[StBernard] Buy-out plan

[Westley Annis]

Dc,

It all depends on the type of buy-out program.  When doing wholesale
buy-outs of an entire area, that is usually with FEMA flood mitigation
funds.  To my knowledge, that does not take into account any type insurance
proceeds.

However, it does require the local government to contribute 25% of funds to
purchase the property.  Depending on the circumstances, the locals may ask
the owner to donate the 25%.

Under no circumstances will the government be allowed to consider any part
of your insurance proceeds as payment for taking your property away from
you.

Westley

-----Original Message-----


This may have been asked and answered before, but I am trying to understand
the buy-out plan.  If you carried insurance, and the government decides that
they are going to buy out a specific area, am I to understand that you may
possibly not receive any reimbersement for your property if you collected on
insurance and the government decides they are not allowing anyone to rebuild
in the specific area?  Now would you still own your property since you did
not receive payment for the buy out or would the government consider
insurance payment your payment and take the property?   
 
tks,
dc