Flood Insurance & Government agency mismanaged
G'day, October 2013,
Passing on letter with a well expressed senitmentfrom a long time special friend of our St Pete barrier isands. Enjoy.
"Thank you for all the hundreds of letters and messages you moved to Washington. Looks like a bit of slack on the flood insurance premiums. However it's now time to let FEMA be a regulatory body and tell us how high to build but get out of the business of selling insurance. For example, if you buy $200,000 Fire insurance from State Farm and the house burns they give you $200,000. If the house costs $300,000 to build back they don't give you a extra $100,000. When you buy your flood insurance from FEMA they say how much do you want and charge you a premium accordingly. Fine, but when the flood hits the President waves his hand, declares a national disaster, and gives you from FEMA twice what you purchased and all your neighbors the same even though they did not have flood insurance. Next day the FEMA agency has spent way more than they took in. Any private insurance company would be bankrupt but more than likely not as they would not be giving benefits to those who did not purchase them in the pool. So now what does FEMA want to do? They want to raise the premiums on all the good people that responsibly bought flood insurance to pay for all those who did not. I say let private enterprise run the insurance companies and get government out of our business. In closing, the government will kick this premium thing down the road, make no decision and devastate our real estate resale market due to the great unknown. Push now for alternative private flood insurance product acceptable to mortgage lenders so we may ignore these mismanaged government insurance programs. Sincerely, Billy Moore"
Billy who? Billy Stone Crab
www.flabeachfront.com Passionate local Realtor selling http://www.flabeachliving.com since 2001
and see all homes for sale in Pass-a-grille Vina Del Mar and Don on front page Cesar place