[StBernard] FLOOD INSURANCE

[Westley Annis]

 Will these companies allow you to lower the insurance coverage/amounts/type
and pick up similar or higher rates once a new/different home is
built/bought? In other words, we must keep up the coverage as to be in a
position of not being able to get coverage? (it's said that not keeping the
policy may jeoparize getting future coverage).

So, we're wondering if we keep up the policy, (but with liability only) that
we will be able to get other coverages once we settle someplace, wherever
that be away from the old homestead. This is considered because there's a
possiblity that renewals are upcoming, that rates may increase into the
thousands and to many who are financially distraught, spending thousands
would remove them financially from another home perhaps.

Jer.

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Since homeowners and flood are too different beasts they take two different
paths.

Flood insurance is based on the house. So, it doesn't matter to you what
happens to the policy once you sell it to the LRA or whoever.  It becomes
the buyer's responsibility to maintain the flood insurance.
 
Homeowners belongs to you.  Generally speaking, if you are with a private
insurance company, they will let you cancel the policy on the old home and
write you a new policy on the new home.  They call it maintaining "roof
tops".  They don't want any new exposures, but they will transfer exposures.

Westley