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Pay $10,000-plus bill to renew flood insurance

Andi's experience highlights that houses which are in a flood plain have negligible value, you can never rebuild if you loose it to flood, fire, tornado or disaster

June 11, 2013 1:44 IST | India Infoline News Service
Andi Walker based would have never bought a home in Jacob, the US if she keen she would have to pay more than $10,000 a year (approximately Rs. 5,80,000) for flood insurance, according to a media report.

Andi and her husband bought the house in November after securing flood insurance for $1,000 (around Rs. 58,000) a year, the report added.

The insurance is required since the house is located in a flood plain.

At the time of buying the house, neither Andi's insurance agent nor the seller told her about major changes to the National Flood Insurance Program that became effective in July 2012.

Among the changes included in the Biggert Waters Flood Insurance Reform Act of 2012 was the elimination of insurance subsidies along with 25% rate hikes on property purchased after July 2012, such as Walker’s house.

Andi's experiences highlight that houses which are in a flood plain have negligible value, you can never rebuild if you loose it to flood, fire, tornado or disaster.

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