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Mr. Gregory White
Mr. Gregory White, Teacher
Category: General
Satisfied Customers: 5223
Experience:  M.A., M.S. Education / Educational Administration
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Can the premium for flood insurance be adjusted. We are required

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Can the premium for flood insurance be adjusted. We are required to cary the maximum coverage of $250,000. Annually which costs us $3638. We have never had a flood or a claim in the forty plus years we have lived at this address.
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My family and I have also lived in a flood plain for quite a few years and also have to pay the mandatory flood insurance. If you have a mortgage, which I assume you are, you are required to have enough to cover the value of your property under the flood insurance as flood is not covered by your home owner policy.

The reason why your agent suggested getting a new appraisal is that many home values have dropped over the past 7 years during the recession period. By doing this, you might be appraised and assessed at a lower value and therefore your mandatory rate would also be lowered to match that new amount.

Hopefully there is some plan to put up levees or other systems to remove your home from the flood plain as that is the only way that it would truly be lowered for you.
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