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Environment & Energy

meadowlark5

(2,795 posts)

2. We are seeing the same thing

Reply to hatrack (Original post)

Sun Nov 17, 2013, 12:20 PM

Nov 2013

We kept my dad's house in Nebraska after he died. One of my brothers still lives in the house. I just found out the flood map is being revised and it will now run right through our property. We don't have a mortgage on the house so aren't required to buy flood insurance but whoever buys the house whenever we sell will have to if they carry a mortgage.

If we choose to buy flood insurance we can do that at a discounted rate right now. The gov is offering to do that before the map is put in effect. If we wait till the map is put in effect (April 2014) and buy insurance after that, we are subject to the open market rates.

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Highlight:

Changes In Federal Flood Insurance Hit Rural Areas; Some Coverage To Rise 4X And More [View all] hatrack Nov 2013 OP

If they had to purchase on the "Free Market" it would cost... Walk away Nov 2013 #1

We are seeing the same thing meadowlark5 Nov 2013 #2

I'd buy now. kestrel91316 Nov 2013 #3

Our plan is not to keep the house meadowlark5 Nov 2013 #4