Here is a link to a government site with FAQ: http://www.fema.gov/frequently-asked-questions-0/homeowners-
It may become impossible!
When the flood insurance premium is four times the mortgage payment...that's a challenge.
When five years of premium payments is greater than the cost of the home...that is a challenge.
Just Last week: quote for flood insurance, last year $2,600, this year $46,000! That is not a typo..that reads fourty six thousand dollars!
Example after example shared with Governor. See my Trulia blog.
At this moment, flood zone properties may become a 'cash only' enterprise.
This is serious.
The heart breaking part of this is those properties with the 'big water view' will be less effected than the single family home near Simpson Creek in Bridgeport, WV. Without real change to current policy, the majority of these homeonwers WILL be forced into FORECLOSURE because the can ot pay $1,000 monthly for flood insurance. These are folks who earn the $40,000 to $70,000 a year, have a $170,000 single family home with at least one child.
Here in Pinellas County that adds up to 33,000 home owners.
Gauranteed increases in taxes, $600 monthly for Obamacare, rising insurance, decreased working hours lower effective income....will leave citizens with a severe case of distress trauma.
Witihout change, flood zone properties without a big water view are destined to become campgrounds.
Folks get on the phone. You know what you need to do.
Best of success.
Annette Lawrence, Broker/Associate
Remax Realec Group
Palm Harbor, Fl
To some people that will be a deal-breaker since they won't be able to afford it. To others it will be no big deal and just another cost of homeownership. If the home is priced right it should sell.