If a house is not built to new flood zone requirements forcing homeowners to raise their homes 15 feet off of the ground which could cost about $100,000, there is another option borrowers can choose. Due to the new flood rezoning maps that have been created, in lieu of raising their homes, homeowners can pay at least $20,000 a year for flood insurance, which is approximately $2,000 a month in flood insurance. Is this a likely scenario for homeowners who do not want to rebuild their home 15 feet off of the ground after a natural disaster?
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