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re: Anybody considering just dropping flood insurance with the rate increases?
Posted on 7/14/22 at 1:22 pm to Neauxla_Tiger
Posted on 7/14/22 at 1:22 pm to Neauxla_Tiger
Even at $1350 a year for 40 years. That puts you around 54k in premium for a policy that gives you 350k in protection every single year living in a shite hole bowl of new orleans protected by levees getting blasted by major hurricanes on an annual basis with heavy flooding potential on any given week basis. You have trouble with this decision dude?
2
Posted on 7/14/22 at 1:24 pm to Chad504boy
Oh yea frick that, I missed where OP lived in New Orleans. If I'm having to be protected by man made structures, then I'm keeping floor insurance at his quoted $1350 a year.
Posted on 7/14/22 at 1:36 pm to Chad504boy
I'm not in New Orleans. Mandeville/Covington. I'm not relying on levees while being below sea level. That would obviously be a different story.
And to the other poster above me questioning FEMA's decision to do this, I was wondering the same thing. I was perfectly happy handing them $500/year. Wonder how many yearly premiums they lose doing this. It's sort of like a business thinking they need to raise their prices to make more money, but end up losing revenue as more customers shop somewhere else. Sometimes lowering the price brings in more money overall.
And to the other poster above me questioning FEMA's decision to do this, I was wondering the same thing. I was perfectly happy handing them $500/year. Wonder how many yearly premiums they lose doing this. It's sort of like a business thinking they need to raise their prices to make more money, but end up losing revenue as more customers shop somewhere else. Sometimes lowering the price brings in more money overall.
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