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Message
re: Flood insurance premiums in parts of Louisiana are about to skyrocket
Posted on 2/8/22 at 3:21 am to LStU
Posted on 2/8/22 at 3:21 am to LStU
quote:
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.
I posted before that I think Palantir may be behind this. For those who don't know, Palantir is a very advanced data analytics/artificial intelligence company that has multiple contracts with the govt doing things like terrorism assessments, coronavirus tracking, digital profiling for ICE and who knows what else.
They can deal with vast amounts of data and do very complex modelling.
They were one of the few companies involved in a seminar Homeland Security did on rethinking flood analytics a few years ago so they seem like a natural fit.
They also have a weirdo CEO (no surprise) who has worked with the Clinton Foundation but they also have ties to Trump and are loyal to the US govt and seem to be the best at what they do right now.
0
Posted on 2/8/22 at 4:09 am to goofball
quote:
One house in Old Metairie jumped from around $500 to roughly $1,800, said Johnny Beckmann, senior vice president of Assured Partners, who added he has been struggling to follow the logic.
This makes no sense. Old Metairie is on a ridge line. Hell I know people that had houses in old Metairie and they didn't flood during Katrina. Why are they seeing huge increases?
Posted on 2/8/22 at 4:29 am to Solo Cam
quote:
This makes no sense. Old Metairie is on a ridge line. Hell I know people that had houses in old Metairie and they didn't flood during Katrina. Why are they seeing huge increases?
From article in OP....
quote:
a house in the historically flood-prone Broadmoor section of New Orleans dropped from an eye-popping $8,400 per year to $1,700, said Lee Miller of Brightway Insurance.
Seriously, people haven't figured it out yet?
Just learn the new racist buzzword for EVERYTHING -- Equity.
Posted on 2/8/22 at 4:30 am to TJG210
Does FEMA require Louisiana X Zones to have elevation certificates now? It wasn’t that way 6 years ago. They only used to be required if it’s anything other than X Zone. X Zone premium was a standard rate for everyone in X Zones.
Posted on 2/8/22 at 5:10 am to lsudat10
FEMA no longer requires ANY elevation certificates.
Posted on 2/8/22 at 5:15 am to BamaCoaster
Good to hear that I’ll be giving myself a raise this May.
Posted on 2/8/22 at 5:46 am to goofball
In other words, the people who actually pay for their insurance are also paying for freeloaders who do not pay for theirs.
Posted on 2/8/22 at 5:52 am to turnpiketiger
quote:
In other words, the people who actually pay for their insurance are also paying for freeloaders who do not pay for theirs.
THAT is Equity -- NOW YOU'RE LEARNING!!!
And, THIS is what Odumbf*ckCare is all about.
Posted on 2/8/22 at 5:53 am to Solo Cam
quote:
This makes no sense. Old Metairie is on a ridge line. Hell I know people that had houses in old Metairie and they didn't flood during Katrina. Why are they seeing huge increases?
Some areas south of Metairie road flooded.
Posted on 2/8/22 at 5:59 am to MMauler
I learned this a long time ago. It’s no coincidence that the state with some of the highest ratios to poverty and wealth also has the highest insurance rates. The middle class in Louisiana seems extremely small.
Posted on 2/8/22 at 6:26 am to goofball
My experience with flood insurance:
For Katrina I had been paying $275/yr for the policy for 2 years, and got about $50,000 from the claim. Rate went to about $335/yr after that.
The neighbors a few houses down the street had no flood policy and FEMA paid them for everything anyway. In fact their house was the first repaired on my street. The lesson many learned from Katrina is that flood insurance isn’t necessary, and in fact makes you ineligible for government aid that you’d get for free if you had no flood insurance. Responsible people were punished for being responsible.
This post was edited on 2/8/22 at 6:31 am
Posted on 2/8/22 at 6:30 am to turnpiketiger
Why is that a surprise? We’ve been subsidizing uninsured motorists and shyster lawyers for decades with auto premiums that are higher than giraffe you know what
Posted on 2/8/22 at 6:33 am to goofball
Vehicle and home insurance in Louisiana is such BS.
You could not get a ticket or in a wreck in over 20 years and your payment is not really gonna get all that low.
You could not get a ticket or in a wreck in over 20 years and your payment is not really gonna get all that low.
Posted on 2/8/22 at 6:34 am to TheHarahanian
One thing people aren't talking about is the fact that they are basing these new "equity" ratings on the value of the house. According to our government overlords, people with more expensive houses have a greater risk because of their value. So, they are basing the premiums on the FMV of the house.
That sounds good - AT FIRST.
However, the maximum payout is $250K on the house. So, basing it on current FMV is a farce. Houses that aren't even worth $250K in Orleans Parish will cost over $250K to replace in the event of a Katrine-type flood.
The rates should be based on replacement value - and that amount should be capped at $250K because that is the most the insurance will ever pay.
Of course, all of that would run afoul of "equity" so you know Raping Joe's FEMA would never do that.
That sounds good - AT FIRST.
However, the maximum payout is $250K on the house. So, basing it on current FMV is a farce. Houses that aren't even worth $250K in Orleans Parish will cost over $250K to replace in the event of a Katrine-type flood.
The rates should be based on replacement value - and that amount should be capped at $250K because that is the most the insurance will ever pay.
Of course, all of that would run afoul of "equity" so you know Raping Joe's FEMA would never do that.
This post was edited on 2/8/22 at 6:42 am
Posted on 2/8/22 at 6:39 am to shel311
quote:
Is there some government regulation on what they can charge?
This change is via government regulations
Posted on 2/8/22 at 6:52 am to turnpiketiger
quote:
In other words, the people who actually pay for their insurance are also paying for freeloaders who do not pay for theirs.
Historically, people in LA have been the freeloaders and other taxpayers are paying to keep LA's flood insurance artificially low.
Posted on 2/8/22 at 7:51 am to member12
We bought a home there in 2017 in old Metairie and it never flooded. We had family snd friends with homes peppered all through old Metairie that didn't flood. Pretty much all were east of bonnabel
Posted on 2/8/22 at 8:03 am to goofball
Where can we find the new flood zone maps? I searched and can't seem to find any new maps
Posted on 2/8/22 at 10:46 am to goofball
I’m trying to decide what’s the cut off point of eliminating my flood insurance. Currently paying $450 in zone C that has never flooded. Have no problem paying up to $1000 since I live in South LA near rivers and records are made to be broken. I’d not like it but would probably still pay $1000-$1500. I think somewhere between $1500-$2000 would be my cutoff.
Posted on 2/8/22 at 10:55 am to goofball
Got a quote last week in flood zone ae for $1100/yr. Once I get my elevation certificate, they expect it to be half that. My agent explained that it isn’t strictly on what flood zone you are in anymore. It goes by location of property to rivers, lakes, ect. I don’t understand exactly how it works, but I was told the intention is to lower rates for those currently in a flood zone and somewhat balance it raising those who aren’t.
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