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Bard
LA-Monroe Fan
BR
Member since Oct 2008
26086 posts

La Flood Recovery Funds - RESTORE
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).


poops_at_parties
Member since Jan 2016
1385 posts

re: La Flood Recovery Funds - RESTORE
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 bull shite. 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 at 11:43 am


meauxjeaux2
Xavier Fan
watson
Member since Oct 2007
60283 posts

re: La Flood Recovery Funds - RESTORE
so you're good with people who lived outside the 80 year flood plain getting money but underinsured people get nothing.


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41
OhMy
LSU Fan
Member since Jan 2016
834 posts

re: La Flood Recovery Funds - RESTORE
No way that this will be a shitstorm of funding misappropriation.



upgrayedd
Lamar Fan
White-manning in metro BR
Member since Mar 2013
58879 posts

re: La Flood Recovery Funds - RESTORE
quote:

No way that this will be a shitstorm of funding misappropriation.


65%+ will be fraudulent in some form.


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60
slackster
Stanford Fan
Houston
Member since Mar 2009
32878 posts

re: La Flood Recovery Funds - RESTORE
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


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20
terd ferguson
George Washington Fan
Darren Wilson Fan Club President
Member since Aug 2007
91381 posts

re: La Flood Recovery Funds - RESTORE
So angry. Let me guess... you flooded but didn't have insurance bc it wasn't required?


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DCtiger1
LSU Fan
Pensacola Beach
Member since Jul 2009
2009 posts

re: La Flood Recovery Funds - RESTORE
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.


Kajungee
LSU Fan
South ,Section 6 Row N
Member since Mar 2004
17033 posts

re: La Flood Recovery Funds - RESTORE
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. Bull shite.

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.


Dead End
USA Fan
Baton Rouge
Member since Aug 2013
8995 posts

re: La Flood Recovery Funds - RESTORE
Awesome.

frick the responsible people...


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10
Boudreaux35
BR
Member since Sep 2007
13582 posts

re: La Flood Recovery Funds - RESTORE
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.


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40
terd ferguson
George Washington Fan
Darren Wilson Fan Club President
Member since Aug 2007
91381 posts

re: La Flood Recovery Funds - RESTORE
quote:


I am starting to believe it is better not to have flood insurance than to have it.


Certainly looks that way...


ell_13
USA Fan
Member since Apr 2013
53360 posts

re: La Flood Recovery Funds - RESTORE
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?


ell_13
USA Fan
Member since Apr 2013
53360 posts

re: La Flood Recovery Funds - RESTORE
quote:

Certainly looks that way...
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.


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Mudminnow
LSU Fan
Member since Aug 2004
30436 posts

re: La Flood Recovery Funds - RESTORE
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.


Bard
LA-Monroe Fan
BR
Member since Oct 2008
26086 posts

re: La Flood Recovery Funds - RESTORE
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.


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00
sean5340
LSU Fan
Houma
Member since Aug 2011
348 posts

re: La Flood Recovery Funds - RESTORE
quote:

This is bull shite. 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.


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30
Bard
LA-Monroe Fan
BR
Member since Oct 2008
26086 posts

re: La Flood Recovery Funds - RESTORE
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 at 12:53 pm


the LSUSaint
LSU Fan
Member since Nov 2009
8796 posts

re: La Flood Recovery Funds - RESTORE
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!


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40
Martini
North Carolina Fan
Clayton, GA
Member since Mar 2005
38727 posts

re: La Flood Recovery Funds - RESTORE
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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