I had to get flood insurance through FEMA when we purchased a house on a river in Oregon, at the cost of $270/mo. At the time it was the only policy we could get.
A few months ago I learned the law changed and I could buy insurance through private companies. I found another company that only charged $100/mo, so I gladly signed up and paid for the year and it was scheduled to take effect this month.
Now I called to cancel the FEMA policy and they said you can’t cancel until the end of the term, which for us is November….so now I’m paying $370/mo for flood insurance. They said the second insurer should have known and not taken our money. Nonetheless I’ve paid it and they have the money.
Is there really no way to cancel fema plans and if not can I tell the second company to delay coverage until Nov when I cancel the FEMA plan?
It sucks cause the house has never flooded since 1945, but a small 5′ section of 1 corner of the house addition is in the extreme flood risk zone. Even if the addition got swept away you still have a 2 story house outside the flood zone but I have to insure full replacement of the entire house.