Raising your House? Flood Insurance Bill Passes

Congress yesterday passed the Homeowners Flood Insurance Affordability Bill of 2013.  This will prove to be great news for Long Beach property owners. 

However, it may prove to be a mixed bag for those who are scrambling to raise their homes and think they must to assure affordable flood insurance. 

Those seeking to save money may now actually be pissing it away. 

From a quick examination of the bill's text, it appears to provide much relief for property owners:

Those with "grandfathered" rates will continue those rates.  Any future increases will be limited to 18% per year.   The grandfathered rates will be TRANSFERABLE to anyone who buys your home in the future. 

Any home used as a primary residence is eligible.  This includes landlord-owned rental homes. 

Floodproofing, using methods to be defined within one year, OTHER THAN ELEVATING will make a home eligible for reduced rates.  

Pre-FIRM rates -- those "subsudized" policy rates available for older homes will continue, and be transferrable to new owners of your property. 

A new, low cost $10,000 deductible policy will be made available.

What does this mean for the chump who plans to raise his first floor 14 feet into the air.  It means, basically, that you've been made a chump. 

You'll save little on your flood policy.  You'll be climbing 14 steps every time you go in your home forever.  Your ugly home may lose real resale value because of it's ugliness. 

You'll see your taxes increase probably 65% because of your "improvement".  You'll be forced to install a $30,000 dry sprinkler system because you now have three stories. 

On the upside, you won't have to fear another "400-year" flood.

Now if we can only all live long enough to benefit.