Buying a Home; Flood Insurance
Over the last few years the United States has seen an increased emphasis on disaster preparedness. Situations like September 11th and Hurricane Katrina reinforced the idea that it was necessary to be able to mobilize relief quickly and sustain stability in disaster affected areas.
One of the ways that FEMA has worked to be more proactive with disaster relief and prevention has been to identify potential areas vulnerable to flooding. Unfortunately, the unintended consequence has been that many home-owner's in vulnerable flood zones are being forced to purchase, often expensive, flood insurance.
Flood Insurance Unfair, but "For the Good of Buyers"?
You all are probably familiar with how upset many are with Obama's health care program, being forced to purchase insurance, fined if you don't and if you don't purchase one of his plans you get another 1% penalty. Well, unlike homeowner's insurance, flood insurance is regulated by FEMA. The pricing is based on... read full post