Written By: Glenn Michaels
Living on Long Island, New York, which begins geographically in Queens, New York and then to Nassau and Suffolk Counties are prone to flooding due to a full moon. This flooding could be worse if we have a rain storm, wind storm or tropical storm. The National Weather Service has warned most of the East Coast of the United States that they may flood due to the full moon.
As I travel around the areas prone to flooding, many homeowners are elevating their homes.
Federal Emergency Management Agency (FEMA) has published booklets regarding elevating homes that can be obtained online.
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The flood insurance premiums for homes in flood prone areas that have not been elevated are in the thousands. Properties that have been elevated are significantly lower.
Elevating a home is not inexpensive, in New York State funds can be obtained from New York Rising and from FEMA. New Jersey and other impacted states all have programs to assist homeowners to elevate their homes from future flooding. I was offered $50,000.00 from New York Rising to elevate my home. This is not enough in my opinion to accomplish the task. My home in the last 30 years flooded once, during Super Storm Sandy.
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I am writing this because at the moment we have an unusual bright full moon and I have received a few advisories from FEMA and the National Weather Service to be careful as we may flood out tonight. My home is higher than most of my neighbors and my street is also higher than others nearby. The low lying streets and homes may flood.
FEMA has three basic kinds of flood designations assigned to a property. They start with the letter “V” which has a high velocity and high wind and flood prone area, the letter “A” that is less severe than areas with “V” and areas designated zone “X”. Individuals and businesses that are situated in zones beginning with “V” and “A” must obtain federal flood insurance especially if they have a mortgage held by a federal financial institution.
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Homeowners who reside in zone “X” are not obligated to obtain federal flood insurance. I live in zone “X” and I bought a federal flood insurance policy even though it was not mandatory.
Living in zone “X” the premium was affordable and the coverage was plenty.
Most people turn to or think of federal flood insurance during floods from hurricanes. Hurricane season is from June 1 to November 30 each year. Properties can flood for other reasons, full moon resulting in a high tide, severe or heavy rain, run off from melting snow plus other reasons. When you purchase a flood insurance policy there is a 30 day wait for the policy to become effective.
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Many states and counties are also buying back properties from homeowners that tend to flood out. It is cheaper for the state to buy the property than to continually have FEMA pay for the repairs and restoration of the roads and other infrastructures by the state and county.
About The Author
Glenn Michaels - As an NAMP® Opinion Editorial Contributor, Glenn Michaels is a mortgage underwriting instructor for Mortgage Underwriter University (www.MortgageUnderwriter.org). As a BBA & FHA DE Underwriter, Glenn is a Pace University graduate who also graduated from New York University’s School of Mortgage Finance. Glenn has conducted numerous training classes and has worked in the mortgage banking industry for 38 years. If you're interested in becoming a writer for NAMP®, please email us at: contact@mortgageprocessor.org.
