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Started By
Message
La Flood Recovery Funds - RESTORE
Posted on 4/3/17 at 11:28 am
Posted on 4/3/17 at 11:28 am
HUD has approved the state's final plan for the $2B that has been allocated to flood relief in La from the 2016 floods. The money will be made to flood victims who had no flood insurance and lived outside of a floodplain within the coming months.
More info is available here.
The state is pursuing another $2B to cover those that had flood insurance but had issues with covering their costs (not enough insurance, fallen through a crack between FEMA and insurance, etc).
More info is available here.
The state is pursuing another $2B to cover those that had flood insurance but had issues with covering their costs (not enough insurance, fallen through a crack between FEMA and insurance, etc).
8
Posted on 4/3/17 at 11:36 am to Bard
quote:
The money will be made to flood victims who had no flood insurance and lived outside of a floodplain
This I can support.
quote:
The state is pursuing another $2B to cover those that had flood insurance but had issues with covering their costs (not enough insurance
This is bullshite. There are four reasons someone wouldn't have enough insurance:
1. Your insurance agent fricked up (sue their E&O policy)
2. You CHOSE to under insure your home and contents.
3. You needed more than the maximum of $250,000/$100,000 building/contents coverage. When that happens, it's the homeowners responsibility to buy excess flood coverage from a broker.
4. You stupidly let your mortgage company take care of getting your flood insurance for you. When you do this, the MORTGAGE COMPANY will only get your HOME covered, not your contents. YOU, the buyer, have to sign off on that. If you didn't know what you were signing, I shouldn't have to help you.
The taxpayers should NOT have to bail out those people in the four situations above.
Yes, shitty situation to be in but at the end of the day, that's self-inflicted.
This post was edited on 4/3/17 at 11:43 am
Posted on 4/3/17 at 11:42 am to poops_at_parties
so you're good with people who lived outside the 80 year flood plain getting money but underinsured people get nothing.
Posted on 4/3/17 at 11:45 am to Bard
No way that this will be a shitstorm of funding misappropriation.
Posted on 4/3/17 at 11:47 am to OhMy
quote:
No way that this will be a shitstorm of funding misappropriation.
65%+ will be fraudulent in some form.
Posted on 4/3/17 at 11:47 am to poops_at_parties
quote:
There are four reasons someone wouldn't have enough insurance:
There is actually a fifth - those who didn't have flood insurance whatsoever, by choice. You're fine with paying for those, but folks who didn't have coverage are the only ones who deserve help? Gtfo
Posted on 4/3/17 at 11:48 am to poops_at_parties
So angry. Let me guess... you flooded but didn't have insurance bc it wasn't required?
Posted on 4/3/17 at 11:58 am to poops_at_parties
quote:
You needed more than the maximum of $250,000/$100,000 building/contents coverage. When that happens, it's the homeowners responsibility to buy excess flood coverage from a broker.
Do you realize how exorbitantly expensive excess coverage is? You're talking tens of thousands of dollars per year in some instances.
Posted on 4/3/17 at 12:13 pm to poops_at_parties
I am starting to believe it is better not to have flood insurance than to have it.
I paid for flood insurance for 32 years. Never once filed a claim.
My mortgage company was running a scam making people carry excessive flood insurance and raising the amount yearly. If you did not add it, they would purchase it (and get a kick back in the process) Near the end the
they were wanting me to carry 20 times the amount I owed on the house. bullshite.
Next on to FEMA. my flood policy was originally in my name and my Ex-wifes name. I divorced 16 years ago. Every year I would ask to have her name removed from the policy. Was told it would be done, but never was. Even though I bought her out the house and refinanced the house (just to remove her name) 10 years ago. Finally three years ago I was told the only way to remove her name from the policy was to cancel it and open a new policy, which would double the cost.
So screw it... 6 months before the flood I canceled my policy.
I paid for flood insurance for 32 years. Never once filed a claim.
My mortgage company was running a scam making people carry excessive flood insurance and raising the amount yearly. If you did not add it, they would purchase it (and get a kick back in the process) Near the end the
they were wanting me to carry 20 times the amount I owed on the house. bullshite.
Next on to FEMA. my flood policy was originally in my name and my Ex-wifes name. I divorced 16 years ago. Every year I would ask to have her name removed from the policy. Was told it would be done, but never was. Even though I bought her out the house and refinanced the house (just to remove her name) 10 years ago. Finally three years ago I was told the only way to remove her name from the policy was to cancel it and open a new policy, which would double the cost.
So screw it... 6 months before the flood I canceled my policy.
Posted on 4/3/17 at 12:21 pm to Bard
Awesome.
frick the responsible people...
frick the responsible people...
Posted on 4/3/17 at 12:23 pm to poops_at_parties
quote:
4. You stupidly let your mortgage company take care of getting your flood insurance for you. When you do this, the MORTGAGE COMPANY will only get your HOME covered, not your contents. YOU, the buyer, have to sign off on that. If you didn't know what you were signing, I shouldn't have to help you.
I had full coverage, structure and contents. My insurance took care of about 80% of the structure repairs and about 60% of the replacement costs on contents. It did nothing for anything outside of the house. I had to take out a loan.
Neighbor 2 streets over had one bedroom and a bathroom flooded with a little over 2 inches at the deepest spot. He was able to replace his flooring throughout his house and repaint his walls with money from FEMA. He didn't have insurance.
Posted on 4/3/17 at 12:26 pm to Kajungee
quote:
I am starting to believe it is better not to have flood insurance than to have it.
Certainly looks that way...
Posted on 4/3/17 at 12:28 pm to Bard
This is coming so long after the fact, I have no idea how it's going to work.
I already got FEMA money and was denied when I appealed. Do I have to submit a new application? The work at my house is mostly finished with 75% of the work being done myself. I did not use a general contractor. I paid someone to do the flooring and someone to do the tape/float of the sheetrock. The rest was me and the help of friends and family. I have every receipt saved and scanned and labeled. Does the money come to me? Am I SOL?
I already got FEMA money and was denied when I appealed. Do I have to submit a new application? The work at my house is mostly finished with 75% of the work being done myself. I did not use a general contractor. I paid someone to do the flooring and someone to do the tape/float of the sheetrock. The rest was me and the help of friends and family. I have every receipt saved and scanned and labeled. Does the money come to me? Am I SOL?
Posted on 4/3/17 at 12:29 pm to terd ferguson
quote:I have to be honest, it was for me. But we had a decent amount of savings and FEMA came through very quickly to get us started almost immediately rebuilding. I was back in my house November 1st having gutted up to the ceilings.
Certainly looks that way...
Posted on 4/3/17 at 12:35 pm to Bard
Well with the price some of the contractors were charging, no wonder the 33K people got from FEMA didn't amount to much.
I know several had to get additional loans even with insurance. I wonder how these extra funds will help them out. Hope its enough to pay off their loans.
I know several had to get additional loans even with insurance. I wonder how these extra funds will help them out. Hope its enough to pay off their loans.
Posted on 4/3/17 at 12:45 pm to Mudminnow
quote:
no wonder the 33K people got from FEMA didn't amount to much.
That's not how it works. FEMA weights certain aspects of an individual's case to determine how much money they get. One person my get $15k while their neighbor gets $3k. With that, far more people get closer to $7-$8k than they get to the max.
What gets weighted and how much, FEMA keeps that under double-secret lock and key.
Posted on 4/3/17 at 12:45 pm to poops_at_parties
quote:
This is bullshite. There are four reasons someone wouldn't have enough insurance
So, you're cool with covering UNINSURED but not people that actually had insurance. Hypocrit.
Posted on 4/3/17 at 12:53 pm to ell_13
quote:
This is coming so long after the fact, I have no idea how it's going to work.
From the scant amount available to read it seems like those of use that did not have flood insurance and are done (or nearly done) with rebuilding will probably get a percentage of the rebuilding costs granted back to us.
As a sidenote: I spoke to my accountant this weekend and it seems that you can claim many of the expenditures you made to bring your home back up to fair market value (even if those expenditures happened this FY, because they are attached to the flood event which was in FY2016). Some things won't be covered though (ex: we filled in our sunken den and sunken master bath tub) so make sure you have kept thorough records of purchases related to flood recovery.
This post was edited on 4/3/17 at 12:53 pm
Posted on 4/3/17 at 12:54 pm to poops_at_parties
quote:
poops_at_parties
You make no sense. Why should we be federally liable for those outside of zones? They could have bought coverage.
At least the people inside the zones wre paying something!
Posted on 4/3/17 at 12:56 pm to DCtiger1
quote:
Do you realize how exorbitantly expensive excess coverage is? You're talking tens of thousands of dollars per year in some instances.
No you are not. I have a $500,000.00 supplemental flood policy in addition to my federal flood insurance and it is an additional $900.00 per year.
Now I did not flood nor do I live in a flood zone however I live close enough. That number might go up but not tens of thousands of dollars.
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