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re: Anyone use Private Flood Insurance, eg Neptune Flood Insurance?
Posted on 2/23/22 at 6:47 am to TigersnJeeps
Posted on 2/23/22 at 6:47 am to TigersnJeeps
The market value of your property is not the rebuild cost of your house. The NFIP cap of 250k is what you get to fix the damage. And unless you’re staring down a total loss, you won’t spend that amount to repair a 300k house.
And the good news is if you are staring down a total loss it was likely a catastrophic event (e.g., Katrina in NOLA)at which point there will be other programs available.
And the good news is if you are staring down a total loss it was likely a catastrophic event (e.g., Katrina in NOLA)at which point there will be other programs available.
1
Posted on 2/23/22 at 10:23 am to ScopeCreep
True regarding market value but the numbers above are not market value. They are SWAGs (Sophisticated Wild-arse Guesses) on what the cost for a full rebuild would be.
and the interplay between the flood insurance and "other programs" is what i am trying to understand.
I don't want to pay more than i have to but i don't want an "oh $hit" moment later either.
and the interplay between the flood insurance and "other programs" is what i am trying to understand.
I don't want to pay more than i have to but i don't want an "oh $hit" moment later either.
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