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re: Risk 2.0 - FEMA Finnda Eat!
Posted on 9/19/21 at 9:21 am to deathvalleyfreak43
Posted on 9/19/21 at 9:21 am to deathvalleyfreak43
quote:
The system is broken- Insurance/government no longer provides a service of any value but we still have to pay out the arse for it. The day of reckoning is coming.
So you are saying I shouldn’t be interrogated like a criminal for filing a claim after Hurricane Ida?
0
Posted on 9/19/21 at 9:27 am to man in the stadium
quote:
2) Our statistical understanding of rainfall probabilities, in both duration and intensity, is based on ~150 years of observational data. There is Army Corps research that notes more like 300-400 years of observational data is needed before annual exceedance probabilities stabilize with each new observation (storm). Another way to think about it is this: we haven't observed enough dice rolls (storms) to fully statistically define the chances of rolling snake eyes. Thus, each new roll (storm) can redefine the statistical probabilities.
I think the phrase you might be looking for a "sample error" or sample size error, to be more specific.
This post was edited on 9/19/21 at 9:39 am
Posted on 9/19/21 at 9:34 am to LSUKTR
quote:
So, sounds like "if you can afford a more expensive house, we'll charge you more." That's the "equity" they are talking about. When choosing coverage, they have various limits with higher premiums for the more coverage you choose. Think its capped at $250k. This new system sounds more like a "tax" on those with higher value homes
Yeah but in typical sleight-of-hand government and insurance industry fashion, are they going to roll in land value into the home's value or just rebuilding costs?
Posted on 9/19/21 at 9:35 am to AllDayEveryDay
quote:
Unpopular opinion time:
Every home owner should carry flood insurance.
I got fricked living on the coast, had damage from Harvey. Also paid $1000/mo on a $1200/mo mortgage because of flood and wind. Everyone should have some level of flood insurance. Regardless of elevation
Why does the answer to every problem involve coercion or force? Why not just promote personal responsibilities and consequences? If you don't have flood insurance and you flood, you are now homeless. Too bad so sad.
Posted on 9/19/21 at 1:15 pm to lafloodcert
Instead of sending BILLIONS of OUR tax dollars to other countries, our Government should be using that money to shore up the National Flood Insurance program. Our Government is SO F$CKED UP…..
Posted on 10/5/21 at 11:12 am to man in the stadium
House is Zone B, Insurance not required by bank. Figure I should have it anyway. We moved into the house in Dec 2020. Just got a quote. $2305 for $250k
Posted on 10/5/21 at 11:27 am to achenator
So on a 30 year mortgage you will have paid $69k (nice) towards a 250k policy for an event with a 9.5% chance of happening (at least once) across the life of the mortgage? That doesn’t seem like positive EV to me. I flooded once without insurance so I’ll always carry a policy but that just seems insane for a 500 year flood plain.
Posted on 10/5/21 at 11:56 am to LootieandtheBlowfish
quote:Yes it seems like a bit much. Plus the house is on a raised slab so it's up a bit. At $600 it's a no brainer IMO but at $2300 i may just be better buying crypto with that and YOLO lol.
So on a 30 year mortgage you will have paid $69k (nice) towards a 250k policy for an event with a 9.5% chance of happening (at least once) across the life of the mortgage? That doesn’t seem like positive EV to me. I flooded once without insurance so I’ll always carry a policy but that just seems insane for a 500 year flood plain.
Posted on 10/5/21 at 12:04 pm to calcotron
quote:
Discouraging people from living where it floods is a good idea.
I initially and usually would have to agree with you 100%. But this is Baton Rouge bud and we love throwing up concrete and asking questions later which has proven to be a frickin disaster bc many people buying a new home in a new neighborhood have no reason to think it is going to flood but its.. And, thanks to our permitting anything, what didn't flood today may very well flood tomorrow.
Posted on 10/5/21 at 12:57 pm to lafloodcert
I like how they say premium increase limited to 18 percent annually like that’s some sort of win. Our government ruins whatever they get their grimy hands on.
Posted on 10/5/21 at 1:16 pm to Spasweezy
A guy I insure in Orange Beach is in AE.
Base flood elevation of 8.
Home is 12.
Policy went from $573/yr to $2400/yr, though as another poster mentioned, it’s only going up 18% this year.
Not a fun convo.
Base flood elevation of 8.
Home is 12.
Policy went from $573/yr to $2400/yr, though as another poster mentioned, it’s only going up 18% this year.
Not a fun convo.
Posted on 10/5/21 at 1:18 pm to Oates Mustache
quote:
$4000 a year? They can GFT
thats a bold strategy cotton, lets see if it works.
Posted on 10/5/21 at 1:22 pm to lafloodcert
If it gets out of hand, I don't plan on renewing. I only do it now since it is around $500 a year. My neighborhood is on a ridge and our street is on a ridge on that ridge. Didn't flood in 2016, June 2018, or May of this year. Basically for my house to flood, the whole city would be flooded out.
Posted on 10/5/21 at 1:23 pm to BamaCoaster
quote:It should be at least $2,400/ year at an elevation of twelve feet.
A guy I insure in Orange Beach is in AE.
Base flood elevation of 8.
Home is 12.
Policy went from $573/yr to $2400/yr, though as another poster mentioned, it’s only going up 18% this year.
Not a fun convo.
He needs to get to liking paying that (or more) or move to a less risky place from flood.
The rest of the country is tired of underwriting his excessive risk.
Posted on 10/5/21 at 1:39 pm to lafloodcert
Anytime the government is calling something equitable, get ready to get fricked.
Also, it looks like there should be a cap of 18% policy increases, so in theory, my $570 policy, by law, should only be able to go up to $675 next year.
Also, it looks like there should be a cap of 18% policy increases, so in theory, my $570 policy, by law, should only be able to go up to $675 next year.
Posted on 10/5/21 at 1:45 pm to achenator
quote:
Insurance not required by bank.
You have a federally backed loan.
You should be federally required to carry flood insurance.
Do this across the board and it stabilizes the flood insurance market.
my 2 cents.
Posted on 10/5/21 at 1:51 pm to man in the stadium
quote:
man in the stadium
Post more.
Posted on 10/5/21 at 1:54 pm to TigerAlumni2010
quote:
my $570 policy, by law, should only be able to go up to $675 next year.
Laughs in government
Posted on 10/5/21 at 1:57 pm to Chad504boy
quote:
You have a federally backed loan.
can't believe there are people who post on the OT who have debt. Trashy!
Posted on 10/5/21 at 2:16 pm to Chad504boy
quote:What if my loan is privately backed?
You have a federally backed loan.
You should be federally required to carry flood insurance.
Do this across the board and it stabilizes the flood insurance market.
my 2 cents.
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