We had a discussion at our HOA meeting yesterday about the upcoming homeowners insurance and flood insurance rate increases. We are very fortunate that Arlington Place WILL NOT be affected by the extreme flood insurance rate hikes because our elevations average 25 feet above sea level. These elevations put us in an X flood zone where no flood insurance is required…..phewww. That does not however mean that we should not weigh in on the matter for our coastal neighbors that will be affected.
The group that is leading the way in the fight against these bills is NC-20. “NC-20 is a partnership of the people, local governments, and businesses of the 20 coastal (CAMA) counties in North Carolina dedicated to economic development of the member counties.” The government plans to do a blanket insurance rate increase on these 20 coastal counties, ignoring the fact that the majority of insurance claims filed have been outside of these counties. There is a very informative video that I urge everyone to watch: http://vimeo.com/83888081. There has also been an email address established for the cause: firstname.lastname@example.org
This was just emailed to us:
On behalf of eastern NC property owners, NC-20 President Willo Kelly is
meeting with Senator Richard Burr in Washington, DC, to discuss flood
insurance and the detrimental impact of the Biggert-Waters Flood Insurance
Reform Act of 2012.
Examples are needed of how the provisions of this bill that have already
been implemented are impacting the sale of homes, financing/refinancing and
policyholder premiums. NC-20 is aware that the biggest impact is yet to come
when new County flood maps become effective and policyholders will lose the
“grandfathering” of the flood zone and elevation that was in place at the
time of construction of their home.
Please forward examples, stories and copies of flood insurance declaration
pages to Willo Kelly – email@example.com.
Submit information ASAP – today if at all possible! Time is of the essence
as Congress debates legislation on the National Flood Insurance Program.
Thanks for your support and input on this issue!