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Old 10-18-2016, 02:15 PM
 
633 posts, read 577,302 times
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FEMA/NFIP unless homes is substantially damaged meaning greater than 50% damaged will only pay to repair home back to how it was. If over 50% damaged will give additional 30K to help with cost of raising home but that does not pay for it.

I had five feet of water in my house in a bad storm. I got a new oil tank, new furnace, new electric panel all below BFE (below grade), Flood insurance would not pay to relocate and other problem is I have a small house. I have no room upstairs for this stuff.

My house built 1954 no water ever and when storm hit I got five feet in around five minutes I was home at the time.

And there is the concept of pre-firm and grandfathering. My house was built pre-flood insurance and is grandfathered so my flood policy is $500 bucks a year. Raising my home at best would save me $200 bucks a year on flood insurance and cost me around $120,000 to do as it is split
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Old 10-19-2016, 07:59 AM
 
3,066 posts, read 4,803,787 times
Reputation: 1936
Quote:
Originally Posted by FloridaBeachBum View Post
FEMA/NFIP unless homes is substantially damaged meaning greater than 50% damaged will only pay to repair home back to how it was. If over 50% damaged will give additional 30K to help with cost of raising home but that does not pay for it.

I had five feet of water in my house in a bad storm. I got a new oil tank, new furnace, new electric panel all below BFE (below grade), Flood insurance would not pay to relocate and other problem is I have a small house. I have no room upstairs for this stuff.

My house built 1954 no water ever and when storm hit I got five feet in around five minutes I was home at the time.

And there is the concept of pre-firm and grandfathering. My house was built pre-flood insurance and is grandfathered so my flood policy is $500 bucks a year. Raising my home at best would save me $200 bucks a year on flood insurance and cost me around $120,000 to do as it is split
The elimination of grandfathering has devalued your home. If you sold it, the new owners would have to pay the actual flood insurance rates, not the grandfathered rates. So while raising it may not save you money, it would save potential new owners a ton of money over a 15 or 30 yr mortgage. For this reason, homes below BFE are not selling...many don't realize this because they are not selling.

My recommendation would be to contact your local municipality about applying or a FMA elevation grant or, if you are flooded again, apply for a buyout of the home, which is the best place to sell too.
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Old 10-19-2016, 03:13 PM
 
633 posts, read 577,302 times
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Originally Posted by HP91 View Post
The elimination of grandfathering has devalued your home. If you sold it, the new owners would have to pay the actual flood insurance rates, not the grandfathered rates. So while raising it may not save you money, it would save potential new owners a ton of money over a 15 or 30 yr mortgage. For this reason, homes below BFE are not selling...many don't realize this because they are not selling.

My recommendation would be to contact your local municipality about applying or a FMA elevation grant or, if you are flooded again, apply for a buyout of the home, which is the best place to sell too.

Grandfathering is transferable. I can transfer my policy to the new owner. Catch is I cant have a break in coverage and cant be damaged or improved more than 50%.

There is no grants or buyouts available until the next presidential disaster is declared.

My home has a below grade crawl space, den, furnance, laundry room and bathroom that is below BFE, an attached garage, attached porch, attached extension. Raising is not an option.

And folks who raised home or rebuild FEMA complaint homes near me sometimes got slammed on property taxes on back end.

Homes on my block sell asap that are below elevation. new buyers dont know or care. as long as they have cheap rates. the ones that have been damaged 50% or greater, fixed and not elevated dont sell.
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Old 10-19-2016, 07:09 PM
 
3,066 posts, read 4,803,787 times
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Quote:
Originally Posted by FloridaBeachBum View Post
Grandfathering is transferable. I can transfer my policy to the new owner. Catch is I cant have a break in coverage and cant be damaged or improved more than 50%.

There is no grants or buyouts available until the next presidential disaster is declared.

My home has a below grade crawl space, den, furnance, laundry room and bathroom that is below BFE, an attached garage, attached porch, attached extension. Raising is not an option.

And folks who raised home or rebuild FEMA complaint homes near me sometimes got slammed on property taxes on back end.

Homes on my block sell asap that are below elevation. new buyers dont know or care. as long as they have cheap rates. the ones that have been damaged 50% or greater, fixed and not elevated dont sell.
I stand corrected. Bigger-Waters repeal has allowed transferring of grandfathering...

NAR Legislative Analysis: Biggert-Waters Flood Insurance Reform Act of 2012 | realtor.org

They key is buying from someone with low rates...if not, its a significant difference. And you can not have lapses in coverage.
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Old 10-23-2016, 07:19 PM
 
Location: Raleigh, CSA
299 posts, read 248,061 times
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Originally Posted by BC1960 View Post
Princeville is located on the Tar River. Not a drop of a rain that falls in Wake, Durham, Orange, Chatham of Johnston Counties ends up in the Tar River.
Drive North of Wake forest a few miles and you'll see a big sign showing you're entering the Tar river basin. Right next to a brand new subdiviion and strip mall. More run off.
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Old 10-24-2016, 11:00 AM
 
6,799 posts, read 7,306,213 times
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Originally Posted by Trump2016 View Post
Drive North of Wake forest a few miles and you'll see a big sign showing you're entering the Tar river basin. Right next to a brand new subdiviion and strip mall. More run off.
And? That's not in Wake County. And new subdivisions and shopping centers meet stormwater regulations that mean post-development runoff is the same as pre-development runoff.
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Old 10-24-2016, 12:19 PM
 
Location: Raleigh, CSA
299 posts, read 248,061 times
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Originally Posted by BC1960 View Post
And? That's not in Wake County. And new subdivisions and shopping centers meet stormwater regulations that mean post-development runoff is the same as pre-development runoff.
So where does the water go? 'Pre-development runoff' soaks into the ground. Post development runoff flows into storm drains and into rivers. Otherwise storm drains would not be needed.

Here it comes Kinston!

That's not is Wake co but people live there that work in Raleigh, it's the new edge of the sprawl.
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Old 10-24-2016, 01:03 PM
 
6,799 posts, read 7,306,213 times
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Originally Posted by Trump2016 View Post
So where does the water go? 'Pre-development runoff' soaks into the ground. Post development runoff flows into storm drains and into rivers. Otherwise storm drains would not be needed.
Umm, pre-development runoff soaks into the ground and then goes into creeks and rivers. Post-development runoff goes into detention ponds and then soaks into the ground. Modern stormwater regulations require the post-development runoff be the same as pre-development runoff.
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Old 10-24-2016, 01:50 PM
 
Location: Raleigh, CSA
299 posts, read 248,061 times
Reputation: 270
Quote:
Originally Posted by BC1960 View Post
Umm, pre-development runoff soaks into the ground and then goes into creeks and rivers. Post-development runoff goes into detention ponds and then soaks into the ground. Modern stormwater regulations require the post-development runoff be the same as pre-development runoff.
No it does not. Pre- development runoff goes into the aquafier underground and may not resurface for years. Aquaifiers and underground rivers = well water.
No retention pond in my massive subdivision just storm water drains. My road was like a river flowing down those drains during Matthew.
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Old 10-24-2016, 01:54 PM
 
6,799 posts, read 7,306,213 times
Reputation: 5345
Quote:
Originally Posted by Trump2016 View Post
No it does not. Pre- development runoff goes into the aquafier underground and may not resurface for years. Aquaifiers and underground rivers = well water.
No retention pond in my massive subdivision just storm water drains. My road was like a river flowing down those drains during Matthew.
It doesn't all magically wind up in an aquifer. And your subdivision isn't representative of everywhere.
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