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wideglide36

join:2003-11-08
Altoona, PA
Reviews:
·Future Nine Corp..
·voip.ms
reply to wideglide36

Re: Bank forcing flood insurance on us

When I first received this letter from the bank I was really upset, as after I researched it a bit and posted on here, it seemed as though I was going to either have to spend a lot of money to fight FEMA's remapping or I was going to have to pay high flood insurance which I could not afford.

Not to mention our property value would go down and who would want to buy property located in a flood zone where you would have high flood insurance.

Luckily for me I didn't have to do any of those things as we were never put in the flood zone as the bank said.

Bank mistake? Remember.

I really feel bad for the people who really do fall into a flood zone after a FEMA remapping.

Does something change topographically to get FEMA to remap thus requiring more people to be put in flood zones?

Pardon the pun, but what a mess....



Hayward
K A R - 1 2 0 C
Premium
join:2000-07-13
Key West, FL
kudos:1

1 edit

said by wideglide36:

Does something change topographically to get FEMA to remap thus requiring more people to be put in flood zones?

Likely not, but the historical likelihood record probably has, especially now built up areas no one lived in 30 or 50 years ago.

I always get a laugh out of people west of I-95 in SE FL that get into this.... DUH you are living in drained SWAMP (Everglades) and they even left lower ground with just above sea level around it. Guess what happens when you get a lot of rain??? Soup bowl flood and it doesn't jut go away when it stops like in does in the Keys when it drains back into the ocean... that's miles away there... stays for weeks.
--



Hayward
K A R - 1 2 0 C
Premium
join:2000-07-13
Key West, FL
kudos:1
reply to Bob4

said by Bob4:

Often, lenders receive commissions for the new flood policies they impose on borrowers. Fees can amount to as much as 20 percent of the annual premium.

Well again, that is ONLY if you force the bank into it by refusing to go get it yourself.

Especially in areas now possible by new maps, but low risk it is likely far less than your car insurance unless you live in a McMansion.

Even here in the Keys and having been salt flooded by Wilma 7 years ago, its pretty reasonable.
--



Hayward
K A R - 1 2 0 C
Premium
join:2000-07-13
Key West, FL
kudos:1

4 edits
reply to wideglide36

said by wideglide36:

When I first received this letter from the bank I was really upset, as after I researched it a bit and posted on here, it seemed as though I was going to either have to spend a lot of money to fight FEMA's remapping or I was going to have to pay high flood insurance which I could not afford.

No sometimes it just takes a few phone calls and modest research.

When I bought a house in Albany NY in the 80's I expected the taxes to go up from previous owners... but not to the amazing extent I was billed.

Even before the internet... a few calls and some time at city hall studying like property property past few years sold in the (overall very similar structures) neighborhood filed an appeal, and went to preliminary hearing...

City appraiser took me out in the hall and said what do you think you should be paying... gave him my figure (which was reasonably above old taxes, but not the double+ they wanted), he in seconds, said fine DONE.

Saved them the cost of formal legal hearing costs (they would likely loose) and time, and got it to what it should have been very quickly.

Again it often only takes a just little effort, and definitely not just ignoring, or you will get the high rate bank policy forced on you, as they have the right to protect their property.

Or as maybe in this thread case just a ZIP code generalization.
--


wideglide36

join:2003-11-08
Altoona, PA
Reviews:
·Future Nine Corp..
·voip.ms
reply to wideglide36

Final update:

Today I received a letter from my bank.

It contained a "Standard Flood Hazard Determination Form
(SFHDF) from FEMA.

This was the same form that I just recently got from my bank saying that I was now in a flood zone and that I needed to buy flood insurance.

Only this latest form differed slightly. The entire form with names and dates are all the same except for the "flood zone" and whether or not the property is in a special flood zone area.

This form I got today says that we're in flood zone X as opposed to flood zone A that the previous letter said, and it also says that our property is not in a special "flood hazard area" which the previous letter said we were.

What's funny is this: Both letters have the same preparer's name and the same date of determination, plus the same date for FEMA's map revision.

So why on earth would they send me a letter saying that we were in a flood zone?

We didn't get anything from the bank explaining this new letter or any apologies for getting the first or even something saying that we can disregard the first erroneous letter.

I hope this latest form is enough proof and that the bank doesn't go ahead and take out flood insurance since we will be disregarding the first letter. With my luck, ya just never know.

Thanks again guys.


Bob4
Account deleted

join:2012-07-22
New Jersey
Reviews:
·Optimum Online

Someone at the bank is saying, "Curses, foiled again!"


kontos
xyzzy

join:2001-10-04
West Henrietta, NY

yeah, that. or maybe somebody at the bank is just not so good with their GIS program.

Or even more likely; there is a property in your zip-code that did get moved from zone X to Zone A in the map update, and the bank didn't process the data at a resolution higher that zip code.

There isn't a whole lot of money for a bank to make by getting you to buy insurance from somebody else.


Bob4
Account deleted

join:2012-07-22
New Jersey

The bank gets a 20% commission!