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Started By
Message
re: Flood insurance premiums in parts of Louisiana are about to skyrocket
Posted on 2/7/22 at 4:44 pm to Earnest_P
Posted on 2/7/22 at 4:44 pm to Earnest_P
quote:
So how does this apply to homes in zone x who haven’t had to carry flood insurance thus far?
If you now have to have flood insurance it likely means that your specific property has higher risk than the zone it's in since the calculations now seem to be much more about individual properties than zones.
They have to be determining these new individual risk assessments using artificial intelligence, there's no way they could do it manually. FEMA has big contracts with Palantir for this kind of stuff so maybe buy some PLTR to hopefully cover the cost of insurance. (I'm joking, this is not financial advice).
1
Posted on 2/7/22 at 4:52 pm to goofball
Have no fear...wild-eyes Cassidy said he will save us!
Posted on 2/7/22 at 5:45 pm to Diseasefreeforall
quote:That's a problem. I looked up a website that seems to base it by individual house and a home two doors down from me, same street elevation, same foundation elevation, 200ft closer to a creek than me is rated two levels below mine in flood risk. That home is a 5-6 and mine is 9-10 on the website scale.
They have to be determining these new individual risk assessments using artificial intelligence, there's no way they could do it manually.
Posted on 2/7/22 at 6:13 pm to TJG210
quote:
House sits pretty high, so I’m hoping the elevation certificate helps.
Honest question, who would the elevation certificate help?
Posted on 2/7/22 at 6:35 pm to Splackavellie
Zone X checking in. Our street has never flooded.... ever. Last year during those south LA rains the first time and it was up to our sidewalks.
That being said, if my flood insurance approaches what some are saying in this thread, I'm about to give myself a pay raise.
That being said, if my flood insurance approaches what some are saying in this thread, I'm about to give myself a pay raise.
This post was edited on 2/7/22 at 6:40 pm
Posted on 2/7/22 at 6:49 pm to goofball
I noticed big flood insurance changes to investment properties about 8 years ago.
This will not be good for anybody but the government.
This will not be good for anybody but the government.
Posted on 2/7/22 at 7:05 pm to Diseasefreeforall
quote:
FEMA is using better mapping and data
False. The models that FEMA uses are extremely simplistic.
Nobody knows how Risk Rating 2.0 actually works because FEMA is not allowing people to review the coding. Someone will find a way to reverse engineer it in time, but the fact that they are hiding it from plain sight makes me very skeptical of it's intent.
Posted on 2/7/22 at 7:07 pm to Jake88
quote:
I looked up a website that seems to base it by individual house and a home two doors down from me, same street elevation, same foundation elevation, 200ft closer to a creek than me is rated two levels below mine in flood risk. That home is a 5-6 and mine is 9-10 on the website scale.
That website you looked at is not in any way related to Risk Rating 2.0. My FIL was looking at it when he was house-hunting. I spent about 20 minutes looking at the area before realizing it was nearly useless.
Posted on 2/7/22 at 7:08 pm to Pitt Road
quote:
This will not be good for anybody but the government.
I'd say it's less bad for the government. The Federal government has been propping up the industry for a long time.
Posted on 2/7/22 at 7:09 pm to Jester
quote:
False. The models that FEMA uses are extremely simplistic.
If Palantir has taken it over, and there's a good chance they have, the models are complex.
Posted on 2/7/22 at 7:21 pm to Jester
The flood factor website? You don't think that it used similar programs or has access to the new 2.0 info?
Posted on 2/7/22 at 7:26 pm to Diseasefreeforall
quote:And all these years I thought flood zones and BFE’s vs lowest floor elevation was a pretty specific way of assessing a property’s flood risk.
So the zone doesn't mean nearly as much as it did, it's the specific risk for the property.
Why did FEMA go spend all that money updating the flood maps for so much of SELA in recent years if flood zones and BFE are essentially meaningless now?
Posted on 2/7/22 at 7:52 pm to Tiger Prawn
the mortgage companies prohibit many customers from underinsuring or no insuring. affects both the current homeowner and any future purchaser
Posted on 2/7/22 at 9:04 pm to Trevaylin
quote:
the mortgage companies prohibit many customers from underinsuring or no insuring. affects both the current homeowner and any future purchaser
Yep.
When I first bought a house in BR about 12 years ago, I was paying like 800 a year on flood insurance. After 2016 flood, I was paying about $2500. I put the house up for sale after the market took off and never looked back.
Between that; inflated auto insurance, and homeowner's getting out of hand, I was paying too much to live in a state that has fewer and fewer redeeming qualities about it.
Posted on 2/7/22 at 9:39 pm to goofball
Well the federal government has absolutely zero business being involved in subsidizing flood insurance. Zilch. Nada.
Posted on 2/7/22 at 11:36 pm to Jake88
Flood Factor is essentially a private party product generated by the First Street Foundation, not FEMA. It’s basically a commercial tool they profit from by selling its licensing to others like Realtor.com. It’s a great tool and has a lot of pros but their models are built to be lower resolution of detail for larger areas whereas FEMA flood mapping studies typically entail more detailed hydraulics, but for smaller areas like a parish.
Flood Factor will get you close to the same answer as many FEMA maps especially in areas with topography like valleys where water flow downhill is straightforward. That starts to fall apart in places like S LA. The marketing/public availability slant they have is far better than FEMA’s archaic web viewers. Another advantage is that their coverages tend to be more seemless since they model at a broader geographic view, whereas FEMA maps can have weird jumps or misalignment of data from one study boundary to its neighbor since often done at different times by different people with different data.
Flood Factor will get you close to the same answer as many FEMA maps especially in areas with topography like valleys where water flow downhill is straightforward. That starts to fall apart in places like S LA. The marketing/public availability slant they have is far better than FEMA’s archaic web viewers. Another advantage is that their coverages tend to be more seemless since they model at a broader geographic view, whereas FEMA maps can have weird jumps or misalignment of data from one study boundary to its neighbor since often done at different times by different people with different data.
Posted on 2/7/22 at 11:43 pm to goofball
Plenty of “conservatives” in Louisiana show their true colors in this debate.
We want small government and smart government spending until it comes to cheap subsidized flood insurance from a broken program billions in the red by a bloated government agency everyone agrees is dysfunctional…it hits personal pocket books and the conservative script goes out the window. Everyone all of the sudden wants other taxpayers subsidizing their cheap insurance via a big government agency.
How about this: do research before you build or buy. Build or buy houses that exceed FEMA’s Minimum standards (which has is all they ever were intended to be…minimum). People are fine with spending $ to exceed minimum code on countless house structure items to the point of bragging about it. People are fine with taxing themselves for better levees, pumps, and channels as many parishes such as St Mary, Terrebonne, Laforuche and others have, but strangely, not on a bit more elevation for their own house.
I will say I share the fear of many watching RR 2.0 that a negative effect will be driving out former X zone purchasers entirely.
We want small government and smart government spending until it comes to cheap subsidized flood insurance from a broken program billions in the red by a bloated government agency everyone agrees is dysfunctional…it hits personal pocket books and the conservative script goes out the window. Everyone all of the sudden wants other taxpayers subsidizing their cheap insurance via a big government agency.
How about this: do research before you build or buy. Build or buy houses that exceed FEMA’s Minimum standards (which has is all they ever were intended to be…minimum). People are fine with spending $ to exceed minimum code on countless house structure items to the point of bragging about it. People are fine with taxing themselves for better levees, pumps, and channels as many parishes such as St Mary, Terrebonne, Laforuche and others have, but strangely, not on a bit more elevation for their own house.
I will say I share the fear of many watching RR 2.0 that a negative effect will be driving out former X zone purchasers entirely.
This post was edited on 2/8/22 at 12:08 am
Posted on 2/8/22 at 12:03 am to Jester
FEMA has identified some factors that contribute to the ratings; however, their weight is not publicly defined AND most importantly part of the equation includes inputs from private risk models that are exempt from FOIA requests.
This post was edited on 2/8/22 at 12:03 am
Posted on 2/8/22 at 12:36 am to Splackavellie
quote:
Honest question, who would the elevation certificate help?
In theory if the house is significantly higher than the street which is already an X zone the risk should be less.
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