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Started By
Message
re: Anybody considering just dropping flood insurance with the rate increases?
Posted on 7/14/22 at 3:20 pm to TigerTatorTots
Posted on 7/14/22 at 3:20 pm to TigerTatorTots
quote:
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.
i don't concur with this explanation. bottom line is the rate increases are due to reflect an individual's flood risk.
1
Posted on 7/14/22 at 3:24 pm to Neauxla_Tiger
quote:
Mandeville/Covington.
i don't know the specifics on your house dude but i'm super confident about my house not flooding... but there's no telling where the next 20-50 inch event in 72 hours takes place and exactly where its dumped. Every event is different.
Posted on 7/14/22 at 8:02 pm to TigerTatorTots
quote:
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.
Nailed it.
To the OP, have your agent look at private options.
Posted on 7/14/22 at 8:04 pm to Chad504boy
Your height above sea level is irrelevant. Most flood happen from a flood at sea level that keeps accumulating up to the higher areas, or If a drainage canal gets stopped up and floods a usual high and dry area.
Also, if you drop it and try to sell your house, the buyer has no policy to assume, so they would have to get a new policy at the full and total rate.
Also, if you drop it and try to sell your house, the buyer has no policy to assume, so they would have to get a new policy at the full and total rate.
Posted on 7/14/22 at 8:21 pm to Neauxla_Tiger
I dropped mine after the neighborhood almost flooded in 2015. Red River rose 17.5 feet and almost flooded the houses along the edge of the neighborhood, but we were never in any danger. I tried to get a quote with the new changes for shits and giggles (was paying $450 back then), but I probably won’t get it again
Posted on 7/14/22 at 8:24 pm to Neauxla_Tiger
Most of the people that flooded in 2016 were in zone X too. Good thing they had flood insurance - oh wait, they didn’t. Sucks for them. shite happens and flood insurance in zone X is cheap. $700 a year to cover a $350k home is a fantastic value. One claim covers a lifetime of insurance payments
Posted on 7/14/22 at 9:15 pm to Upperdecker
quote:
and flood insurance in zone X is cheap.
Someone is not in the loop
Posted on 7/14/22 at 9:37 pm to Neauxla_Tiger
My wife wants the insurance and I don’t.
However if we do drop it and our house floods I will never hear the end of it.
However if we do drop it and our house floods I will never hear the end of it.
Posted on 7/15/22 at 12:02 am to Fox McCloud
I am considering dropping mine. I bought my house last year and my insurance is around $500 per year. I dont know if it will increase or not yet.
I live in one of the highest parts of Lafayette and we did not even have inches of water in the roads in 2016. Never flooded since the neighborhood was built in 2014.
We now have a retention pond in our neighborhood and the back of the neighborhood almost flooded last year. My house and road did not get any inches at that time either. The neighborhood slopes towards the back ever so slightly.
Is this something to keep or let it go?
I live in one of the highest parts of Lafayette and we did not even have inches of water in the roads in 2016. Never flooded since the neighborhood was built in 2014.
We now have a retention pond in our neighborhood and the back of the neighborhood almost flooded last year. My house and road did not get any inches at that time either. The neighborhood slopes towards the back ever so slightly.
Is this something to keep or let it go?
This post was edited on 7/15/22 at 12:04 am
Posted on 7/15/22 at 12:20 am to tigersint
quote:
Never flooded since the neighborhood was built in 2014.
Not sure this is all the relevant, even in Lafayette.
By and large, as much as it sucks, the new rates are a better risk adjusted premium. If your rate went up a good bit, it’s because your risk is higher than the previous calculations. Dropping it with that in mind would be illogical IMO, but people routinely make poor decisions regarding insurance.
Posted on 7/15/22 at 3:17 am to Neauxla_Tiger
Never had it, never needed it. When I first moved in there was a deluge of deluges. Endless torrential rain. Thought for sure my shite would flood.
A lot of people did get flooded out. I didn't. Didn't even get close. Since then felt good about not having it and saving the cash.
In Mandeville btw.
A lot of people did get flooded out. I didn't. Didn't even get close. Since then felt good about not having it and saving the cash.
In Mandeville btw.
This post was edited on 7/15/22 at 3:25 am
Posted on 7/18/22 at 8:30 am to Neauxla_Tiger
I'm in Mandeville and bought last year and thought about buying flood then at about $500 in zone X, I didn't and after seeing some huge rainfalls this year and how drainage works and talking to people, it has never flooded in our neighborhood, not even in Katrina.
So I feel good about the decision to forgo it, especially with homeowners policy more than doubling this year
So I feel good about the decision to forgo it, especially with homeowners policy more than doubling this year
Posted on 7/18/22 at 9:55 am to PistolPete45
quote:
after seeing some huge rainfalls this year
we haven't had flooding rainfall of the worst kind...
Posted on 7/18/22 at 2:12 pm to Neauxla_Tiger
Price of Risk…
$20/month incremental
Vs
$?/month if your home floods
Gonna take some probability math plus some, what if it actually happens psychology
And all the mental stress, much less financial stress, that tags along.
$20/month incremental
Vs
$?/month if your home floods
Gonna take some probability math plus some, what if it actually happens psychology
And all the mental stress, much less financial stress, that tags along.
Posted on 7/19/22 at 10:18 am to TigerTatorTots
quote:
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.
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.
Posted on 7/19/22 at 10:27 am to Tarps99
quote:
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.
Damn, this is some wizardry type logic.
Posted on 7/19/22 at 2:28 pm to Tarps99
quote:
I live in south Lafourche
quote:
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's a bold move for where you live.
Posted on 7/19/22 at 3:26 pm to REB BEER
quote:
That's a bold move for where you live.
I know. But at 8-10k a year for insurance is almost equal to another mortgage payment.
Did the math, I know it is a calculated risk for the first few years after paying the mortgage off, but in 4 years at 10k a year in savings, I am at half the insured value. The biggest rub with me will be flood insurance. 3,500 a year is too high for a risk that will be rare if it ever happens. I am elevated enough not to worry about an every day or 100 year rain event. Flooding from a hurricane would be my biggest worry, but Ida did prove that we have come a long way with hurricane surge protection.
Posted on 7/20/22 at 5:40 pm to Neauxla_Tiger
I’m in flood zone X and received the 18% increase as well but I am not a Money board baller and can’t afford to pay for my entire home to be renovated, therefore after much prayer and careful consideration, I have decided to commit my flood risk to FEMA.
*puts on my FEMA hat and stands for pictures*
*puts on my FEMA hat and stands for pictures*
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