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A huge mess

December 29, 2013

This letter is a follow up to my earlier letter regarding the huge mess in the form of the Biggert-Waters Reform Act. I attended the public hearing held at Penn College Klump Academic Center Dec....

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(9)

johnathan

Dec-30-13 12:18 PM

For those of you following this issue there is another visit coming to Jersey Shore with Senator Tom Marino, Jan 2, 2014 1201 Locust Street @ 7pm also Jan 4, Old Lycoming Twp building Dewey Ave, @ 1Pm.

Make an effort to attend, also those of you who think you are not in the flood zone and find out what happens when the remapping occurs, I seriously doubt FEMA is going to lower any hazard areas.

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MimLogue

Dec-29-13 9:11 AM

We cannot get a quote or buy insurance on Fema website? How much did it cost to run those commercials? They only sell 130$ policies to properties are not in the flood zone with minimal chance of loss.SCAM go to Stopfemanow on facebook

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Premier

Dec-29-13 9:06 AM

Gee, here's a grand idea. How about requiring all the people who accepted money from FEMA's flood insurance program who never paid into it to pay the money back.

This program went broke after Katrina and Sandy. It's the same as paying the uninsured motorist on our automobile policies.

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MimLogue

Dec-29-13 9:06 AM

Me and my neighbors could build a flood gate cheaper then the price of these premiums.

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MimLogue

Dec-29-13 9:05 AM

Erik 50 % of props in America are affected the answer is to abandon Fema and go to private realistic insurance

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MimLogue

Dec-29-13 8:59 AM

I'm curious why the Insurance Lobbyists in Washington could be applauding Tom Marino &Congress for passing this law when it doesn't affect them personally through any liability. Could it be that they stand to make a huge profit from increased 30% + 30% commissions and claims managing. Hmm, just add it up. If they sell a policy valued at $1,000 dollars, they earn $300.00, but if that same policy now costs, $10,000, they earn $3,000. Times that by 5.4 Million flood policies around the nation. There is no measure to decrease their commission in the Biggert Water's Act of 2012. Was this another justified expense we should pay out of our NFIP premiums?

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ladydawg4

Dec-29-13 7:59 AM

I feel for that young couple. We recently were house hunting and found a perfect property that would cost us $4K a year in flood insurance. This home never flooded in all its 50 years (not even in 72) but FEMA decided that since the house was situated within so many feet of a water source, flood insurance was a must. This house and the houses around it never needed flood insurance until about 2006 when FEMA remapped the flood plains. Luckily for us, our realtor was up front and said there was a possibility of the flood insurance premium raising. We opted out of the house because we were unclear how much they would go up and low and behold, that house now has an almost $10k a year insurance premium. The couple who bought the house (friends of ours) are scrambling to find the extra money. Something needs to change with this new law or houses are going to be abandoned and become and eye sore in towns flood zones...

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johnathan

Dec-29-13 7:52 AM

Erik, You hit the nail on the head, pay for their risk, not be paying more each year for flood insurance than they do for their mortgage payment.

You are right, A better plan needs to be found.

Pay for my RISK! I live in Muncy in zone X my house is 6' above BFE, should I be paying $4,348.96 a year for flood insurance, I don't think so, but FEMA and the insurance companies are out to do it to us who happen to have a mortgage I fall into that catagory. I did add insurance companies since they get 30% commission from this "huge mess"

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eriklatranyi

Dec-29-13 4:45 AM

From the letter:

"When the values of the flood zone properties go to nothing due to being unsaleable, do you really imagine that the municipalities and school districts are just going to forgo those tax dollars? They are going to take it from those who's property is now more valued due to not being in a flood zone. So in the not too distant future this law will effect everyone."

I don't like to be threatened. You are telling me that if I don't subsidize your home, I will pay more for mine.

As far as I am concerned, I am already subsidizing these people s homes and the legislation is aimed at restoring the economic balance.

To do it so drastically is not right and a better plan is required. However, over time, these homes should either pay for their risk or be abandoned.

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