Archive for February, 2010
February 28th, 2010 | 
Author: I got a letter from my mtg company saying flood coverage is required. Apparently, I’m in Zone A. What can I do about this? I can’t afford hundreds in additional premiums – I already have to shell out for my mortgage, my homeowners coverage and my property taxes! Please advise.
You have two options:
1. Dispute your flood zone status with FEMA. You can start this process at their website. Be aware that there will be lots of paperwork and requirements – possibly a survey (that costs money) to determine your elevation and stuff like that.
2. Buy Insurance – the rates are cheaper than you think and you are only required to get coverage equal to the principle balance still due on your house. Your mortgage company can tell you what the balance is.
I just got a letter a week ago, too. Just to give you an idea of what rates are like, I purchased $62,000 in coverage for my home – that’s my mortgage balance. I did not get coverage for contents. The annual premium is $608, so that’s about $50 per month.
I’ve read that it might actually be cheaper to get building coverage together with contents coverage, so I may check into that this week to see if I can lower my rate even more.
Best of luck. I know it seems unfair, but the mortgage company has its way because technically they are on the hook for your loan, and they probably own "more" of the house than you do anyway, so they are just trying to protect "their" property.
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I pay for my mohter’s housing and other living expenses, definitely more than half of her expenses. She is 62 and currently has social security benefits. She also get about $9000 per year from her long term disability Insurance she had with her old employer, a goverment agency. Can I claim her as my dependent?
Assuming your mother’s disability income is taxable income then, sorry, you will not be able to clam her as a dependent on your return because she has too much taxable income.
I don’t drive commercially for a living, so I’m wondering if having my CDL (which I do have) would affect my auto Insurance rates positively or negatively.
I have my CDL because I drive a bus every once in a while for the university where I work.
Thanks for any help you can give.
no it doesn’t. Your driving record, vehicles, age and whether or not you smoke will affect your cost- but not your type of license.
Eighteen year professional driver in all 48 and Canada and instructor in Illinois and California. My agents have never factored my license type as a factor.