The Federal Emergency Management Agency (FEMA) has remapped the "high-risk" flood zone for the island of Oahu, leaving many residents furious at the higher insurance premiums that they will have to pay. According to federal officials, approximately 1,000 properties will be affected by these new changes, and most of these will now be required to have federal flood insurance. Troy Sumic, a Waimalu resident for over 30 years who now will have to pay for insurance, stated ,"I'm kind of in shock. I'm kind of wondering how they came up with their assessment. We've never had a flood where I live."
FEMA will offer insurance for owners that covers $250,000 to the property and $100,000 to its contents for approximately $500 per year. However, if a homeowner's mortgage exceeds the $250,000 coverage, they may be required to obtain more from a private institution. Property owners who believe that they were inadvertently placed in the high-risk flood zone may apply to FEMA and file for an amendment. However, residents would be required to hire their own surveyor prior to submitting the amendment.
Source: Honolulu Star Advertiser, 8-25-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
