[StBernard] FLOOD INSURANCE

[Westley Annis]

Heather,

Your homeowners should let you lower the limits of your coverage.  Ours did,
we have StateFarm.  They told us the flood insurance limits could not be
changed except once a year when they come due again.  They came due in
spring so we lowered those limits too. For both policies they said we can
raise the limits again once repairs are done.  You should not cancel your
flood insurance because you will have a hard time buying it again once your
home is repaired.  If you let it lapse you will have to buy it from the last
resort company.  I forget the name of it but it is very expensive, surely
much more than you are paying. If you go to sell your house and you don't
have flood, whoever buys your home may not be able to get the flood ins. so
no one will want to buy your house.  If you have flood insurance the buyer
can inherit your policy. So the reason to keep your flood is you may not be
able to get it later if you cancel it.

lm