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Started By
Message
re: Once again we are asking why people don’t have flood insurance.
Posted on 9/17/18 at 7:50 am to LSUwag
Posted on 9/17/18 at 7:50 am to LSUwag
quote:
I have a vacation house at St Augustine beach. I do have flood insurance on it. It’s expensive and goes up every year. My total insurance on that home is now over $4000 a year. Keep in mind, this place is small. I can understand why people don’t buy it simply because the cost is so high. I’ve debated canceling it myself.
it's very likely that the american taxpayers are subsidizing your insurance rates so you're not paying nearly market rate
This post was edited on 9/17/18 at 7:50 am
1
Posted on 9/17/18 at 7:51 am to BurningHeart
quote:
Then you'll have a certain group of Congress call for government sponsored flood insurance.
already exists, bro
Posted on 9/17/18 at 7:51 am to SlowFlowPro
Correct. frick government handouts. Unless I need them, then they are cool.
Posted on 9/17/18 at 7:52 am to SlowFlowPro
quote:
already exists, bro
Talking about FEMA? Doesn't cover it all.
Posted on 9/17/18 at 7:54 am to LSUwag
quote:
have a vacation house at St Augustine beach. I do have flood insurance on it. It’s expensive and goes up every year. My total insurance on that home is now over $4000 a year. Keep in mind, this place is small. I can understand why people don’t buy it simply because the cost is so high. I’ve debated canceling it mysel
Such is they way insurance works. When it's really expensive, it's usually because your risks are extremely high.
When it's cheap, it's because your risk are extrmemly low. Shocking news, I know.
Posted on 9/17/18 at 7:54 am to BurningHeart
quote:
quote:
already exists, bro
quote:
Talking about FEMA? Doesn't cover it all.
Posted on 9/17/18 at 7:54 am to BurningHeart
quote:
Talking about FEMA? Doesn't cover it all.
NFIP
quote:
The National Flood Insurance Program aims to reduce the impact of flooding on private and public structures. It does so by providing affordable insurance to property owners, renters and businesses and by encouraging communities to adopt and enforce floodplain management regulations
that "affordable" insurance is really just subsidized insurance. the American taxpayer pay the difference b/w market rate and this government rate.
Posted on 9/17/18 at 7:55 am to Slippy
It’s sort of bullshite that home insurance doesn’t already include it anyway. Why is it optional?
Posted on 9/17/18 at 7:57 am to Eighteen
quote:
It’s sort of bullshite that home insurance doesn’t already include it anyway. Why is it optional?
i don't really know if houses with mortgages located in Yuma, AZ need flood insurance
Posted on 9/17/18 at 7:58 am to Eighteen
As the other guy stated, if you live in a high risk area, the math would make insurance so high, no one would buy it. So they separate it and make it "optional." But in reality, locals just beg for gov relief.
Posted on 9/17/18 at 7:59 am to Slippy
Easiest $450 check I write every year.
I also went through Katrina as a 15 year old so I'm over cautious about it.
I also went through Katrina as a 15 year old so I'm over cautious about it.
Posted on 9/17/18 at 7:59 am to Eighteen
quote:
It’s sort of bullshite that home insurance doesn’t already include it anyway. Why is it optional?
I always figured that the premiums would be so high if it included floods that private insurers just choose to not cover it. The fact that the government has the NFIP just makes this decision easier for the private companies.
Posted on 9/17/18 at 8:00 am to Slippy
The Earth is flat. You will flood!
Posted on 9/17/18 at 8:12 am to BulldogXero
quote:
thought it was? I technically live in a flood zone and was required to pay flood insurance even though it hasn't flooded in the area in over 40 years.
That's why they call it a 100 year flood plain. You buy extremely overpriced insurance that has a ton of outs in it to insure your risk of a catastrophic flood occurring sometime in the next 100 years.
Posted on 9/17/18 at 8:21 am to stapuffmarshy
Most don’t or can’t cause it’s like adding or having a car note. You just hope it doesn’t flood.
Now, if you smoke and don’t have flood insurance, you’re an idiot.
Now, if you smoke and don’t have flood insurance, you’re an idiot.
Posted on 9/17/18 at 8:23 am to Slippy
I cancelled mine after August 2016. If i didn't flood then I never will.
Posted on 9/17/18 at 8:27 am to Slippy
You know why they don’t get insurance? Because they know FEMA will help them anyway for free!
After the 2016 floods, everyone without flood insurance was given the Shelter at Home Program. And they were still complaining about how slow it was/didn’t fix enough things. You didn’t have insurance, you were lucky to get anything.
After the 2016 floods, everyone without flood insurance was given the Shelter at Home Program. And they were still complaining about how slow it was/didn’t fix enough things. You didn’t have insurance, you were lucky to get anything.
Posted on 9/17/18 at 8:31 am to Slippy
Like Louisiana is one to talk?
Posted on 9/17/18 at 8:31 am to BulldogXero
Only if the house is in an A or V flood zone. B/C/X zones aren't required to carry flood insurance on most loans. Problem is that about 25-30% of annual NFIP flood claims come out of those B/C/X flood zones that lots of people like to refer to as "no flood zones". Most people in those zones don't buy flood insurance and then end up dependent on some sort of government bailout or taking out a 2nd mortgage to be able to make repairs. But lots of people don't have the means to afford a disaster loan/2nd mortgage to pay for repairs and those houses end up being foreclosed on with taxpayers eating the losses on the mortgages that were federally backed loans.
Posted on 9/17/18 at 8:32 am to ConfusedHawgInMO
quote:
It already is, if you are in a FEMA determined flood plain.
Lots of floods happen in areas outside of FEMA determined flood plains. See Houston and Baton Rouge flooding.
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