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Started By
Message
re: $32K max from FEMA but the average is $7500 paid out?
Posted on 8/18/16 at 8:55 am to slackster
Posted on 8/18/16 at 8:55 am to slackster
quote:
I feel for them because they were uneducated on the topic, not because of some financial plight. If you are in a moderate risk area, you can get $50,000 coverage plus $20,000 contents coverage for an average of $246/yr. I'd imagine $50k in coverage will cover 80% or more of claims you'll see in homes outside of a flood zone, and should cover all of the claims of people who "can't afford" insurance. If you need to insure more than $50k, but you can't afford it, you should seriously consider alternative living arrangements because you're taking a huge financial risk.
A lot of ignorance in this thread.
2
Posted on 8/18/16 at 8:57 am to eScott
quote:Nothing you quoted is remotely close to ignorant
A lot of ignorance in this thread.
Posted on 8/18/16 at 8:57 am to stout
quote:
Nado knows better than you even though you are actually dealing with the aftermath of the storm.
sorry I am not all up in arms on sentimental shite. don't care much for personal possesions.
Posted on 8/18/16 at 8:58 am to eScott
quote:
A lot of ignorance in this thread.
so its cool to just buy a bunch of stuff and not be prepared for real life disaster? ok
Posted on 8/18/16 at 8:59 am to dos crystal
quote:
those who knew, could afford, but decided they didn't need flood insurance, that person should own some responsibility for their actions. How do you decipher that, I don't know.
Agreed
But I can also see the other side. Personally, if I wasn't in a flood zone, why would I just throw money in the garbage can on flood insurance? Seems like a stupid financial move. Will pay off in the end given current events, but what reasonable person would expect to flood when you're not in a flood zone? ... 99% of people, myself included, are not flood experts, we go by what the experts tell us.
This post was edited on 8/18/16 at 9:06 am
Posted on 8/18/16 at 9:00 am to Salmon
quote:
how? what lenders are giving all these people money without requiring them to have flood insurance while in a flood zone?
are you sure the article wasn't talking about the "flood zone" as in the flooded areas of this event?
Pretty damming.
Posted on 8/18/16 at 9:03 am to slackster
so going off that chart. I am in AE zone. so since I have insurance 3 people around me don't (ratio wise)
thats not smart.
thats not smart.
Posted on 8/18/16 at 9:03 am to slackster
other than owning their homes, how are these people not required to have flood insurance?
Posted on 8/18/16 at 9:06 am to Salmon
quote:
other than owning their homes, how are these people not required to have flood insurance?
good question
Posted on 8/18/16 at 9:09 am to JPLSU1981
quote:
But I can also see the other side. Personally, if I wasn't in a flood zone, why would I just throw money in the garbage can on flood insurance? Seems like a stupid financial move.
Quite the contrary, looks looks like it would of been a very smart financial move, it would not be very responsible for someone to not insure their house against a flood regardless of zone
Posted on 8/18/16 at 9:12 am to Salmon
quote:
other than owning their homes, how are these people not required to have flood insurance?
My guess would be they are in the flood zone when looking at it as a polygon, but their base floor elevation is above the 100yr BFE.
That's the only way I could see there being that many people not having insurance "in" the flood zone.
Posted on 8/18/16 at 9:13 am to Tigerpaw123
quote:
it would not be very responsible for someone to not insure their house against a flood regardless of zone
or someone in a very low risk area could choose not to insure, and in the very small chance that they do flood, choose to take out a loan instead
in most scenarios that don't include unprecedented disasters, this would be the best case scenario
Posted on 8/18/16 at 9:13 am to Tigerpaw123
quote:
Quite the contrary, looks looks like it would of been a very smart financial move,
Of course it does now.
But that decision would have been made beforehand... And if something has no chance or almost no chance of happening, I can see why someone, probably most reasonable people, would not insure said event.
It's tough, I see both sides of the argument. Very unfortunate situation.
This post was edited on 8/18/16 at 9:21 am
Posted on 8/18/16 at 9:19 am to lsupride87
quote:
Nothing you quoted is remotely close to ignorant
The prices for flood insurance was. I know people paying 2k a year on a house that's only flooded once in 83. (33 years ago) Most of these people without flood insurance were likely widows on fixed income whose houses were paid for. Or retired or elderly people if I had to guess.
Posted on 8/18/16 at 9:25 am to JPLSU1981
quote:
And if something has no chance
no chances don't really exist. unless you talking bigfoot or something.
quote:
Very unfortunate situation.
Posted on 8/18/16 at 9:28 am to lsupride87
Can people with homes that are paid for take out a mortgage loan to cover flood insurance? IMO Louisiana is a flood zone and I don't listen to anything otherwise.
Posted on 8/18/16 at 9:29 am to JPLSU1981
quote:
And if something has no chance or almost no chance of happening,
No such thing in Louisiana. It's Not like you are living on top of a mountain. In Louisiana, flooding is possible. Especially, south Louisiana.
I didn't live in a flood zone. After Katrina, I purchased flood insurance. I guess I made a poor financial decision.
you just didn't believe it was possible, I get that. some people didn't believe the world was round. they were wrong.
If you believe you made a correct financial decision, then why should someone bail you out financially? because you were wrong? So if you believe in a stock, it tanks, someone should bail you out because you were wrong? The financial decision angle is just wrong.
I feel for the people, I've had to rebuild after a hurricane myself. It sucks. I've had to help family cut dry wall, spray bleach, strip insulation. I'm not immune from it.
Posted on 8/18/16 at 9:32 am to Isabelle81
quote:
Can people with homes that are paid for take out a mortgage loan to cover flood insurance? IMO Louisiana is
Of course they can, either a whole new mortgage, a heloc, or home equity loan
Posted on 8/18/16 at 9:32 am to Nado Jenkins83
quote:
don't care much for personal possesions.
Then go donate everything you own to those that will appreciate it.
Posted on 8/18/16 at 9:34 am to slackster
Wow that graphic is pretty surprising. I thought the numbers would be higher
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