The Oct. 16 Observer article New Flood Maps Promise Relief should give our area property owners some hope of premium reductions for flood policies. The majority of policies in our coastal community include only those homes with mortgages that require coverage when determined they are within the A or V zones. Primary homes are eligible for replacement value up to $250,000 while secondary or rental homes are insured on an actual cash value basis.
Existing policyholders, including myself, should be encouraged by FEMA and their insurance agent to continue coverage even with any new re-zone of their property to a low risk Zone B or C. Premiums are very low and coverage is available at nearly any location. There are numerous dune cuts along the Long Beach Peninsula that will allow waters to travel far inland and even with a minor inundation its the floating debris crashing through that can cause major damage to structures a great distance from the shoreline.
Weve all seen the many videos of Japans earthquake and tsunami event and contrary to Gary Luethes statement regarding Flood insurance as a pointless expense because it doesnt cover tsunami damage ... FEMA policies DO cover tsunamis the same as any other flood event or tidal surge.
(Kenny Osborne is a licensed real estate broker and licensed insurance broker. He is active only in health and life lines of business including the Washington Health Exchange.)