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Southern California homeowners forced to buy flood insurance after FEMA redraws maps

Posted by: Maven on January 5, 2010 at 6:45 am

From the Los Angeles Times:

“Tens of thousands of homeowners in Southern California are being forced to buy costly flood insurance because new maps issued by a federal agency say they live in a high-risk flood area.

The federal government has informed property owners in more than 150 cities and unincorporated areas in Los Angeles, Orange, Ventura, Riverside and San Bernardino counties about the new requirement. Most live near rivers and creeks, below dams or in low- lying areas that are at greater risk of flooding than previously believed, according to maps developed by the Federal Emergency Management Agency.

Premiums range from $500 to more than $1,700 a year. Insurance is mandatory for anyone with a federally backed mortgage, and lenders will typically buy policies, sometimes at a higher cost, for property owners who fail to do so on their own. Fannie Mae and Freddie Mac own or guarantee more than half of all U.S. mortgages.

Angry homeowners in several parts of Southern California dispute the new maps and have formed groups to challenge them. … “

Read more from the Los Angeles Times by clicking here.

January 5, 2010 · Filed Under Flood Control/Stormwater

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