Home buyers beware and refinance iof your home. Fema tagged my home when I bought it to require flood insurance at closing in april I was notified I needed it. Ok I paid for it.
In 2011 it renewed and the bank paid it from impounds. 2 months after renewal FEMA sent me a letter stating I was in ther critical AO flood zone and my policy was dificient and only covered $21,000 under the new zone. My bank took out a supplement policy to cover it.
I checked with all my neighbors and nobody had flood insurance. I started to research. I dropped State Farm because they were ripping me off charging doulble the normal home insurance rate and went with All State.
I told my new agent about my flood insurance delima and she quickly did a search on their data base and found aflood hazard determination form from FEMA stating that my property address was not in the flood zone at all as of 2007. I immediately went to my bank and they cancelled and refunded the additional policy they took out.
I contacted FEMA and was told only my previous agent at state farm to can cancell it. This was September of last year. Well we submitted the paper work and nothing happened I sent them letters and contacted the state farm agent and we submitted it again and now it has been 4 times and I still can't get it cancelled and in April they billed the bank for renewal for 2012 that only covers $21,000 and so now I am out the 2012 policy dollars.
They do not speak to the owner they just deal with the original insurance agent who is not crazy about doing follow up. Please check your flood zone I know it is difficult to find the informatio, I couldn't find it but my new agent did. They also will do this if you are refinancing so beware.
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