re: Anybody considering just dropping flood insurance with the rate increases?

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Not completely. Risk 2.0 is also subsidizing less equitable areas. So while you may have the identical risk as what your premium indicated prior, if you live in a wealthy area you premiums may rise to offset the lack of increases for lower equitable areas that have higher risk.

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i don't concur with this explanation. bottom line is the rate increases are due to reflect an individual's flood risk.

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Not completely. Risk 2.0 is also subsidizing less equitable areas. So while you may have the identical risk as what your premium indicated prior, if you live in a wealthy area you premiums may rise to offset the lack of increases for lower equitable areas that have higher risk.

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I live in south Lafourche, my full rate for 100k structure, 40k contents will be close to 3,500 a year. I am grandfathered in at 18% rate hikes per year so this year it was only 550 dollars up from 430 the year before. I am hoping to have my house paid off in the next few years to start self insuring myself. 6-8k a year in premiums for homeowners and flood insurance that you have to fight for your money is for the birds. If I have a catastrophic event, I will be able to walk into a bank and start rebuilding without having to wait for insurance. Now, it will take a few years to build that size of a nest egg.