Jon H. Ryan said:
marcel ledbetter said:
How can fema keep raising flood insurance rates with no limit? Many people finance a house purchase within a floodplain where flood insurance is tied to the mortgage. When flood insurance rates keep rising, I can see how some families would finally get to the point of being unable to afford the higher rates, and therefore unable to make payments on their house. Where I live, flood insurance keeps going up over the years to where its almost as much as a house payment. There ought to be a way to tell fema "enough" with ever rising flood insurance rates.
it is almost like you are flooded with flood insurance. Or drowning in flood insurance premiums. Irony and punny.
My friend in kerrville got hit with $9000 FEMA bill.
His mortgage was only $24000k yearly and he couldn't make it work.
This apparently happened everywhere a flood plain exists. Especially along the coastal areas.
FEMA backed off and lowered the insurance back down but it's give up every year since. He's paying about 30% more now than he was and it's still supposed to go up. Apparently their position is if you want to live on the coast or next to a river, either be above the median flood plain ( which they are drawing and mapping themselves now) or pay the true premium of risk to live there.
He's trying to sell his home but people know about the insurance issue. It's crazy.
FEMA says it's not fair for people who don't live in the high flooding areas to subsidize the people who do. They were in the after sandy and all the hurricanes that hit Florida. We've looked at a lot of options but he's screwed I think. Wish some insurance folks would weigh in, but he's talked to everyone and they all say the same thing. He's in the worst zone FEMA has. I feel bad for him.