Your misery is over. Starting last year NJ approved private insurers to underwrite flood policies. After the Biggert Waters act of 2012 started jacking up FEMA premiums a consortium of AIG, Lloyd's, and Lexington saw that finally the government premiums are too high and they can compete now. They are now issuing policies in NJ for zone AE properties. So if you are in the zone because you live by a river or lake, not the shore, you can cut your policy more than 50%. My policy just went from $3400 to $1450.

 

Everybody on my block has converted, all banks accepted it. Good riddance FEMA and eff you!

 

www.privatemarketflood.com is the website. Or google for things like FEMA and Private Market to learn more about how finally flood insurance is open to competition. I'm actually anticipating my rates will even go LOWER as more competition more accurately prices in flood risks instead of FEMAs "oh you have a basement, and you live in NJ? Okay you pay me 4 grand a year." What the consortium did was say "if you've only had one claim in the last 5 years we are happy to underwrite you because FEMA has you wrong"

 

Moderators I have zero financial interest in this. Nor am I a realtor or agent. I'm just trying to spread the word to the community to get them relief from the TAX that is FEMA. $200+ more a month in my pocket and I figure resale value just went up $40k because the next guy won't be wasting $200 a month on insurance.

 

PM me if you want to know how I switched. Again I have no skin in the game I'm just overjoyed and want you to be too.

Good job! Just wished they did this years ago. Several years ago, I proved I was not in a flood zone and had dropped my flood insurance. The thought of that insurance over a 30 year mortgage is staggering.

I paid it for years. The worse part is every time the Mississippi floods, everybody's premiums rose.

 

 

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Thanks for heads up, sick of paying high premiums to fema. Sux I just paid the policy in full back in October.

My house is adjacent to a Wash (bone dry), but my insurance company provides flood insurance for $480 per year from Universal North America Insurance Company.

 

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