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re: The changes being proposed for flood insurance would be a big hit for the gulf coast
Posted on 6/16/22 at 12:51 pm to dewster
Posted on 6/16/22 at 12:51 pm to dewster
quote:
The NFIP also would not sell new policies for structures in “special flood hazard areas” or for properties with four or more paid losses, though properties in the latter group could be eligible for coverage after mitigating their risk and existing policies could be maintained.
I don't have a problem with this.
an insurer would not continue to write policies for someone that intentionally rammed other cars a few times a year every few years, so why should taxpayers foot the bill for clearly obvious loss risks?
Posted on 6/16/22 at 12:53 pm to dewster
quote:Federal government has no business subsidizing insurance
Businesses would not be able to buy new policies from the taxpayer-backed National Flood Insurance Program
Posted on 6/16/22 at 12:55 pm to Steadyhands
quote:
In the long run it will lead to the banks not giving out loans for flood prone areas, thus, making it only viable for someone wealthy enough to just buy the property. This will lead to lots of vacant and abandoned areas.
Government - We encourage home ownership
Also the Government - We will make it almost impossible to buy a house in thousands of communities.
Posted on 6/16/22 at 12:59 pm to udtiger
quote:
I don't have a problem with this.
an insurer would not continue to write policies for someone that intentionally rammed other cars a few times a year every few years, so why should taxpayers foot the bill for clearly obvious loss risks?
Then the government shouldn't have gotten into the flood insurance business in the first place. You cant change the rules in the middle of the game and render thousands of peoples property worthless.
Posted on 6/16/22 at 1:03 pm to crap4brain
quote:so Feds should just keep throwing good money at bad because it’s afraid to pivot ?
You cant change the rules in the middle of the game and render thousands of peoples property worthless.
Posted on 6/16/22 at 1:03 pm to dewster
Can someone remind me -- how many billions have we sent to the Ukraine?
And, what was the Big Guy's cut?
And, what was the Big Guy's cut?
Posted on 6/16/22 at 1:11 pm to Steadyhands
quote:
That doesn't just affect properties that flood four times. In the long run it will lead to the banks not giving out loans for flood prone areas, thus, making it only viable for someone wealthy enough to just buy the property. This will lead to lots of vacant and abandoned areas. I'm not against that necessarily though. Have enough money to build and rebuild on your own, build it well enough the first time that a significant flood doesn't destroy it, or don't build there at all...seems like common sense. However, that's not just an easy step to jump to for all existing structures.
I agree with this. I also see, as you said, the difficulty of applying this to houses that have been flooded many times. I mean my house flooded in 2016 and after I fixed it we sold as soon as we could. I could see the writing on the wall and if you are paying attention to homeowner's insurance right now and the hurricane toll, this whole area is fricked, not even just the flood prone places. The potential blight would be horrific, but I can't see any other endgame.
This post was edited on 6/16/22 at 1:13 pm
Posted on 6/16/22 at 1:15 pm to Steadyhands
I question how it would affect people who flooded due to municipal neglect.
At least one very nice part of my area flooded some years back, pre-2016, because the creek running though that area had not been cleaned by the city or parish and had backed up.
Water literally up to the eaves of the house in that area until it drained.
At least one very nice part of my area flooded some years back, pre-2016, because the creek running though that area had not been cleaned by the city or parish and had backed up.
Water literally up to the eaves of the house in that area until it drained.
Posted on 6/16/22 at 1:18 pm to theunknownknight
quote:
Insurance is a scam
It’s certainly a Ponzi scheme
Posted on 6/16/22 at 1:28 pm to statman34
quote:
I could see the writing on the wall and if you are paying attention to homeowner's insurance right now and the hurricane toll, this whole area is fricked, not even just the flood prone places.
for years, I’ve looked at Realtor.com just to see what was available and the metairie New Orleans areas. Realtor.com has a box that gives you the flood factor for each house. For the years I’ve been looking at it, pretty much everything in New Orleans or Metairie proper have always gotten 4/10 flood ratings.
Since April, it seems like almost all the flood ratings are 8/10 and 9/10. I don’t know if this has anything to do with the new flood ratings, but I’d be surprised if they didn’t.
Posted on 6/16/22 at 1:31 pm to MMauler
Would not be surprised AT ALL.
I’ve had guys discuss properties they know of which had been bought with one flood insurance quote in mind, for use as a retirement property, and that between buying the land and starting to build, the quote went up an unbelievable about.
Trying to remember exact amounts but I think it was several hundred dollars a year before and now it is several thousand dollars a year. It was about a 7000% increase.
I’ve had guys discuss properties they know of which had been bought with one flood insurance quote in mind, for use as a retirement property, and that between buying the land and starting to build, the quote went up an unbelievable about.
Trying to remember exact amounts but I think it was several hundred dollars a year before and now it is several thousand dollars a year. It was about a 7000% increase.
Posted on 6/16/22 at 1:31 pm to MMauler
quote:
Since April, it seems like almost all the flood ratings are 8/10 and 9/10. I don’t know if this has anything to do with the new flood ratings, but I’d be surprised if they didn’t.
Yes. My property in Denham that I sold was listed as a 10/10. It is not in a flood zone and it only flooded in 2016. I surmised that if it ever flooded again, I would never be able to get rid of that property. I know it would mean the Amite would have to get to 44 feet, but I never thought it would get to 46 either.
Posted on 6/16/22 at 1:33 pm to Bucktail1
quote:
ETA: if you buy flood insurance through state farm, the government pays your claim, not state farm
Then how can you be insured for more than the federal flood insurance program max through a private insurer?
Is it the base fed program with a private topper?
Posted on 6/16/22 at 1:35 pm to theunknownknight
quote:quote:
Flood insurance is a scamquote:
Insurance is a scam
Everything is a scam
Posted on 6/16/22 at 1:42 pm to dewster
.My house is 3 years old and I was carrying flood insurance just to have it since it was only $500.00 a year. Some how my mortgage company and insurance company screwed up and let my coverage lapse. When I found out I tried to renew it but I was quoted $5200.00 a year under the new rules. That’s is absolutely insane. I was told that the new rates are by how close you live to water.
Posted on 6/16/22 at 1:49 pm to Leon Spinks
quote:
Flood insurance is a scam
Wrote me a check for policy limits when Katrina hit
Posted on 6/16/22 at 1:55 pm to tide06
quote:
Then how can you be insured for more than the federal flood insurance program max through a private insurer?
Is it the base fed program with a private topper?
Private companies sell NFIP backed policies (up to the NFIP limits) and also sell non-NFIP backed policies.
The 250K policy limit on NFIP needs to be looked at, given increasing property values and construction prices.
Posted on 6/16/22 at 1:58 pm to udtiger
quote:
I don't have a problem with this.
an insurer would not continue to write policies for someone that intentionally rammed other cars a few times a year every few years, so why should taxpayers foot the bill for clearly obvious loss risks?
Like many of our nation's issues... the long term issues are fairly easy to deal with... but it's the short term consequences that are very rough.
If the NFIP decides to stop issuing new policies on existing properties... the value of those properties are going to crash. In most cases... that's actual people that will get hurt, badly, by that.
Before we go down this route... let's stop issuing new policies on new construction in those areas. That's a good start.
We need to have a real discussion in this country about the real costs and risks of where everyone chooses to live.
Posted on 6/16/22 at 3:49 pm to Bucktail1
Ahh… I see. I’ve never had to carry flood, but I’ve become aware of what a huge deal it can be since moving to a Coastal region. It can mean the difference in a real estate deal.
Posted on 6/16/22 at 4:07 pm to statman34
this shite isnt that hard, if you have flooded before or flooded twice....well frick do something about it. either raise your house or spend some of that insurance money on a fricking aqua dam.
the rest of the tax payers who built up shouldnt have to subsidize you because you refuse to spend the money they give you on raising the house or doing something about the issue.
i realize that people are flooding many times because of new development, clogged ditches, pump failures etc but 95% of houses that have flooded outside of Katrina had 3' or less in them, not hard or really that expensive to buy a 5' high aqua damn, a pump and a small generator to run it. if things start getting bad, simply lay it out and set it up. if water gets to the dam, fill the damn thing up.
the rest of the tax payers who built up shouldnt have to subsidize you because you refuse to spend the money they give you on raising the house or doing something about the issue.
i realize that people are flooding many times because of new development, clogged ditches, pump failures etc but 95% of houses that have flooded outside of Katrina had 3' or less in them, not hard or really that expensive to buy a 5' high aqua damn, a pump and a small generator to run it. if things start getting bad, simply lay it out and set it up. if water gets to the dam, fill the damn thing up.
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