Chattahoochee River Whitewater Topics: FEMA Flood Insurance
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Name:
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Osms
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Subject:
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FEMA Flood Insurance
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Date:
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2/21/2009 10:06:37 AM
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Much information is unknown at this time, but I've listed some of the facts as we understand them.
1) Updated, digitizd flood maps are being prepared by FEMA that have increased resolution "down to 2 ft" that allow more accurate terrain identification. Elmore County maps have just been introduced, but may not be free on the FEMA website yet. Tallapoosa County will be finalized in April and may be on the website in August. These new maps have triggered the rush by mortgage companies to force owners to buy flood insurance. We don't have information on Coosa County at this time.
2) Fanny and Freddie mortgages are required to have flood insurance where FEMA dictates such. Non-conforming mortgages(jumbo & others) are at the mortgage company's option. No mortgage--you do not have to buy flood insurance--your option.
3) The base flood elevation for Lake Martin is 491' mean sea level (490' Martin datum-the old way); therefore, if you have lake front property your property line touches 'base flood elevation' and by FEMA definition you are in a flood plain.
4) You can challenge FEMA's rule by filing the proper forms and paying $350 - $500 for an elevation survey of the lowest floor of your dwelling. More information on this process will be furnished to members soon.
5) DO NOT BUY THE FLOOD INSURANCE OFFERED BY A MORTGAGE COMPANY. Several homeowners have reported mortgage companies quoting $2,500 - $3,700/year for commercial flood insurance. Best advice is to go ahead and buy the FEMA FLOOD INSURANCE from just about any insurer - Allstate, USAA, State Farm, etc. and then file for your exemption. You have one year to get approved for an exemption and you will get your premium refunded if you bought FEMA Insurance. FEMA Representative has stated it is unlikely that you would get any refund from a commercial policy. The annual premium for FEMA Insurance will be in the $350 - $450 range, depending on your elevation, for the max coverage of $250K.
6) Unless we are successful in fighting this issue, mortgagee's will probably have to get a survey. Even if you decide to buy insurance, the elevation survey may be necessary to establish the lowest floor elevation so that rates will be lowered. FEMA's rate structure is based on your elevation above base flood elevation--the higher your floor the cheaper the rates. If you have to have a survey anyway, you should consider challenging the ruling by FEMA.
7) Authorities acknowledge that this nationwide knee jerk reaction by FEMA and Congress occurred because the FEMA flood maps for the Gulf Coast were very outdated before Katrina. Many people did not have flood insurance because many areas were in a "c zone" now called a "z zone" and thought to be safe. Remember Katrina was a 500 year event, not a 100 year event that all FEMA rules are designed to cover.
8) Some documents from FEMA are posted at the URL below.
URL: FEMA information
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