Tuesday, February 21, 2012

Homeowners Forced to Buy Flood Insurance After FEMA

As of this January first, thousands of California homeowners are being forced to buy costly flood insurance because new maps issued by FEMA say they live in a high-risk flood area. FEMA did not publicize this, catching many people off guard. FEMA claims the rezoning is part of an ongoing effort to update the list of high-risk areas near rivers and creeks, below dams or in low-lying areas.

Flood insurance rates are set by FEMA and range from $500 to more than $1,700 a year. Insurance is mandatory for anyone with a federally backed mortgage. If your lender requires you to buy flood insurance, you can challenge it by requesting a “certificate of elevation” from your city’s planning department. If you find that you are in flood zone, let the experts at Allied Brokers get you the lowest possible rate- without the headaches.

Elevation certificates are now required for most escrow closes. If your city does not have the certificate on file, you can hire a surveyor to create one. This may take several days and  could delay your escrow close. Call Allied Brokers- we can help you solve this problem so you can close on time.

For flood insurance questions, call Connie Prince at Allied Brokers. She can recommend a surveyor who can get you a low-cost elevation report which might lower or eliminate your flood insurance.

Call Connie at 1-888-505-7988 for a free rate quote. Visit us on the web at:
http://www.alliedbrokers.com/.

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