Home Buying in Bethany Beach>Question Details

Davet2020, Home Buyer in

How are the new FEMA guidelines for flood insurance going to impact hosing value for non-elevated homes in flood zone areas of the beach?

Asked by Davet2020, Sat Oct 26, 2013

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Answers

1
Your premiums are going to go up, A LOT! The idiots in Congress who drafted this bill had this response "We never intended the premiums for flood insurance to go up that much" Your best bet is to call your Congress person and ask them about drafting a bill to fix the flood bill that passed.

John R. Thomas
Certified Mortgage Planner - NMLS 38783
Primary Residential Mortgage, Inc.
302-703-0727 Office
0 votes Thank Flag Link Sat Oct 26, 2013
Premiums should be going up for the older (lower) homes. Why should the average US citizen subsidize my flood insurance policy?
Flag Wed Jan 22, 2014
I am more concerned about how this will effect the housing value. Homeowners will be forced to pay very high premiums or raise their homes to a height to prevent flood damage. If the house is currently elevated then there should not be a significant premium increase.
Flag Sun Oct 27, 2013
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