Risk 2.0 - FEMA Finnda Eat!

$4000 a year? They can GFT

Two things immediately stand out as troubling on that page. The word EQUITY and

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Also beginning Oct. 1, existing policyholders eligible for renewal will be able to take advantage of immediate decreases in their premiums.

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Those words don't mean what they say they mean.

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and will expand on who is required to carry flood insurance (looking at you, Zone X!).

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fema doesn't set the requirements on who is required to carry flood insurance.

Rates look horrible so far. Will lead to many X zones not buying flood insurance.

Is this where you apply to get generator and chainsaw money?

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97% of current policyholders’ premiums will either decrease or increase by $20 or less per month under Risk 2.0

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This means 97% of policyholders will see a substantial increase. If you like your flood insurance you can keep your flood insurance. Most policyholders and family of four will see a decrease. Sounds familiar?

I got a quote for $572 a few months ago. Called my agent yesterday to get the ball rolling and the price had jumped to $1800

I was always told that if you carry flood insurance when you don't need it, you are granfathered in at that price even if they rezone you.

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lafloodcert

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Give me a break. Fema has talked about this for years and the only reason it didn't happen sooner is Congress keeps delaying it. This isn't some smoke and mirrors conspiracy. The National Flood Insurance Program is broken because people do not pay the true actuarial cost reflective of the risk for the areas they choose to live in. The NFIP runs a multi-billion dollar deficit every year because the taxpayers of America bail out its losses. Taxpayers are bailing out coastal homeowners for building stupid things in stupid places. Local examples include slab-on-grade homes in Lafitte and Braithewait...stupid. Nationally, we have people building on the seaward side of dunes up and down the east coast, Dauphin Island, etc. etc...stupid. This is the story of the three little pigs, except the pigs who built their houses of straw and sticks not only are astonished when they get blown down, but then turn around and expect the other pigs to pay for reconstruction in the same stupid manner in the same stupid location. What happened to personal responsibility? If we want to get into this from an equity standpoint, the NFIP tends to benefit mostly those who are already affluent, since the total value of losses each year is concentrated in assets along coasts, which are often more high-dollar real estate and second homes.

From an analytical perspective, it may actually help many areas in Louisiana, since there will be more accounting of natural features and non-federal flood protection infrastructure in the Flood Insurance Rate Map process, all of which FEMA currently does a dogshit job of accounting for when modeling and making flood maps.

So, in summary, Risk Rating 2.0 encourages more personal responsibility. Think before you build. Pay what you owe in a free market. Oddly, for the current political climate, this is a pretty conservative, responsible, American thing to do as a nation.

Risk Rating 2.0 will have people pay what it truly costs to ensure risky decisions, plain and simple.

If my zone x premium goes to 4,000 a year I’m dropping it and will just suck on their tits at claim time. The rest of the fricking country does it anyway.

The FEMA rule of 2 floods within any 10 year period needs to be revamped as well if they are making changes. Bought a house and the owners at the time “didn’t carry flood” but we were told we would be a Flood Zone X. A few months later we are notified of this rule and get hit with the highest premiums. We have been in the home 10+ years now with zero flood claims.

At what point will residents be able to pursue actions against local government for failing to maintain proper drainage is another issue. It’s pretty well documented how crappy our current drainage system is, and pumps seem to “fail” constantly but when our homes flood, we have to fight with insurance to restore what we had regardless of the pumps failing and drains being clogged with beads, trash, debris, vehicles, etc. It blows my mind that homeowners haven’t banned together to go after this.