Flood Insurance price increase

[chuckycheese]

I live on 168 feet of waterfront property and I don't have flood insurance. I would, if I thought it would prevent my property from flooding...but it wouldn't. Life involves a certain amount of risk tolerance and I'm comfortable and able to handle it. Do what's best for your own situation and don't try to figure out what anyone else should do. You will be happier and better off if you do that.

[sware2cod]

Originally Posted by chuckycheese

I live on 168 feet of waterfront property and I don't have flood insurance. I would, if I thought it would prevent my property from flooding...but it wouldn't. .

Insurance is setup to compensate you if damages occur. FEMA's flood related building requirements, however, are setup to prevent flooding of a particular building or to mitigate damages if floods occur. Such as building to specific heights/elevations so that floods won't wipe out the entire structure or so flood waters don't make it inside the building.

[ylisa7]

Originally Posted by SJNE17

Because of the redrawing of the zones, we have friends in VE areas in coastal northeast, who haven't seen a lick of water in decades, but insurance premiums going up 5x. It's real and it happens. Chubb and AIG, the bigger and more comprehensive coverage insurers in the region, are going thru the roof with premium increases.

For those with no mortgages who want to flip FEMA the bird, that's great. I would do the same if I could. But for a great many folks, including ourselves, we're at the whim of BFE mapping going whatever way the political/economic wind blows. Flood insurance is our #1 issue in allowing us to move forward, or not, with seriously considering waterfront property purchase in PG.

What reputable companies offer coverage in PG and what have been your experiences with hazard & flood claims, if any?

Very helpful & informative thread here. Thanks for all the insightful commentary.

Check into Lloyd's Of London. I hear they are insuring flood prone properties in Florida and half the cost of Fema companies.

[MikMal]

Originally Posted by younglisa7

Check into Lloyd's Of London. I hear they are insuring flood prone properties in Florida and half the cost of Fema companies.

But, will mortgage lenders accept LOL in lieu of a FEMA backed policy?

[SJNE17]

That's a good question. Doubtful if it's conforming (& getting sold to the agencies) and coming from a national bank or mortgage lender. Local lender might be more willing to take the risk on and insure separately. In fact, if anyone works at a local bank, that could be a nice business for you to grab market share, so long as you're holding on balance sheet.

Originally Posted by MikMal

But, will mortgage lenders accept LOL in lieu of a FEMA backed policy?

[Travelassie]

Originally Posted by younglisa7

Check into Lloyd's Of London. I hear they are insuring flood prone properties in Florida and half the cost of Fema companies.

I'm not sure that Lloyds of London insures against flood damage. I have two friends in Miami who dropped their homeowner's coverage when it became prohibitively expensive ( both over $12,000 annually and neither are close to the water). They tell me that their policies do not cover windstorm or flood damage, but mainly liability, along with theft and fire damage. Neither of them have mortgages so that was not an issue.

Perhaps there are other policies that include more coverage with LOL, but one would have to contact them to see what is available, or if they have policies that might be acceptable to mortgage holders if that was an issue.

[71 road runner]

Originally Posted by younglisa7

Check into Lloyd's Of London. I hear they are insuring flood prone properties in Florida and half the cost of Fema companies.

.

If that's true, then I would think Loyd's will be selling a lot of policies soon.

.

[Travelassie]

Originally Posted by Travelassie

I'm not sure that Lloyds of London insures against flood damage. I have two friends in Miami who dropped their homeowner's coverage when it became prohibitively expensive ( both over $12,000 annually and neither are close to the water). They tell me that their policies do not cover windstorm or flood damage, but mainly liability, along with theft and fire damage. Neither of them have mortgages so that was not an issue.

Perhaps there are other policies that include more coverage with LOL, but one would have to contact them to see what is available, or if they have policies that might be acceptable to mortgage holders if that was an issue.

I meant to say these two friends dropped their homeowner's insurance policies with either Citizens or Security First, and got policies with Lloyds of London, which in their cases cover liability, theft and fire losses.

[MartyGras]

Originally Posted by Travelassie

I meant to say these two friends dropped their homeowner's insurance policies with either Citizens or Security First, and got policies with Lloyds of London, which in their cases cover liability, theft and fire losses.

I believe Lloyd's has always offered flood insurance coverage but because FEMA insurance has always been so cheap they were not able to compete. Now that the FEMA rates have risen they feel they can come in at a price lower than FEMA and make a profit.

I would imagine that the Lloyd's pricing will be lower than FEMA but still higher than FEMA was before the increases

Gary