| Name: |
Shari
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| Subject: |
Flood Insurance
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Date:
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1/10/2012 8:01:38 PM
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Anybody out there gotten a notice from their mortgage company regarding being forced to purchase flood insurance? I did. Ugh! Any information anyone has to share would be deeply appreciated. Thanks.
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| Name: |
John C
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| Subject: |
Flood Insurance
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Date:
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1/10/2012 9:14:17 PM
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Shari - unfortunately you may be forced to pay a surveyor or engineer to come and shoot the lowest elevation of your home, then file for an exception from FEMA. It stinks but it will be cheaper than flood insurance. Please see the link below, I talk about this on my real estate blog. If you have any questions, please email me or call me, I will do my best to point you in the right direction. Good luck and let us know how it goes.
URL: Buying At Lake Martin? Bet You Haven’t Thought About This
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| Name: |
BayPineYankee
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| Subject: |
Flood Insurance
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Date:
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1/10/2012 10:34:22 PM (updated 1/10/2012 10:40:52 PM)
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Shari - we recently received a notice from our lender requiring this insurance. We contacted the person who writes our homeowner's policy - their records showed that we were not in a flood plain, while the lender's showed we were. After some discussion with the mortgagee, we learned that a small section of our lot fell in the flood plain. We were able to draw a diagram of our lot, including measurements from the seawall to the house in several areas. The lender accepted this and provided a written confirmation that we were not required to purchase flood insurance. As John states, you may need a survey - depending on your lot you may do some homework first to see if you can make the issue go away for free. Good Luck
Jeff
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| Name: |
HARRY
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| Subject: |
Flood Insurance
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Date:
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1/11/2012 10:06:43 AM
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Are maps available showing if my place is in or out of the flod plain?
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| Name: |
John C
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| Subject: |
Flood Insurance
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Date:
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1/11/2012 1:02:10 PM
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go to the FEMA site, you can search based on your location.
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| Name: |
John C
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| Subject: |
great advice... /EOM
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Date:
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1/11/2012 1:02:40 PM
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| Name: |
Osms
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| Subject: |
Flood Insurance
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Date:
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1/11/2012 4:45:58 PM
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I was told by the state flood guy that if you have waterfront property then the two stakes at water's edge are at 490' and that's what declares your lot is in a flood plain. If you get a mortgage company letter and you have only 30 to 45 days to act your best bet is to find some insurance agent that sells FEMA insurance and buy only FEMA Flood Ins. Have your property surveyed for lowest finished floor elevation, submit your LOMA flood exemption application to FEMA. When you get your exemption approval, FEMA will pay you back 100% of FEMA flood insurance premium. Don't fall for the mortgage company scam of selling you high priced commercial insurance--you won't get your premium back.
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| Name: |
LonghornBoater
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| Subject: |
great advice... /EOM
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Date:
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1/11/2012 4:52:25 PM
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I have been to the FEMA website and entered Coosa County/Elmore County only to be told there are no maps availible. is there an alternate site/section of the site?
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| Name: |
lucky67
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| Subject: |
Flood Insurance
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Date:
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1/11/2012 7:13:31 PM
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as a lender & LM owner--I also received the lettter; you must_contact a surveyor to shoot an elevation cert--he will completer all the forms & you must submit to FEMA for a LOMA { letter of map amendment]=your lender must accept that; surveyor typically charges $400--good luck--I got my LOMA & lender & FEMA accepted it--however 3 months later & no refund from FEMA on my flood; this is a racket--all lenders must, by law, check with FEMA anytime you purchase or refinance--FEMA in JULY 2011 reworked LM maps--even though we knpow LM can never flood--recognize a lender can, if you dont get a LOMA by the date they rtequire flood ins, a lender can force place insurance & many lenders own the insurance company !! for example--my flood ins cost $400 via state farm, but Bank of America wassa going to force place it for $2800.00 with a cvompany they own !! if you dont knpow it by now, the federal govt & Obamas appointees have decimated the mortgage industry & the big banks who got bailed out are getting preferential treatment, like they never did any bad lending !!!!!!!!!!
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| Name: |
Rooster
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| Subject: |
Flood Insurance
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Date:
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1/11/2012 7:35:22 PM
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I have not, but my neighbor 2 doors down did in Jackson' Gap- Manoy creek- he thinks he got it because his mortgage was sold to another bank- 2 things he did- purchased flood insurance from FEMA $ 300 for payoff of mortgage- FEMA office in Alex City - hired an engineer for $ 300 to shoot elevation - he is now waiting on exception application to be approved in order to get his money back. If I get notice, I will do the same thing. Good luck.
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| Name: |
Lifer
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| Subject: |
Lake Martin CAN flood now.
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Date:
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1/12/2012 12:15:43 PM
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If the rain events of 1980 were to happen today the lake will in fact leave its banks. In 1980 that was not possible as at the time the water overflowed the dam. Since then a barrier dam has been built to prevent that overflow. It is the concrete wall you see as you pull up to the guard shack. This will allow the lake to rise another 4ft or so above 490'. If your elevation is above 494' you are still ok, but many of us aren't above that line. One of the few disadvantages of owning a flat lot.
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| Name: |
wix
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| Subject: |
You're assuming
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Date:
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1/12/2012 2:38:48 PM
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the power company is asleep at the switch and doesn't open the flood gates, which ain't likely to happen.
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| Name: |
Ulysses E. McGill
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| Subject: |
Lake Martin CAN flood now.
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Date:
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1/12/2012 6:53:01 PM
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In your case, flood insurance is a real good idea. I have a relatively flat lot but it would take a 10+ foot rise to do any damage, and that won't happen unless things go biblical. What chaps me is the way our government handles this type of situation......kinda makes me want to vote for crazy Ron.
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| Name: |
Mack
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| Subject: |
Lake Martin CAN flood now.
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Date:
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1/12/2012 8:02:09 PM
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Think Katrina Backlash. The 9th Ward in NO flooded. Thousands displaced. FEMA, do something.
They did. They shipped in thousands of temporary trailers to be placed in the flooded areas for temporary housing. Hired "contractors" to handle it, right? Staging areas in outlying areas of NO with Thousands of viable trailers. Ready to move in. Except///Except//Except there are not any utilities still standing to serve them. DUH!!
Mucho Millions up a Wildcat's patoot. Mississippi recovered more quickly w/o nearly the degree of help in NO.
Jess' Sayin. Wait for the Fed to help, and you will regret it.
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| Name: |
Lifer
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| Subject: |
You're assuming
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Date:
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1/13/2012 10:12:52 AM
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You are the one making assumptions,apparently assuming that I don't know what I am talking about. Trust me I do. In 1980 ALL 21 gates were wide open when the water kept rising and overflowed the dam. Actually more around the dam than over it. As I said before, that wont happen again. The "new" barrier dam will hold it back while the flood gates control the flow downstream. You don't have to believe me, but don't assume I don't know what I am talking about.
And BTW- you say 'asleep at the switch' as if all they do is flip a switch and the gates rise. You couldn't be more wrong. All 21 gates must be opened manually with an overhead crane. They also have a set pattern to be followed when opening the gates.
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| Name: |
aulakie
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| Subject: |
Flood Insurance
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Date:
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1/13/2012 11:06:53 AM
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| Name: |
aulakie
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| Subject: |
Flood Insurance
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Date:
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1/13/2012 11:16:20 AM
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We went through this in the fall. Chase sent a notice wanting an annual premium of $2250. We had Mitchell Downing do our survey. He charged $250 and did the work promptly. We filed with FEMA on Sept 14 and it was approved on Sept 27. Mitchell is out of Dadeville. By the way we are 27 feet above 490!
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| Name: |
au67
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| Subject: |
Flood Insurance
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Date:
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1/13/2012 12:00:40 PM
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Can anyone verify at what elevation (Martin Datum or MSL) puts you out of the floodplain?
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| Name: |
Osms
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| Subject: |
Flood Insurance
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Date:
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1/13/2012 12:21:45 PM
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The last I heard, the FEMA ruling was one foot above the highest recorded flood which was one foot above 490' Martin Datum, or 491' MD. That would mean that you should not be required to have flood insurance if your lowest finished floor of your house is above 492' MD. To confuse matters, FEMA uses mean sea level (msl) which is one foot higher than Martin Datum so for FEMA use it's 493' msl. Seems they didn't have GPS when the lake was built and somehow a foot was lost on the long trip to the Gulf to measure msl!
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| Name: |
GoneFishin
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| Subject: |
Flood Insurance
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Date:
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1/13/2012 8:42:01 PM
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As I understand from what I have read, FEMA uses a base flood zone where there is a 1% chance of a flood. That base elevation elevation is 491.2ft. If you are above that you should receive a removal letter from the insurance requirement once FEMA receives the survey and required forms. They state that they used the best data available without performing a detailed engineering analysis. The number to call for FEMA map assistance is (877)336-2627.
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| Name: |
Maverick
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| Subject: |
Flood Insurance
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Date:
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1/14/2012 10:06:48 AM
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My surveyor told me elevation was based on lowest point of house including steps, AC unit, etc. Told him that is just stupid could understand lowest floor joists but not lowest point attached to house. Have to love our government! !!
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| Name: |
Osms
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| Subject: |
Flood Insurance
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Date:
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1/14/2012 3:59:47 PM
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Interesting you should mention A/C units. The only FEMA flood claim I had while living on the coast happened after Katrina. All of my outside A/C units went under sea water and had to be replaced. Water was within 8 inches of coming in the house, but only damage was to the A/C units, gas grill, and dryer duct...ever fire up your dryer to find out the duct is full of stinky sea water. I found a copy of the Elevation Certificate on FEMA website that will explain what they are now requiring. Google FEMA Form 81-31. Look at Section C.
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| Name: |
Shari
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| Subject: |
Flood Insurance
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Date:
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1/23/2012 10:42:18 AM
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Thanks so much to everyone who has responded to my post. I did contact Mr. Downing and he came promptly and did a survey for me. He also filled out all the paperwork for me to send to FEMA. I have sent it in and now I wait. I will still have to purchase flood insurance because my 45 days is almost up and I haven't heard back from the submitted paperwork. I will take the advice of all of you and purchase from FEMA because it sounds cheaper. Sounds like to me that FEMA is broke and this is a good way for them to get money from me... Ugh!
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| Name: |
NCSue
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| Subject: |
Flood Insurance
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Date:
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1/24/2012 10:07:25 PM
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The quote you get from FEMA will probably include personal property coverage. Your mortgage company doesn't require this coverage, get a quote without out it and compare.
Also, remember that you can only insure the structure not the land.
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