Description
A new law was passed this year. If you own a home in a flood zone and have a mortgage, you will be required to pay for an elevation certificate which costs about $1000 unless we all use the same engineer. This is coming your way on renewal. On top of that, unless you can prove after the survey that you are not going to get flooded, you are going to pay 50-200% more for you flood OR doing tens of thousands of dollars to your property to lift it out of the flood zone. This is going to happen to all of us. Mine renews in March and if I don't have the proof by then, I may lose my house. I think we all need to meet at the firehouse asap with Sal, Bob Megna and Rosa DeLauro. This is the one law they get done this year? Great.
15 Comments
Pete Romprey (Guest)
Anon (Registered User)
Pete look on the FEMA websites. The new maps are there. As well as the new law.
New law: http://www.fema.gov/flood-insurance-reform-act-2012
FACT SHEET: http://www.fema.gov/media-library-data/20130726-1914-25045-8243/floodsmart_factsheet_homeowners.pdf
Flood Maps:
https://msc.fema.gov/webapp/wcs/stores/servlet/FemaWelcomeView?storeId=10001&catalogId=10001&langId=-1
http://www.floodsmart.gov/floodsmart/pages/flooding_flood_risks/ffr_overview.jsp
Marian (Registered User)
TAMC (Registered User)
Anon (Registered User)
I can do anything after January 4th. Sal is aware of this. Rosa DeLauro is working on it. The gentleman to contact at her office is Louis Mangini. He states they are working on legislation to change this, but we all know who things have been going down there in DC. That change will likely not keep me in this house unless it happens this month.
I am not sure our neighbors know about any of this and I think we have to get the word out. In the meantime thanks for the info TC. I will call your engineer.
EVERYONE is going to be affected by this. Looks like folks on the Quinnipiac as well.
TC did you get hit with a higher premium? I am already paying $1800.
Maybe Sal can pull this meeting together.
Anon (Registered User)
TAMC (Registered User)
Judy G (Registered User)
WAterboarder (Guest)
Robert Megna (Guest)
The legislative session starts next week. I have spoken to sal and Senetor Looney as well as the department of insurance on the issue. While the flood insurance is a federal program the state of Connecticut has no authority over the program.
However we do have regulatory authority over the private insurance market place. Essentially there are 2 markets the surplus lines and the admitted market which is where most of you buy your car and home insurance.
Overall the state of Connecticut under NFIP had a good loss ratio meaning if they did not include the remainder of the country NFIP may have been in the black not red here in our state.
On my committee we are raising proposed bills to make it simple for a private insurance company to underwrite flood insurance anywhere in the state they choose to. This in the hopes the private market sees an oppurtunity to undercut NFIP in terms of premiums. I also have a bill to stop the surplus lines market from underwriting substandard homeowner policies and to end preventive underwriting criteria of homeowner companies along the coast. The bill will also prevent the homeowner companies from increasing the premiums after a major storm.
I will get the proposed laws to Sal to send out to all who are interested.
Bob Megna
citizen (Registered User)
Best,
Susan
Judy G (Registered User)
Anon (Guest)
Judy G (Registered User)
Closed City of New Haven (Registered User)