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Posted on 3/3/23 at 8:39 pm to Tarps99
quote:
At the rate of inflation of policy increases, I believe it is conceivable that I would need to pay close to 10k a year for just 100k in coverage in about 10 years. That is insanity.
I think if it got to this point, your best bet would be paying off the mortgage and dropping the insurance, basically self insure by throwing 10 grand into a money market account every year
Posted on 3/3/23 at 8:40 pm to theronswanson
quote:
Why does the National Flood Insurance Program exist? It encourages people to build and live in areas that the private sector deems uninsurable. It’s the definition of welfare and needs to go away.
I think I totally agree with you.
If I had to guess I would say that you can’t predict which prone areas will flood and people in non flood prone areas don’t pay in?
This post was edited on 3/3/23 at 8:43 pm
Posted on 3/3/23 at 8:56 pm to BigPerm30
quote:From the 10% sales tax on all car purchases, to inspections, piss poor road, massive crime in your cities, and the sky-rocketing homewowner's insurance.....If I lived there, I'd be looking to move.
Nothing like paying a premium to live in Louisiana. We get so many benefits.
Posted on 3/3/23 at 11:46 pm to Bayou Warrior 64
quote:
Agreed. Big government! Big Problems!
No one is stopping you from purchasing it on the free market.
Posted on 3/4/23 at 7:33 am to WPBTiger
I think I see a reason why the Biden administration is reluctant to release the algorithm.
It’s woke and it’s racist.
quote:
Risk Rating 2.0: Equity in Action Guidance FEMA is pleased to share our finalized Risk Rating 2.0: Equity in Action guidance documents, FEMA’s pricing methodology for the National Flood Insurance Program (NFIP). The Flood Insurance Manual outlines the NFIP underwriting policies and processes to enable effective and consistent program implementation within the new pricing framework. The Risk Rating 2.0:Equity in Action Industry Transition Memo outlines how a policy rated with the legacy rating plan transitioned to the new pricing methodology. RR 2.0 NFIP Flood Insurance Manual April 1, 2021 Risk Rating 2.0 Industry Transition Memorandum W-21012 For a background and additional information about FEMA’s new pricing methodology, please visit fema.gov/flood-insurance/work-with-nfip/risk-rating.
It’s woke and it’s racist.
Posted on 3/4/23 at 8:31 am to DVA Tailgater
Take a step back, do some fricking research and understand that the federal government has nothing to do with home owners insurance. You sound like a buffoon
Posted on 3/4/23 at 8:32 am to ChickennBiscuits
quote:
No one is stopping you from purchasing it on the free market
In my area, there are no carriers that offer private flood insurance unless you aleaady have the 250K NFIP coverage, and you are simply looking to purcahse additional coverage that only kicks in after NFIP is used up.
Posted on 3/4/23 at 9:02 am to saint tiger225
No speculation needed, he has staffers that set him up with his southern zingers.
Posted on 3/4/23 at 1:06 pm to theronswanson
quote:
If someone wants to live in a flood zone
You know how I know you know nothing about S Louisiana? Many people who flooded recently weren’t in flood zones, their areas had never flooded before. You’re actually seeing it all over the country, rainfall rates and sea levels are rising.
I agree we shouldn’t build in these areas we know now are very high risk, but you can’t expect everyone to pick up and leave or be able to self insure.
Posted on 3/4/23 at 1:14 pm to theronswanson
quote:
Why does the National Flood Insurance Program exist? It encourages people to build and live in areas that the private sector deems uninsurable. It’s the definition of welfare and needs to go away. If someone wants to live in a flood zone the private market won’t insure, they should do so at their own risk.
If that happened, you would have about 5 million people owning a home that immediately loses 90 percent of value AND violating mortgage covenants.
No one could move away further inland without a massive amount of assistance…
Posted on 3/20/23 at 6:52 pm to theronswanson
Just got my renewal (zone X) and it increased 16% again. Second year in a row. Only thing that keeps them from increasing it more is the % increase is capped annually.
Getting tired of this.
Getting tired of this.
Posted on 3/20/23 at 6:56 pm to Tarps99
An elevation certificate would Help you it sounds like
Posted on 3/20/23 at 7:35 pm to WPBTiger
Maybe it's because only those in flood prone areas are required to have flood insurance? When the entire risk pool is high risk you get high premiums. The NFIP pays out triple what it takes it. This board may say what it wants, but the only way to reduce premiums is to require those in low risk areas to have flood insurance.
Posted on 3/20/23 at 7:44 pm to Tarps99
quote:
10k a year for just 100k in coverage in about 10 years. That is insanity.
Don't forget the part where they "go bankrupt" if you ever need to make a claim
Posted on 3/20/23 at 7:55 pm to Shexter
He is a fricking moron but he is a trump lover so the majority on this board would probably jerk him off if he asked them.
Posted on 3/20/23 at 8:03 pm to theronswanson
Subsidizes bad decisions... that should be handled by private insurers....
No constitutional authority for it to exist.... like most govt programs
And i have it living near the FL coast
No constitutional authority for it to exist.... like most govt programs
And i have it living near the FL coast
Posted on 3/20/23 at 8:52 pm to TigersnJeeps
Flood insurance is not required where I live but these increases are getting ridiculous.
I’m considering not renewing.
I’m considering not renewing.
Posted on 3/20/23 at 8:53 pm to saint tiger225
quote:
I swear that dude has a writer just to use for stereotypical southern sayings.
Now that, I say that statement is falser than granpa's teeth. Arguments got more holes than a small town speed limit sign.
Posted on 3/20/23 at 9:02 pm to WPBTiger
Transparency should be a no brainer.
I don't agree with the caps on rate increases. With transparency, it should be fairly evident if premiums are sufficient or need significant bumps.
I know it is frustrating to have coverage remain the same but to see double digit premium increases.
But if a kitchen used to cost $10k to replace but now costs $18k, you should be thankful to only see a 16% increase.
I don't agree with the caps on rate increases. With transparency, it should be fairly evident if premiums are sufficient or need significant bumps.
I know it is frustrating to have coverage remain the same but to see double digit premium increases.
But if a kitchen used to cost $10k to replace but now costs $18k, you should be thankful to only see a 16% increase.
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