How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Mr. Gregory White Your Own Question
Mr. Gregory White
Mr. Gregory White, Teacher
Category: General
Satisfied Customers: 5240
Experience:  M.A., M.S. Education / Educational Administration
Type Your Question Here...
Mr. Gregory White is online now
A new question is answered every 9 seconds

Can the premium for flood insurance be adjusted. We are required

This answer was rated:

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.
Thanks for using JustAnswer. My name isXXXXX will do whatever I can to answer your questions.

Don't Forget the deposit you placed to ask this question is not used to compensate me until you rate my service! Please Remember that when you are asked to give a rating, you are rating My Service and not this website itself.
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.
Mr. Gregory White and 41 other General Specialists are ready to help you