NEW PRICING: This article demonstrates the untold confusion many homeowners are facing regarding the new FEMA flood maps and their ramifications. We are painfully aware of the new consequences. The options available are limited: lift your house above the base flood elevation level OR prepare to face expensive flood insurance premiums. As we have personally experienced flooding in recent years, it was already on our radar. Many others, whose homes have not flooded in years and have sort of forgot about flood insurance for the most part, are waking up to a brand new expensive day.
By: Kiah Collier, Houston Chronicle
Earlier this summer, before Jack Boze lost a buyer for his Kemah home to a surprisingly high flood insurance quote, he got online to see whether the odds that his waterfront property would flood had increased.
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$20,000 for insurance? Holy cow!
I know, right? There is a maximum payout per flood of $250,000 per event (for residential property, double for commercial property). At that price, you almost hope to flood to at least feel like you’re getting your money’s worth.
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