Does anyone out there have flood insurance?
Ninety-four years ago, my grandfather purchased waterfront property on Buzzards Bay, Massachusetts. In that time, we have suffered through three devastating hurricanes without flood insurance. In today’s prices, each hurricane did about $30,000 worth of damage. My insurance company values all the buildings at $250k. Without flood insurance, I pay about $950 per year for insurance.
FEMA has recently come out with some “new” maps which puts us in a “high risk” area for floods. Just for grins, I called my insurance company. Flood insurance, with a $5000 deductible, would cost $30,000 per year and that would not cover contents (such as the furnace in the basement). Where did their actuaries learn math? They’re predicting a total loss every 8 years or so??? Now, I’m using the high insurance premium to fight my property assessment. Is there anything one can do to bring FEMA into reality?