Flood insurance to see increase
The coast has come a long way since Hurricane Katrina, but now it is time to help replenish the Government’s flood insurance program. Starting today, coast homeowners could now see a possible drastic increase in their flood premiums. The flood insurance program currently has a 24 billion dollar deficit.
Ronald Davidson, who is a coast home owner said, “I think it’s already plenty high enough. I can’t imagine having to pay any more than I’m paying now. You can’t live on the coast any more. You have to be at least north of I-10”.
Some people living on the coast could see their insurance premiums doubled or tripled.
“There needs to be a fair program that a fair price is charged that everybody can understand,” said Ned Dolese of Coastal American Insurance. “Then you can make the decision whether I want to live by the water.”
Another increase for coast homeowners could be in their insurance policy fees.
“One thing that was implemented that they did is a policy fee. So for all people that owned houses and that’s your primary residence, your policy fee is 25 dollars. If it is not your primary residence but it’s a secondary residence, like a seasonal home. Say someone from Jackson or New Orleans owns a home on the Mississippi Gulf Coast, instead of you having a 25 dollar policy fee you now have a 250 dollar policy fee.”
There could be hope for homeowners on the horizon. Biggert Waters 12 and its revisions will end in 2017 when a new way of repayment will be created.
Ronald Davidson, who is a coast home owner said, “I think it’s already plenty high enough. I can’t imagine having to pay any more than I’m paying now. You can’t live on the coast any more. You have to be at least north of I-10”.
Some people living on the coast could see their insurance premiums doubled or tripled.
“There needs to be a fair program that a fair price is charged that everybody can understand,” said Ned Dolese of Coastal American Insurance. “Then you can make the decision whether I want to live by the water.”
Another increase for coast homeowners could be in their insurance policy fees.
“One thing that was implemented that they did is a policy fee. So for all people that owned houses and that’s your primary residence, your policy fee is 25 dollars. If it is not your primary residence but it’s a secondary residence, like a seasonal home. Say someone from Jackson or New Orleans owns a home on the Mississippi Gulf Coast, instead of you having a 25 dollar policy fee you now have a 250 dollar policy fee.”
There could be hope for homeowners on the horizon. Biggert Waters 12 and its revisions will end in 2017 when a new way of repayment will be created.
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