All Forum Posts by: Kurt F.

Joel -- how are ya? ....do I REALLY expect a repeal? I don't. This is a fairly wild twist for many of us, and I'm not smart enough to know yet what will shake out in the end. Values -- at least for the moment -- are shot by this act. I can't sell right now without a massive loss, so I'll sit tight and watch what happens.

One thing -- you mention private fllood insurance. I can't find that this actually exists as an option for houses affected by Biggert Waters. Hence the big controversy. Several on this forum have casually thrown this idea out there, but I've yet to see phone numbers or websites, etc. That said, I would be quite happy to stand corrected.

On a more cynical note, it would seem that Biggert Waters -- as a coffers-filling scheme -- NEEDS federally-set flood rates in order to benefit / "profit". The concept of cheaper private insurance kind of wrecks their plan.

Thanks for posting this, David K. --- there are a few other threads on Biggert Waters as well. The whole issue took thousands of people by surprise, including me as my personal residence is on a flood plain. I have no mortgage on this house, but am still affected adversely affected.

As far as getting out before rates increase as you've suggested -- unfortunately, that doesn't seem to be a viable option. New buyers get hit hard enough already that I've watched several house deals in my neighborhood fall through as soon as the insurance quotes came through.

Has me very concerned. I also have one duplex, and I had been planning to buy another property at some point. This is a twist I had not expected. I'm not loving the idea of my current home's value dropping dramatically.

All I can think of is that my current home could eventually become a rental, and I move on to buy an additional house to live in...???

Any thoughts would be really appreciated.

Unfortunately, James -- as John Holdman mentioned -- people under Biggert Waters are stuck, at least for now. My personal residence is affected by Bigger Waters -- it's paid off, but the value is obviously affected. No buyers when the mandatory flood insurance is 10% of market value. I'll be waiting and hoping for a repeal.

So if Donald thinks he can produce a solution for Brian H., me, and the thousands affected, we are all ears.

Donald Stevens -- I'm not sure what you're responding to after your last post. Maybe to re-focus on Brian H's original post....and the fallout of Biggert Waters. I also live in an area with many neighbors who have become directly affected by the same insurance rate increases Brian H is dealing with. I'm sure that Brian and my neighbors would appreciate your sharing of your specific solutions -- websites, phone numbers, etc.

@ Donald Stevens -- not sure what you are saying you did to get rates from 3000 to 1500. The rates are set by the National Flood Insurance Program. They are all the same -- there is no shopping or checking alternatives.

@ Collen F.... the thread is about Biggert-Waters, so the issue is not about the typical insurance increases that have historically occurred. The issue is unprecedented and astronomical increases in flood coverage -- particularly in the case of new buyers. The increases don't set up a maybe buy, maybe don't buy, scenario, as you suggest. The increases are automatically killing deals, as I've pointed out in my examples from my own neighborhood.

Uncharted territory.

The effect of the Biggert-Waters Act is is likely to be a much larger issue than some posts here seem to suggest.

The map updates are largely incomplete, and so purchases in flood zones begin with the buyer purchasing an elevation survey.

I live near a creek which has been designated flood zone for many years. Federal coverage ran about 1200/year. A buyer for a similar house two down from my primary paid for an elevation survey -- about 500 dollars -- and then got an insurance quote of 10,600 dollars / year.

Thanks, Ann -- I really appreciate the input.

Greetings --
My sister lives on the east coast and is looking to buy her first home -- on the beach in Quincy, MA. I know nothing about property there, as I live in Iowa. She is looking in the 450,000 dollar range -- given that, can anyone give me a heads up on the insurance that will be required on the beach in that type of location? Standard homeowners, of course, but how about flood and hurricane coverage? Any input on the costs involved for flood hurricane insurance?
Thanks in advance.