Senate votes to undo flood insurance premium

Not affected me, cuz Im on zone that is extremely UNLIKELY to get flooded. I feel bad for those who are on flood zones, when I bought my house I had to make sure my house is in the impossible flood zone so I don't worry. Homeowner insurance won't cover flood damages. I learn from my parents, thanks them!

In other words, I think it is not really fair to slap unexpected rocket style premium increase at super sonic speed.
Not only that, but those who mortgage started on or after 2008 (Correct me if I am wrong) will be paying mortgage insurance premium more than before and no longer cut off during the term of mortgage. In other word cut off of 78% LTV on 30 years term mean when the principal balance reached 78% from Assessed value, the mortgage insurance premium will be discontinued. Not anymore!
 
I sure hope this will help us with the flood insurance rip-off. After living in a house for 23 years not in a flood zone to be told that it's all of a sudden now a flood zone has been a nightmare. The additional premiums and raised deductible has been a financial big hurt.
 
Reba said:
I sure hope this will help us with the flood insurance rip-off. After living in a house for 23 years not in a flood zone to be told that it's all of a sudden now a flood zone has been a nightmare. The additional premiums and raised deductible has been a financial big hurt.
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Another way of looking at it - you've been spared of flood insurance expense for 23 years?
 
Reba said:
I sure hope this will help us with the flood insurance rip-off. After living in a house for 23 years not in a flood zone to be told that it's all of a sudden now a flood zone has been a nightmare. The additional premiums and raised deductible has been a financial big hurt.
Click to expand...

Let's hope so. Fingers crossed for you!! :thumb:


Mark

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Reba said:
I sure hope this will help us with the flood insurance rip-off. After living in a house for 23 years not in a flood zone to be told that it's all of a sudden now a flood zone has been a nightmare. The additional premiums and raised deductible has been a financial big hurt.
Click to expand...

I was about going to say - great news for Reba but prefer to wait until you say.

Yes, I'm happy that the congress undo flood insurance premium increase because my parent may move to flood zone in Florida in 2 years.
 
Depends, really, if you don't have flood insurance and happened to be in non-flood zone and flash flood hit that area… pretty much SOL. Homeowner insurance will NOT cover unexpected flood, no flood insurance coverage paid, then no coverage after all.


MangaReader said:
Another way of looking at it - you've been spared of flood insurance expense for 23 years?
Click to expand...
 
MangaReader said:
Another way of looking at it - you've been spared of flood insurance expense for 23 years?
Click to expand...
That's because we weren't in a flood zone. It's the same property and geography; they just redrew the lines. :mad:

We bought our house a few months after surviving Hurricane Hugo, which was extremely destructive to our area. When we bought our house, we were assured it was not in a flood zone. We are many miles from the beach or a river. If we had known that it would be zoned "flood" we wouldn't have bought it. It's not like we were trying to get away with something.
 
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