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Flood Insurance
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Posted by dottie_in_charlotte z7-8 NC (My Page) on Tue, Jun 16, 09 at 15:21
Geesh..Back in '04 when we bought this house to be built the survey placed us in Zone X..meaning no flooding impact.
We knew the creek was out there somewhere and the lot was built up to be sure of no chance of flooding.
We're talking a trickle creek that overflows its banks when we get 9" of rain in a weekend.(once) Never even gets close to the yard and what floods out in the forest is gone by the next morning.
FEMA has redone the flood maps. I was here when the guys were surveying and planting stakes noting low spots in the forest.
So, the 'zone' is about 5' closer to the yard.
Suddenly I get this letter from the lender demanding flood insurance (letter got here after taking a trip to some neighbors mailbox) but insurance needs to be in place within 45 days.
So, I call the insurance lady who says..can't quote until you provide me an elevation certificate. Got all that data on my survey but Noooo..gotta get a surveyor out here for a specific elevation survey and certificate before she'll quote me a cost.
Meantime the clock is ticking. If I don't have that insurance in place within that 45 (I hope 'business') days the lender will do it themselves and charge gobs more $$$$ plus commission fees).
I'm not on the beach, I'm not along a river. A little creek runs (or is dry) about 250' beyond our property line. Yet FEMA has decided although the flood zone is 5 feet closer now, that water is magically going to climb a 6 foot hill and go another 150 feet to and beyond the street.
Uh huh..sounds like an insurance scam to me. |
Follow-Up Postings:
RE: Flood Insurance
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Now, I don't know too much about the issue at hand but from a technical perspective it seems like a bit of a stretch.
There is a contract that was put in place when you bought the house based on the information that was known about the property at the time. It seems like, unless there is a clause in the contract allowing them to change the terms of the agreement, that they would not reserve the right to force or coerce you into purchasing a service from a third party. Have you thought of contacting an attorney? I don't know, I would be tempted to call them and have them show me where in that contract they reserve that right. I could be wrong but it does sound reasonably suspect. |
RE: Flood Insurance
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| I stand corrected. My husband says that the lenders are required to make you get flood insurance by federal law if all or even sometimes part of the property is considered a flood risk. |
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