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Posted on 2/7/22 at 3:52 pm to Chad504boy
No, if they’re designating an area as zone x then they themselves are admitting that that particular area is not prone to flooding. I know there are floods in zone x areas every year but statistically speaking, x’s aren’t prone to flooding. If they want to charge like they are, then change the zones.
This post was edited on 2/7/22 at 3:53 pm
Posted on 2/7/22 at 3:52 pm to goofball
I remember myself and many of my colleagues being called NWO communists at multiple public meetings for trying to sound the alarm on future flood insurance issues and how it may make parts of Southern Louisiana unaffordable to live in unless things were done right now to mitigate flooding. That was 15 years ago, and we weren't the first people to see this coming. This is an issue many smart people have seen coming for a few decades, but they were run out of town with pitchforks. The problem is only going to get worse. Good luck.
Posted on 2/7/22 at 3:53 pm to TJG210
quote:
Had a client get a quote on a $185k house in an X floodzone today…..$4100/yr……hopefully once I get an elevation certificate it brings it down significantly, but that’s fricking crazy.
Its retarded
Posted on 2/7/22 at 3:54 pm to H2O Tiger
Florida is getting pretty bad. Bay Area has had huge spikes in flood insurance. Insurance companies are even calling my customers with roofs from 05 and asbestos siding and telling them to get rid and replace it by April or they’re getting dropped.
May not seem too big of a deal to some people, but it is for the guy who makes 40k a year and bought his house in 2001 for 135k and a comparable cost around 400k now.
May not seem too big of a deal to some people, but it is for the guy who makes 40k a year and bought his house in 2001 for 135k and a comparable cost around 400k now.
Posted on 2/7/22 at 3:55 pm to TDsngumbo
quote:
After all I know FEMA has lost its arse over the past decade.
The NFIP is $20+ billion in the red.
Posted on 2/7/22 at 3:56 pm to goofball
Is there a private company that offers flood insurance? Maybe you can get a cheaper quote from them.
The government has no business in the flood insurance business. FEMA has greatly overstated their original purpose. I feel for anyone who loses their home or has damage because of a flood. However I see a lot of homes being built at grade that realistically should be elevated.
The government has no business in the flood insurance business. FEMA has greatly overstated their original purpose. I feel for anyone who loses their home or has damage because of a flood. However I see a lot of homes being built at grade that realistically should be elevated.
Posted on 2/7/22 at 3:57 pm to Devilsturn
I’ll say this… if my premium skyrockets like that, I’m cancelling and purchasing a few aqua dams to deploy during floods. Total financial investment would be worth it. I’m not paying $4,000 a year for flood insurance on a house in zone x that has never flooded in 50 years. I understand it only takes one flood and every flood is different. I get that. But frick, at some point it becomes a business decision.
Posted on 2/7/22 at 3:57 pm to TDsngumbo
quote:
No, if they’re designating an area as zone x then they themselves are admitting that that particular area is not prone to flooding. I know there are floods in zone x areas every year but statistically speaking, x’s aren’t prone to flooding.
ideals and reality aren't always the same. the way the 2.0 rating system works is its actually rating the individual risk of the home to risk of flooding...
was quoting a house in madisonville the other day, new construction, no elevation certificate yet, has split flood zone on property. the rate was coming back a hair cheaper being in A zone vs coding it as X zone.
Posted on 2/7/22 at 3:58 pm to TDsngumbo
quote:
and purchasing a few aqua dams to deploy during floods.
no you aren't.
Posted on 2/7/22 at 3:58 pm to sawtooth
quote:
Is there a private company that offers flood insurance? Maybe you can get a cheaper quote from them.
Posted on 2/7/22 at 4:03 pm to TDsngumbo
We just purchased in November, $2400 annual flood premium for 1800 sq ft home in Zone X.
Posted on 2/7/22 at 4:04 pm to sawtooth
quote:
Is there a private company that offers flood insurance?
Look up the history of private flood insurance and why the govt./FEMA took it over.
Posted on 2/7/22 at 4:11 pm to sawtooth
quote:
Is there a private company that offers flood insurance? Maybe you can get a cheaper quote from them.
Depending on where your house is and valuation, yes there are options besides FEMA/NFIP. Talk to a reputable independent insurance agent.
Posted on 2/7/22 at 4:17 pm to lsupride87
quote:
At those prices people in X would be crazy to carry insurance form a risk valuation perspective
What is the risk?
Is flood insurance even based on actual risk?
Posted on 2/7/22 at 4:19 pm to cyogi
They have made huge changes to the calculations:
FEMA is using better mapping and data analysis (AI I guess) to factor each individual property's risk instead of just going by what zone a property is in. This includes the attributes of the property itself like the elevation of the lowest floor in relation to the flood risk and the value of the property.
They are also incorporating finer detail in the risk assessment adding more variables to the types of floodings that could happen.
So the zone doesn't mean nearly as much as it did, it's the specific risk for the property.Plus the value of the property carries more weight.
FEMA is using better mapping and data analysis (AI I guess) to factor each individual property's risk instead of just going by what zone a property is in. This includes the attributes of the property itself like the elevation of the lowest floor in relation to the flood risk and the value of the property.
They are also incorporating finer detail in the risk assessment adding more variables to the types of floodings that could happen.
So the zone doesn't mean nearly as much as it did, it's the specific risk for the property.Plus the value of the property carries more weight.
Posted on 2/7/22 at 4:19 pm to goofball
Time for a electrical short
Posted on 2/7/22 at 4:21 pm to Diseasefreeforall
quote:
They have made huge changes to the calculations:
FEMA is using better mapping and data analysis (AI I guess) to factor each individual property's risk instead of just going by what zone a property is in. This includes the attributes of the property itself like the elevation of the lowest floor in relation to the flood risk and the value of the property.
They are also incorporating finer detail in the risk assessment adding more variables to the types of floodings that could happen.
So the zone doesn't mean nearly as much as it did, it's the specific risk for the property.Plus the value of the property carries more weight
So how does this apply to homes in zone x who haven’t had to carry flood insurance thus far?
Posted on 2/7/22 at 4:21 pm to Diseasefreeforall
Didn't new maps just come out?
Posted on 2/7/22 at 4:34 pm to TDsngumbo
quote:
That’s outrageous and 100% inexcusable. Was this in Louisiana?
Yeap, westwego
House sits pretty high, so I’m hoping the elevation certificate helps.
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