother Nature is going to whip up a 4-foot, let alone 13-foot, storm surge on Westcott Bay?
Clearly, FEMA has brainlessly relegated the decision making to mapping software with zero smarts. If you don’t get the insurance within 45 days, the bank will impose it on you, and, to paraphrase the bank’s letter, “You’re not going to like the rate.”
Our plan? Simple. We will pay off the balance of the loan and tell the banking industry and FEMA to go pound sand. Not everyone has that option and that makes this legislation criminal. IMHO.