Having an elevation certificate is the key to finding out the impact of the changes now in place due to federal insurance reform. Century 21 Beggins Enterprises is providing a $75 discount on an elevation certificate to forum attendees who use Target Surveying.
Organizers have identified 13 potential solutions for those facing increased insurance rates and property owners who want to sell, but are finding that buyers are reluctant buyers due to the changes in flood insurance rules.
The town hall forum will explore each of the options, including:
• Lower or eliminate content coverage and only insure the structure
• Increase you deductible to maximum of 5,000
• Make sure you are not overpaying and only insure the replacement cost
• Pay off your mortgage and self-insure
• Sell your property at new market value
• Consult with a professional and strategically default
• Elevate the structure to above base flood elevation
• Remove current roof and add an additional living level above base flood elevation
• Work to modify loan based on new lower values
• Sell and stay in your house with a leaseback agreement
• Move out and rent strategically
• Apply for FEMA grants to assist in mitigation costs
• Strategically mitigate house structures to reduce costs
Insurance agents, lenders, cash buyers, attorneys, contractors and investors will be on hand to answer questions and help explore the options.
Century 21 Beggins Enterprises is the main sponsor of the forum. Other sponsors include Abraham Sweeney, List Group Developer, Harr & Associates Insurance and Target Surveying.