Smith Lake Topics: new flood insurance requirmts
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Name:
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Yankee06
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Subject:
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new flood insurance requirmts
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Date:
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11/8/2009 6:09:58 PM
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Hi Y'all,
-If you look at the bottom of this page you'll find other posts on this subject,--see title New 524 flood level?" 7/27/09.
-I tried to take a loan out on my home equity, my mortage company found out and wanted me to pay for flood insurance, although when I brought the home three years ago, they didn't require it. had I not asked, they would never have put me on the flood insurance list. Seems teh mortggae companies are a little stupid on this. With computers you'd think they'd just do a cross search on their policies in flood zones. Can't be that hard.
-Anyway, after I received their threat to buy insurance for me to cover their liability if I didn't buy my own, I had a surveyor do a Certificate of Elevation saying I'm above the "526 foot" mark.
-I was supposed to send this to FEMA for a LOMA but that takes 6 months during which I would have been paying flood insurance. But my mortgage company said to skip FEMA and just send them the ceretificate and they would cancel my flood insurance.
-Now the flood level in the lake is 522 ft. The old FEMA level was 524. The new FEMA level is 526. According to a "knowledgeable" person I spoke with on this, if the flood goes above 522 and damages your home, Alabama Power is liable and must pay. Yeah, right!
-If youy've built you house above 522 but below 524 your screwed, you will not be able to get regular rate flood insurance.
-If you've built your house above 524 but below 526 "before" FEMA raised the level to 526, FEMA will supposedly grandfather you against the need for flood insurance as long as you provide them with evidence to that effect.
-If you're above 526 and have an Elevation Certificate to prove it, supposedly you're home free.
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