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Old 01-31-2014, 09:33 AM
 
1,917 posts, read 1,992,232 times
Reputation: 713

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OMG....I don't know what to do! It went up $59

And if anyone is wondering yes I am on the water
Gary
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Old 01-31-2014, 10:59 AM
 
Location: South Jersey
492 posts, read 472,314 times
Reputation: 140
Gary, I know we both pay the same amount for our insurance and that you like to joke around about the rate increase scare, but I do have a concern about all of this flood map redrawing talk. If FEMA decides to raise the BFE in our area we both could be see a major increase since we are only inches above the line. Not sure if it will happen or when, but if it does, not only will it cost us god only knows how much more but it will also effect property values if it turns out to be a significant increase. I guess if it happens and turns out to be really bad I can probably figure out a way to pay the house off and drop the insurance but it won't be easy. Might have to give up Grey Goose and Patron'. I'm trying to not think about it since I can't do anything about it anyway but the topic is always popping up on these forums. Mark
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Old 01-31-2014, 11:09 AM
 
1,917 posts, read 1,992,232 times
Reputation: 713
Quote:
Originally Posted by Sea Ray Mark View Post
Gary, I know we both pay the same amount for our insurance and that you like to joke around about the rate increase scare, but I do have a concern about all of this flood map redrawing talk. If FEMA decides to raise the BFE in our area we both could be see a major increase since we are only inches above the line. Not sure if it will happen or when, but if it does, not only will it cost us god only knows how much more but it will also effect property values if it turns out to be a significant increase. I guess if it happens and turns out to be really bad I can probably figure out a way to pay the house off and drop the insurance but it won't be easy. Might have to give up Grey Goose and Patron'. I'm trying to not think about it since I can't do anything about it anyway but the topic is always popping up on these forums. Mark
Mark
Try not to think about it if the need arises I can help you out with the Grey Goose and Patron.

On a more serious note the house yesterday voted to repeal the flood insurance act so that's good news and like you I would look to pay off the mortgage. But I have a plan....mortgage the NJ house to pay off the FLA house.

But that probably won't be a an issue as the new maps won't be done until 2018 and I expect to be out of NJ by then.

Gary
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Old 01-31-2014, 11:40 AM
 
Location: South Jersey
492 posts, read 472,314 times
Reputation: 140
Quote:
Originally Posted by MartyGras View Post
Mark
Try not to think about it if the need arises I can help you out with the Grey Goose and Patron.

On a more serious note the house yesterday voted to repeal the flood insurance act so that's good news and like you I would look to pay off the mortgage. But I have a plan....mortgage the NJ house to pay off the FLA house.

But that probably won't be a an issue as the new maps won't be done until 2018 and I expect to be out of NJ by then.

Gary
Thanks Gary, I'll also accept donations of Tito's and Cabo Wabo but you probably already knew that. I was unaware of the vote yesterday and glad to hear it. I was thinking of the same plan for the house pay off if it became necessary. I guess I can forget about this for a while unless president Robin Hood and his men come up with a new scam.
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Old 01-31-2014, 11:49 AM
 
Location: Beautiful Rhode Island
6,850 posts, read 11,113,881 times
Reputation: 6837
There's not going to be any repeal, possibly a delay:

Senate votes to delay flood insurance premium hikes - CBS News
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Old 01-31-2014, 11:53 AM
 
747 posts, read 759,550 times
Reputation: 353
I mentioned this in another thread, but I'll tell you what happens when BFE gets revised: hazard carriers jack things up. I experienced a very tight window of about 3 weeks last year where BFE officially changed. Was right in middle of the process of bidding on a house up here in the northeast. What previously wasn't an economic issue (policy premium quotes) suddenly became a thousand+ dollar a month insurance premium nut. Thanks Chubb, you saved me a lot of money in premium and our walking away from an expensive house that was already a stretch.

This was due to having a mortgage on a home in a VE zone property, by the way. No way to opt out or self-insure.

Granted, this was not Florida, which might have its own dynamic and state laws with respect to insurance. Am simply recounting my own experience on a similar topic.
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Old 01-31-2014, 01:28 PM
 
Location: Port Charlotte, FL
3,961 posts, read 8,515,143 times
Reputation: 1858
Senate passes delays, now in the House - Senate passes four-year flood insurance delays, but House the real hurdle
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Old 01-31-2014, 05:45 PM
 
1,917 posts, read 1,992,232 times
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Quote:
Originally Posted by Sea Ray Mark View Post
Thanks Gary, I'll also accept donations of Tito's and Cabo Wabo but you probably already knew that. I was unaware of the vote yesterday and glad to hear it. I was thinking of the same plan for the house pay off if it became necessary. I guess I can forget about this for a while unless president Robin Hood and his men come up with a new scam.
It haven't passed both houses yet and it still needs to be signed...let's hope.

Gary
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Old 01-31-2014, 07:04 PM
 
15,353 posts, read 17,607,837 times
Reputation: 13483
The current bill only changes the situation for primary homes; 2nd homes/vacation homes/investment property still get the rate increases if the current bill passes as-is.
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Old 01-31-2014, 07:59 PM
 
1,917 posts, read 1,992,232 times
Reputation: 713
Quote:
Originally Posted by sware2cod View Post
The current bill only changes the situation for primary homes; 2nd homes/vacation homes/investment property still get the rate increases if the current bill passes as-is.
True but from what I understand the bill changes the requirement to call a home a primary residence under the insurance from an occupation rate of 80 percent to an occupation rate of 50 percent. That is a pretty important change for the snow birds.

Gary
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