Legislators in Baldwin, Alabama, are working toward a measure that would add $478,000 annually to flood insurance premium savings for its residents. Baldwin first entered the Community Rating System in 1995 in order to obtain better flood insurance rates on behalf of its residents. According to the system, counties that fare well in rating are eligible for discounts for insurance in the categories they score well in. Baldwin currently ranks 7 out of 10, and enjoys a 15% discount in rates. These numbers could increase if the county’s proposed modifications…
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FEMA encourages flood insurance for spring season
The high season for flooding is from February to the end of April. All depending on temperatures and predictions of record rain fall, there are many areas that are considered high risk by FEMA, the Federal Emergency Management Agency. FEMA is paying special attention to Davison County in South Dakota. On Friday, the agency released a warning: a 98% chance of minor to moderate flooding, with at least a 50% chance of major flooding. This area is home to over 20,000 people and the biggest threat is the rising waters…
Read MoreFlood map errors costing consumers thousands!
The Federal Emergency Management Agency, also known as FEMA, is in charge of mapping out areas for high risk flood zones, but are some of these maps wrong? Banks require flood insurance on homes in these flood zones and many are paying steep prices for what could be old information or even human error! These maps are used to determine insurance rates and with the wrong information premiums can go (on average) from $300 a year to $3500, depending on your area and loan requirements. With no warning you have…
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