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Old 07-02-2014, 08:38 AM
 
Location: Houston and Old Katy
567 posts, read 1,624,207 times
Reputation: 412

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I just got my renewal for flood insurance and it tripled to $1500. Is this the rate hike that we were expecting beccause government stopped subsidizing the insurance? Just wondering if others saw similar increase.
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Old 07-02-2014, 09:00 AM
 
Location: Woodfield
2,086 posts, read 4,137,775 times
Reputation: 2320
No, its much more compicated than that but that doesn't sound right anyway. You should be grandfathered if it's your residence and in any event increases on properties that lose the grandfathering are supposed to be capped at 18% per year. That said, if your previous insurance was ~$500 and it tripled, maybe the flood maps were updated and you fell into the flood plain?

Ask your insurance company and then post the answer you get back, that will help others in the future too.
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Old 07-02-2014, 09:01 AM
 
Location: Katy, TX
105 posts, read 236,662 times
Reputation: 147
Most of the 2012 law stopping subsidies was reversed or at least delayed by the Homeowner Flood Insurance Affordability Act signed into law in March. Mine is the same $360 or so that it's been for the 3 years I've been in my house.

Quote:
Originally Posted by ToyYot View Post
That said, if your previous insurance was ~$500 and it tripled, maybe the flood maps were updated and you fell into the flood plain?
Even if it were remapped it should still be grandfathered into the old rate according to this article: http://www.houstonchronicle.com/news...5338457.php#/0
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Old 07-16-2014, 11:27 AM
 
Location: Houston and Old Katy
567 posts, read 1,624,207 times
Reputation: 412
Called FEMA, got to talk to their underwriters and just needed to sent a flood zone determination certificate from my insurance co and got it back to $390.
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Old 07-16-2014, 12:37 PM
 
Location: Houston, TX
17,029 posts, read 30,954,873 times
Reputation: 16265
My flood insurance continues to run around $400, as its been the last few years. But I'm near the Heights.
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Old 07-16-2014, 08:07 PM
 
31 posts, read 95,100 times
Reputation: 12
Call your agent. FEMA sent my invoice before even looking at the flood plain certification that my agent sent in. They automatically defaulted to >$1,700 instead of what it should have been.
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