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higher flood insurance premiums in the A zone will influence home sales close to the water. This goes for all 50 states, not just NY. Many people around the country in the A zones have no idea what the Bigger-Waters act has in store for them.
higher flood insurance premiums in the A zone will influence home sales close to the water. This goes for all 50 states, not just NY. Many people around the country in the A zones have no idea what the Bigger-Waters act has in store for them.
Bottom line they will just drop flood insurance if FEMA gets to full market non-subsidized on their house.
My FEMA guy said that happened in New Orleans after Katrina. Some folks with had like 150K damage to home and got a big check, unlike now the check went right to homeowner and not bank. Maybe decided to do a cheap fix, not raise house at all and just pay off mortgage and drop flood insurance.
Folks who had flood insurance first time know they get 31,900 coverage for free through FEMA.
Folks with no flood insurance, only got 31,900 first time and used that to do a cheap fix. What they do is start-stop flood. Lets say Flood is 12,000 a year full rate cause you house is in a major flood zone, they take out insurance every July 15 through Nov 15 year year 4k. Who needs flood insurance 8 months out of year.
If they ever hit me full rate that is what I would do. I cant raise my house it is a split. It is very expensive. And FEMA is short sighted. They dont allow folks with no insurance to get the 30K ICC to raise house. Which is silly, cause now I have flood and when I get hit they have to pay to fix my house and then give me 30K ICC.
And still in a flood zone. (And possibly Sharknado zone).
The beach has a big draw that folks who are not beach people will never get. I also own a beach place. Yes my primary and vacation home on LI are both in flood zones.
Pretty much once July 4th hit my phone was ringing off the hook and I booked it up. I also have people already inquiring about the fall and next summer.
Then again I am not afraid to go without flood. Last flood primary took on five feet of water with no flood insurance. Since I have two properties I have people I regularly used and got it fixed by New Years without any help from NFIP while my neighbors to this day still have pods and dumpsters out front and are sucking tax payer money dry as they fight for every last nickle to get a free mcmansion.
Bottom line they will just drop flood insurance if FEMA gets to full market non-subsidized on their house.
if you carry a mortgate, you have to maintain flood insurance.
Quote:
My FEMA guy said that happened in New Orleans after Katrina. Some folks with had like 150K damage to home and got a big check, unlike now the check went right to homeowner and not bank. Maybe decided to do a cheap fix, not raise house at all and just pay off mortgage and drop flood insurance.
Folks who had flood insurance first time know they get 31,900 coverage for free through FEMA.
As far as I know, if you have flood insurance you are NOT entitled to FEMA grant money.
Quote:
Folks with no flood insurance, only got 31,900 first time and used that to do a cheap fix. What they do is start-stop flood. Lets say Flood is 12,000 a year full rate cause you house is in a major flood zone, they take out insurance every July 15 through Nov 15 year year 4k. Who needs flood insurance 8 months out of year.
If they ever hit me full rate that is what I would do. I cant raise my house it is a split. It is very expensive. And FEMA is short sighted. They dont allow folks with no insurance to get the 30K ICC to raise house. Which is silly, cause now I have flood and when I get hit they have to pay to fix my house and then give me 30K ICC.
many others are in the same situation or worse. What if you're in an attached row of houses in Sheesphead Bay? Or on the ground floor of a four story walk-up in Long Island City? It will be interesting to see what happens with this going forward. This is not just a case of people in bayfront mcmansions getting cheap insurance.
There's a story in today's Newsday (can't find the link right now) showing South Shore Nassau home sales and prices dropping dramatically, while other parts of the Island are showing gains. Buyers aren't stupid. They know where to find the flood maps.
There's a story in today's Newsday (can't find the link right now) showing South Shore Nassau home sales and prices dropping dramatically, while other parts of the Island are showing gains. Buyers aren't stupid. They know where to find the flood maps.
Since Home Sale prices are 6 months old before being posted, I believe those prices reflect owners who decided not to repair their houses. I had one on my block that was bought for $800,000 less than 2 years ago and was sold "as is" for $400,000.
Its probably in here somewhere, but can someone link or post a flood zone map? I've googled flood zone maps and I'm not getting results.
Someone posted a map several months ago that had the flood maps vs. actual flooding but looks that link is no longer working. You can put in an address below and it provides the elevation and flood zone.
Someone posted a map several months ago that had the flood maps vs. actual flooding but looks that link is no longer working. You can put in an address below and it provides the elevation and flood zone.
Interesting. Now I suppose I need to determine the actual elevation of my home.
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