re: Risk 2.0 - FEMA Finnda Eat!

There certainly was money made off of Flood Insurance claims pre Katrina. Ex bro in law's inlaws took a trip to Europe from the claim they made with a camp north of Lake Chuck. All they had to do was hose it out and open up until dry.

My mother in law made money annually in Uptown NOLA with her ground floor art studio which flooded maybe an inch or two twice or more annually. She looked for rental property to buy which had previously been flood prone.

I've been doing quotes. Alot of people are gonna gonna pass. My parent's house in zone x would be about $400 under old rates. Now it's about $1700. You don't even wanna know about AE. There will be people that can't sell their houses because the mandated flood policy alone is gonna be $700/month. I've already quoted a few.

Instead of sending BILLIONS of OUR tax dollars to other countries, our Government should be using that money to shore up the National Flood Insurance program. Our Government is SO F$CKED UP…..

If it gets out of hand, I don't plan on renewing. I only do it now since it is around $500 a year. My neighborhood is on a ridge and our street is on a ridge on that ridge. Didn't flood in 2016, June 2018, or May of this year. Basically for my house to flood, the whole city would be flooded out.

Anytime the government is calling something equitable, get ready to get fricked.

Also, it looks like there should be a cap of 18% policy increases, so in theory, my $570 policy, by law, should only be able to go up to $675 next year.

$20 Billion in the hole. Have to make changes. They don’t go far enough.

Need to increase the pool of people that pay.

Example: in LA, you live south of I-10, you pay something. Live within a mile of a major river, gotta pay something.

quote:

---

, Zone X via LOMA - quoted $4k / year on the new program.

Risk 2.0

Correction: Zone X will NOT be required to carry under Risk 2.0

---

Can you please correct or clear up these two contradictory statements.

So FEMA just announced their first grant for IDA victims. I found it interesting that to be eligible, you had to be enrolled in NFIP at he time of loss, but did not have to experience a flood loss to be eligible (although the home has to be “substantially damaged” from any peril if not repeated flood damage).

The catch is that if you receive the grant, the property has to be enrolled in the NFIP for the life of the property. The qualified expenditures of the grant are largely flood mitigation, so presumably the flood risk should be reduced. So by the way the program is written, they will basically create a federal tax that runs with the property rather than the insured, and they have invested in that property not flooding. The overall program in LA has $40M in funding, so I suspect these grants won’t go very far. And most don’t know what their new premium is even going to be

Look for more free money to be handed out with stipulations like this that guarantee a premium base