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Started By
Message
re: National Flood Insurance Program set to expire in 2 weeks
Posted on 7/20/18 at 2:25 pm to LSUsmartass
Posted on 7/20/18 at 2:25 pm to LSUsmartass
Just renewed mine last week. Paid the $450 for zone X coverage.
0
Posted on 7/20/18 at 2:25 pm to ILeaveAtHalftime
quote:
They could just, you know, not buy a house in a flood zone. Pretty basic principle imo.
Must be nice living in that simple world you live in.
Posted on 7/20/18 at 2:25 pm to Sao
quote:
Sooo... I'm speaking to 50% of people? That's my point. They were warned.
a vast majority of those who lived in flood zones actually had flood insurance, so how are they relying upon government bailouts?
its actually usually the people in preferred flood zones going after government bailouts for their "i don't flood here thinking" and not purchasing flood insurants.
This post was edited on 7/20/18 at 2:26 pm
Posted on 7/20/18 at 2:26 pm to ForeverLSU02
quote:
I don't live in a flood zone and neither did 50% of the people who flooded in 2016
Yes you do and yes they did... There's no such thing as not a flood zone(especially in La.).
Zones B,C and X are preferred zones and aren't required to by mortgagee's are still flood zones.
In fact 1/3 of all flood claims happen in preferred zones.
This myth that X is a magical non-flood is what got people in trouble in '16
Posted on 7/20/18 at 2:28 pm to Sao
quote:
Move out of a flood zone and stop relying on government bailout.
Everyone lives in a flood zone.
Zone X is still a flood zone. .2% per year
This post was edited on 7/20/18 at 2:29 pm
Posted on 7/20/18 at 2:29 pm to LSUsmartass
It expired a few months ago for a couple days too.
If NFIP lapses again, existing policies will remain in effect and claims will be honored. But new policies wouldn't be able to be written until a reauthorization passes Congress and gets signed into law by POTUS.
A freeze on new policies would bring real estate market to a standstill since any home located in an A or V flood zone would need flood insurance as a condition of their mortgage.
If NFIP lapses again, existing policies will remain in effect and claims will be honored. But new policies wouldn't be able to be written until a reauthorization passes Congress and gets signed into law by POTUS.
A freeze on new policies would bring real estate market to a standstill since any home located in an A or V flood zone would need flood insurance as a condition of their mortgage.
Posted on 7/20/18 at 2:29 pm to Chad504boy
no saying that, all houses are in a flood zone is not truly accurate to the NFIP.
A 100 year zone requires flood insurance for a mortgage.
A 1000 year zone does not.
But yes technically, both house are in "a floodzone"
A 100 year zone requires flood insurance for a mortgage.
A 1000 year zone does not.
But yes technically, both house are in "a floodzone"
This post was edited on 7/20/18 at 2:30 pm
Posted on 7/20/18 at 2:31 pm to Sao
quote:
Move out of a flood zone and stop relying on government bailout.
This.
Posted on 7/20/18 at 2:31 pm to Chad504boy
If a homeowner is in a flood zone and too cheap to insure, it's ok to beg for government dollars? That's like living in a fire prone zone in California and complaining your house burned down. There would be zero sympathy here for them.
Posted on 7/20/18 at 2:31 pm to DirtyMikeandtheBoys
quote:
all houses are in a flood zone is not truly accurate to the NFIP.
quote:
But yes technically, both house are in "a floodzone"
Posted on 7/20/18 at 2:32 pm to DirtyMikeandtheBoys
quote:
A 100 year zone requires flood insurance for a mortgage.
A 1000 year zone does not.
NFIP doesn't control mortgage company rules.
Banks are assholes.
They don't want to mandate flood insurance on all loans cause that may mess up their numbers on qualifying people for loans when they have to add $33 more a month in escrow for flood insurants.
Banks are a powerful lobby association.
Posted on 7/20/18 at 2:32 pm to Chad504boy
quote:
all homes are in a flood zone.
Is a home at the top of a large 400 foot hill in a flood zone?
I would think the water would just flow right past it.
Posted on 7/20/18 at 2:32 pm to Teddy Ruxpin
quote:
Is a home at the top of a large 400 foot hill in a flood zone?
Yes.
Zone X
Posted on 7/20/18 at 2:33 pm to Sao
quote:
If a homeowner is in a flood zone and too cheap to insure, it's ok to beg for government dollars?
Why are you hung up on only those in a flood zone who don't buy flood insurance? And not those who are in a preferred zone and choose not to purchase coverage then flood?
Posted on 7/20/18 at 2:33 pm to Sao
quote:
top relying on government bailout.
It's not a government bailout if you are paying for the insurance.
Posted on 7/20/18 at 2:34 pm to Teddy Ruxpin
quote:
I would think the water would just flow right past it.
usually but depends on the amount of water.
this monk thought his shite didn't stink too...
Posted on 7/20/18 at 2:36 pm to Chad504boy
Because inches not feet matter in Louisiana maybe?
The 2016 flood thread was actually charting rise inch by inch because everyone is so low. Posted on 7/20/18 at 2:36 pm to Teddy Ruxpin
quote:
Is a home at the top of a large 400 foot hill in a flood zone?
It's still given a zone determination.
Plus a house on a hill like that has other concerns caused by water... IE: Earth Movement
Posted on 7/20/18 at 2:36 pm to LSUsmartass
Move?
Posted on 7/20/18 at 2:37 pm to LSUsmartass
quote:
So it won't affect current homeowners with flood policies? Even when it comes time for renewal?
Renewals are sent out 60 days prior to renewal date and will continue being sent out as normal until the NFIP lapses. Once your renewal invoice is sent out, you can still renew even if your renewal date is after the lapse.
However once the NFIP lapses, renewal billing will stop until the program is reinstated. So the earliest renewals that would be affected would be renewal dates 60 days or more after the NFIP lapse date.
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