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Annual Flood Insurance Renewal Thread
Posted on 3/18/24 at 9:41 pm
Posted on 3/18/24 at 9:41 pm
Just got my renewal with the usual increase in premium. Looking back…
2005-2020 - ~$500
2021 - ~$575
2022 - ~$680
2023 - $797
Now for 2024, looking at a $926 premium.
This may be the year I drop. I’m on an”island” 4’ higher than those in n my subdivision 1/2 mile away (15’ elevation vs 11’). Used to be called Zone X. I just looked at the map and now my zone is listed as “0.2 percent annual chance flood hazard.”
I just don’t see myself keep paying it, and accept the risk. We have considerable retirement savings and as a worst case scenario, I could draw on the principal in the event of a total loss.
2005-2020 - ~$500
2021 - ~$575
2022 - ~$680
2023 - $797
Now for 2024, looking at a $926 premium.
This may be the year I drop. I’m on an”island” 4’ higher than those in n my subdivision 1/2 mile away (15’ elevation vs 11’). Used to be called Zone X. I just looked at the map and now my zone is listed as “0.2 percent annual chance flood hazard.”
I just don’t see myself keep paying it, and accept the risk. We have considerable retirement savings and as a worst case scenario, I could draw on the principal in the event of a total loss.
This post was edited on 3/19/24 at 4:31 am
8
Posted on 3/18/24 at 10:12 pm to meeple
Still 0
Posted on 3/18/24 at 10:16 pm to meeple
I haven’t gotten a quote in a few years. When we moved in to the neighborhood (between the old levee and the river, about 20 ft above normal levels), I got food insurance for $300-350/year. I cancelled after a few years because I got tired of paying for it- to get a policy today, $1,110 
I’ll take my chances. Our neighborhood didn’t flood in 2015, and we as a neighborhood learned from that experience how to better prepare for later floods. I feel pretty good about not having it.
I’ll take my chances. Our neighborhood didn’t flood in 2015, and we as a neighborhood learned from that experience how to better prepare for later floods. I feel pretty good about not having it.
Posted on 3/18/24 at 10:21 pm to LSUGUMBO
quote:
we as a neighborhood learned from that experience how to better prepare for later floods
What do you prepare now?
Posted on 3/18/24 at 10:37 pm to meeple
Move to Texas like alot of people are....lower auto insurance, lower homeowners insurance, better quality of life, and a Governor that ships illegal immigrants to other states. You can't beat it.
Posted on 3/18/24 at 11:00 pm to meeple
Look at your uncapped/unsubsidized premium on the renewal statement. If you can’t find it, check the declarations page of your most recent renewal (I believe that’s where it is).
Your annual premiums are capped at 17%, so your previous policy should have been for around $682, unless something changed regarding your coverage.
Your annual premiums are capped at 17%, so your previous policy should have been for around $682, unless something changed regarding your coverage.
Posted on 3/18/24 at 11:21 pm to meeple
quote:
What do you prepare now?
Improved flood wall on the north side of the neighborhood, block street drains that back up before the river gets too high (street drains empty into river), we identified low spots that need raising/extra sandbags if/when it happens again.
Posted on 3/19/24 at 1:00 am to meeple
quote:
Now for 2024, looking at a $926 premium.
Crap. I just looked at last years, and sure enough it was $800. Now its gonna be almost a thousand bucks. Getting ridiculous.
Posted on 3/19/24 at 4:23 am to meeple
$3200 for me in Slidell. Flooded once for Katrina (1ft) back when the rate was $900/yr. Top that off with 5K for homeowners. Will have the house paid off in 2 yrs and thinking of self insuring except for fire, theft, and liability.
Posted on 3/19/24 at 4:28 am to Gotabyte
quote:
Will have the house paid off in 2 yrs and thinking of self insuring except for fire, theft, and liability.
This is about where I am. Why not self insure now?
Posted on 3/19/24 at 4:33 am to slackster
quote:
Look at your uncapped/unsubsidized premium on the renewal statement. If you can’t find it, check the declarations page of your most recent renewal (I believe that’s where it is).
It’s $1200
quote:
Your annual premiums are capped at 17%, so your previous policy should have been for around $682, unless something changed regarding your coverage.
Yeah those past premiums are approximate, too lazy to dig for the old statements (if I still have them).
Posted on 3/19/24 at 4:41 am to meeple
quote:
This is about where I am. Why not self insure now?
Mortgage company requires full coverages
Posted on 3/19/24 at 5:20 am to meeple
quote:
It’s $1200
At least you know roughly where it will stop with the astronomical increases.
This post was edited on 3/19/24 at 5:21 am
Posted on 3/19/24 at 9:57 am to meeple
seems like your premium is hardly keeping up with inflation. You'd have to go 130 years without flooding to be worth the risk of not carrying the protection.
Posted on 3/19/24 at 10:17 am to Gotabyte
That's what we have hit on Old Spanish Trail. Only ever flooded for Katrina
Posted on 3/19/24 at 11:38 am to meeple
That's about the same path I'm on. Just paid 2024 a couple of ago and it was $906.
This neighborhood had 8-10 feet during Katrina, my house in another neighborhood had 10 feet. Our mortgage does not require flood insurance because we are in that low risk flood zone too.
But the only reason we are in a low risk zone is because of the rebuilt levees and flood structures after Katrina.
They failed before... do I trust that they won't fail again?
Mentally and emotionally, I can't bring myself to believe in those structures holding up, so I keep paying it out of pocket each year.
This neighborhood had 8-10 feet during Katrina, my house in another neighborhood had 10 feet. Our mortgage does not require flood insurance because we are in that low risk flood zone too.
But the only reason we are in a low risk zone is because of the rebuilt levees and flood structures after Katrina.
They failed before... do I trust that they won't fail again?
Mentally and emotionally, I can't bring myself to believe in those structures holding up, so I keep paying it out of pocket each year.
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