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Old 04-16-2014, 09:35 AM
 
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All - I hear there have been flood improvements in the Meyerland area. If the home has flooded in 2001, is there data somewhere that will show me that due to the improvements made, the risk has lowered?
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Old 04-16-2014, 09:51 AM
 
Location: Beautiful Northwest Houston
6,271 posts, read 7,456,487 times
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Quote:
Originally Posted by movetohouton View Post
All - I hear there have been flood improvements in the Meyerland area. If the home has flooded in 2001, is there data somewhere that will show me that due to the improvements made, the risk has lowered?
You need to find the latest flood plane maps. Another way to assess the risk is to determine what your flood insurance rates will be on a particular property. I pay for instance less than $250 per year for flood insurance which means my risk is practically none. If your rate goes over a thousand and more your risk is pretty high. Of course the value of the property is also a factor in flood insurance rates.

Try this link

https://www.floodsmart.gov/floodsmar...c_overview.jsp
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Old 04-16-2014, 10:37 AM
 
Location: Woodfield
2,086 posts, read 4,118,302 times
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Originally Posted by movetohouton View Post
All - I hear there have been flood improvements in the Meyerland area. If the home has flooded in 2001, is there data somewhere that will show me that due to the improvements made, the risk has lowered?
The real risk is the increase in flood insurance rates. If you're in a 100 year flood plain you are severely restricted in what you can do to your house. Check the links and make an informed decision. Personally, I'd never buy in a 100yr flood plain.

Flood Premiums Rising Dramatically

Harris County Flood Education Mapping Tool


Quote:



Discounted insurance rates are being discontinued for all properties except Pre-FIRM primary residences that have not lost their qualification for the rate. (See How Residential Property Loses its Pre-FIRM Rating, below.)
  1. Pre-FIRM rates are being discontinued for all business properties and other buildings that are not someone's primary residence. Pre-FIRM rates for currently insured properties expire with termination of an existing policy and are not available for a new policy on the property. Currently insured properties that no longer qualify for Pre-FIRM rates will see their premiums increase 25% per year until actuarial rates are achieved.
  2. Under BW-12, grandfathered rates would be discontinued, with increases toward actuarial rates being phased in over a 5-year period, 20% of the increase being added each year. The five-year period would have begun on the Effective Date of the FIRM that identifies the increased risk. For example, if the actuarial rate is $1000 per year more than the grandfathered rate, the premium would increase $200 per year for five years.
How Residential Property Loses its Pre-FIRM Rating

  1. A Pre-FIRM primary residence will lose its qualification for Pre-FIRM rates under the following conditions and situations:
    • If, after July 6, 2012, the building is substantially damaged and the cost to restore it to its pre-damaged condition is 50% of the fair market value of the building before damage occurred. For substantial damage, the “cost” is the cost to restore the building to its pre-damage condition - even if you don’t plan to spend that much or to restore it fully. It also includes the cost of discretionary improvements you plan to make as part of the restoration project.
    • If the flood insurance claims history on the building meets one of the following criteria:
      • Total NFIP claims paid for flood-related building damage exceed the fair market value of the building
      • The property is a severe repetitive loss (SRL) property – A single family property with 1-4 residences is an SRL property if it has incurred flood-related damage resulting in four or more claims payments for building damage that exceed $5,000 each, OR, two claims payments for building damage that together exceed the value of the insured building.
    • If the owner of a repetitive loss property refuses an offer of mitigation assistance (to raise or relocate the building), including an offer under the Hazard Mitigation Grant Program (HMGP)
    The following provisions of BW-12 were either deleted or modified by the 2014 Grimm-Waters Act:
    • When the policy-holder intentionally lets the policy lapse. [ADDED qualifier, that Pre-FIRM qualification is NOT lost for a lapsed policy if flood insurance was not required for mortgage protection]
    • When the property is sold. A new policy cannot be written at Pre-FIRM rates. [DELETED]
    • If, after July 6, 2012, the building is improved and the cost of improvement is more than 30% of the fair market value of the building before improvements were begun. [CHANGED 30% back to 50%]
    Also under the 2014 Act
    • Policy-holders who were charged full actuarial rates for new policies on Pre-FIRM properties (per the middle bullet above), will be refunded the excess premium paid, and the ability to assume the seller's NFIP policy has been restored.
    • Most (possibly all) policies for which the rate-charged is less than the current risk-based rated, will see a $25 or $250 per year surcharge, depending on use of the property (residential vs. non-residential).
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Old 09-22-2018, 08:26 PM
 
Location: Houston/Brenham
5,819 posts, read 7,204,998 times
Reputation: 12315
Quote:
Originally Posted by movetohouton View Post
All - I hear there have been flood improvements in the Meyerland area. If the home has flooded in 2001, is there data somewhere that will show me that due to the improvements made, the risk has lowered?
Sadly, I'm gonna guess the risk didn't lower.
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