Our concern is the sink hole insurance will go the route of FEMA. We've had multiple property's in "flood zones" and never had a claim. A property we now own, was built in 1985 with a lot of upgrades, never having a claim, and our policy in 2013 was about $7,000.00 for flood, hurricane, wind driven rain. The maximum pay out for a total loss is $250,000.00. We accepted the risk. Legislation passed in March and our insurance company informed us the flood insurance portion of the policy would be about $25,000.00 per year. All property is now equal. We will pay the same as someone filing a claim multiple times. This is the case for second homes and rental property. Primary homes are grandfathered in for the previous rate.
Our concern is the sink hole coverage we have for The Village property will go the route of the hurricane under FEMA. We were actively involved with the legislation in NC and feel we were listened to with our concerns. The outcome isn't what we hoped for, but could have been worse. Getting in touch with the representatives in FL is a great idea. Believe me, you don't want the Federal Government regulating your insurance for sink holes.
I don't consider this political. This is both sides that put FEMA in charge of flood insurance. Both sides need to be on the side of the home owner and keep the insurance company's in charge of sink hole insurance. Not the Federal Government.
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