Our sales meeting on Tuesday featured a speaker who talked about Structures on Water, Flood Insurance, and Eminent Domain. At one point, he mentioned a property in the Midwest that had been purchased for $60K and had 27 flood insurance claims against it over the years, resulting in something like $1.5 million in FEMA payouts. Now that sounds like a great return on an investment! And a soggy mess. Are people rebuilding homes -- and cities -- where they shouldnt??? (51% of New Orleans is at or above sea level - but the city is sinking, built on silt/sand.) For Northwest property owners who have lived on or near a river or water frontage for years with NO claims, the new spikes in flood insurance is making selling cost prohibitive. I dont know that theres an easy fix...perhaps looking at each property on a case-by-case basis? That sounds labor intensive and expensive too. The last time I called the county about our place in Grand Ronde, the house was high enough and far enough away from our creek (the South Yamhill River) that we were OK. But that doesnt mean it always will be. People and property affected by laws - that can and do change with different administrations - need to be cognizant of whats happening. Oh goody...one more thing to add to my 36 hour day.
Posted on: Fri, 14 Mar 2014 17:45:44 +0000
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