My flood insurance premium just went from $500 to $5,000 a year. WHAT HAPPENED??
I have been getting a lot of calls lately from people who have seen their Maryland Flood Insurance rates skyrocket. The reason is simple, the Army Corps of Engineers and FEMA have recently changed the flood insurance maps. Many homes have been reclassified from low hazard flood zones to medium or high hazard zones which raises your rates substantially. If you are in a medium or high hazard zone, your bank will MAKE YOU get flood insurance. If you refuse, they will “force place” a policy to protect “their interest” and go ahead and add the bill into your mortgage payments. What you need to realize is that a “forced place” policy pays the BANK, not you, in case of a flood. They only buy Dwelling coverage as they have no reason to insure YOUR Personal Property (clothes, furniture, etc.). You are much better off buying your own flood policy that protects YOU, your house and your belongings and add the bank as a mortgagee. Contact Luray Insurance at 410-602-2636 for a free quote or to discuss your individual case with us.