If you think PA will be hit hard, you should try living in Florida, especially Pinellas County! And I do agree that many people will face foreclosures, maybe not bankruptcy, but definitely foreclosures. One true example, house along the Gulf of Mexico, current annual premium is $746.00. If they try to sell that house, the buyer’s annual premium will be $53,625.00! No joke. Oh, and all federally funded mortgages will be required to have the flood premium escrowed.
Every situation is different. If a person is just starting out, they may buy a house that is on the high end of their means, betting on their ability to grow financially in the upcoming years. Throwing a $1000 a month increase for flood insurance could put them over the edge now but not in a few years.
Perhaps stop buying homes in flood plains?
I don’t live in a flood plain. Most Americans don’t live in flood plains or next to the ocean. Why should we subsidize their insurance through federal/state programs with our tax dollars? I need a really good I need a really good
If you want to live there, take the financial risk on your own.
if the only thing between you and bankruptcy is a flood insurance premium, you are in big trouble already and that bankruptcy is inevitable anyway
bob- maybe you should quote a pre-FIRM flood policy at a -8 once in a while. It could prevent you from inserting foot.
If you think PA will be hit hard, you should try living in Florida, especially Pinellas County! And I do agree that many people will face foreclosures, maybe not bankruptcy, but definitely foreclosures. One true example, house along the Gulf of Mexico, current annual premium is $746.00. If they try to sell that house, the buyer’s annual premium will be $53,625.00! No joke. Oh, and all federally funded mortgages will be required to have the flood premium escrowed.
Every situation is different. If a person is just starting out, they may buy a house that is on the high end of their means, betting on their ability to grow financially in the upcoming years. Throwing a $1000 a month increase for flood insurance could put them over the edge now but not in a few years.
Perhaps stop buying homes in flood plains?
cheetah- everyone is in a flood zone. Maybe you should stick to checking out the customers at the counter needing pickles on their burgers.
You are either in a low-moderate flood zone or a high hazard area. There is no such thing as “I’m not in a flood zone”.
I’ll take fries with that.
Jack,
My comment said flood plain, not flood zone.
Does your last name start with an “A”?
I don’t live in a flood plain. Most Americans don’t live in flood plains or next to the ocean. Why should we subsidize their insurance through federal/state programs with our tax dollars? I need a really good I need a really good
If you want to live there, take the financial risk on your own.
Let me know
etracy- see cheetoh