To all the people in this country who live in a flood plane area who are being effected by the change in flood insurance laws/rates (Avg. increase of 300%+ per year as of October 1st 2013) The attached article will help provide possible solutions to losing your house. To all the people who are not aware of this particular issue, basically, if you have residential or commercial property in area classified as a flood plane... you will be seeing your current flood insurance rates of between $900 - $2,000 per year increase to approx $6,500 - $12,000+ per year depending on the value of the home or building on the property. Which breaks down to approx $500 - $1,000 per month for insurance. I think most people will find that they cannot/will not pay that much extra per month for their homes and will seek to move to new homes/locations outside of flood plain areas. The problem however here is that there are not many buyers who will be interested in buying these houses and buildings from the current owners. Who wants to or can even afford to pay a mortgage + $500 to $1,000 more just for flood insurance amongst all of the other expenses of our busy daily lives?
Posted on: Mon, 28 Oct 2013 22:48:54 +0000
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