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While Annapolis plans project to save City Dock, surrounding areas in the county need flooding solutions

While Annapolis plans project to save City Dock, surrounding areas in the county need flooding solutions
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Millions Left On The Table : How Cities Can Do More To Battle Rising Flood Insurance Rates

Originally published on December 18, 2020 1:05 pm William Jennings and his wife have lived in their Virginia Beach, Va., home for the last 37 years. And their plan was to stay in it through retirement. I really like my house, Jennings says, standing in the front yard. A two-story home. A swimming pool in the backyard. But Jennings neighborhood has flooded more often in recent years. His house did once, too. His mortgage requires flood insurance, which now costs him $2,336 a year and is set to increase 18% in July. The 72-year-old Army veteran worries that soon his home may no longer be affordable. His wife supports selling it and moving to avoid the additional flood insurance expense.

WSKG | Millions Left On The Table : How Cities Can Do More To Battle Rising Flood Insurance Rates

Watch Live PBS Kids By | December 18, 2020 William Jennings and his wife have lived in their Virginia Beach, Va. home for the last 37 years. And their plan was to stay in it through retirement. “I really like my house,” Jennings says, standing in the front yard. “A two-story home. A swimming pool in the backyard.” But Jennings’ neighborhood has flooded more often in recent years. His house did once, too. His mortgage requires flood insurance, which now costs him $2,336 a year and is set to increase 18% in July. The 72-year-old Army veteran worries that soon his home may no longer be affordable. His wife supports selling it and moving to avoid the additional flood insurance expense.

HUD Issues Proposed Rule for Use of Private Flood Insurance on FHA Loans | Weiner Brodsky Kider PC

To embed, copy and paste the code into your website or blog: HUD issued a proposed rule which would allow borrowers on FHA loans to use private flood insurance instead of requiring insurance through the National Flood Insurance Program (NFIP). As a condition of receiving a mortgage loan which is insured by the Government, or for a Government Sponsored Enterprise to purchase a loan, federal law requires that borrowers who live in areas with high flood risk must obtain flood insurance through the NFIP.  The NFIP provides for federally-backed flood insurance for borrowers who live in high flood risk areas.  Changes to the relevant laws in the last decade now allow for the use of private flood insurance in certain circumstances.

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