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Message
1
Posted on 10/5/21 at 2:21 pm to Chad504boy
quote:DO you think $200 a month is reasonable for $250k in coverage with something so low risk that my private bank wouldn't even require it?
that's cool. Just don't expect a federal bailout if you flood without insurance.
Posted on 10/5/21 at 2:24 pm to lsugolfredman
quote:
Politics aside, the NFIP operates in the red. This was coming, just a matter of when.
Politics aside, when has that ever been an issue for the Federal Government?
Posted on 10/5/21 at 2:24 pm to achenator
quote:
DO you think $200 a month is reasonable for $250k in coverage with something so low risk that my private bank wouldn't even require it?
My proposal would have helped us avoid to get to the situation that you are proposing.
Posted on 10/5/21 at 2:27 pm to lafloodcert
Damn, I thought they were putting out a new version of the game Risk
Posted on 10/5/21 at 2:27 pm to Chad504boy
quote:understood and I agree. It just turns my stomach a bit to go from one home to another with lower risk to have the premium go up 3.5x for the same coverage.
My proposal would have helped us avoid to get to the situation that you are proposing.
Posted on 10/5/21 at 2:28 pm to achenator
Is there somewhere I can go to see what my rates will be with this new Risk 2.0?
Posted on 10/5/21 at 2:28 pm to achenator
quote:
It just turns my stomach a bit to go from one home to another with lower risk to have the premium go up 3.5x for the same coverage.
well, to counter that, there's lots of areas that were flood zones and a political magic wand waved and magically BAM Flood Zone X...
Posted on 10/5/21 at 2:55 pm to lafloodcert
$20 Billion in the hole. Have to make changes. They don’t go far enough.
Need to increase the pool of people that pay.
Example: in LA, you live south of I-10, you pay something. Live within a mile of a major river, gotta pay something.
Posted on 10/5/21 at 3:15 pm to wasteland
quote:
Do premiums ever go down after the government overhauls something? Big, fat nope
Surprisingly, I actually did see my rates fall a decent amount in Jefferson Parish a few years ago. Apparently the parish had completed some public projects that mitigated flood risk. I was shocked.
Almost unbelievable but true. The new rules may reverse that for a lot of people.
Now I'm in C, so I don't know what that's going to mean. Thought I was smooth sailing.
Posted on 10/5/21 at 3:19 pm to lafloodcert
The fact that FEMA's subtitle for RISK 2.0 is "Equity in Action" tells you exactly how hard we're going to get screwed.
FEMA LINK
FEMA LINK
Posted on 10/5/21 at 3:50 pm to Glock17
quote:
Is there somewhere I can go to see what my rates will be with this new Risk 2.0?
Posted on 10/5/21 at 8:56 pm to WeagleEagle
quote:
Is there somewhere I can go to see what my rates will be with this new Risk 2.0?
As far as I know, no. Call your agent.
Posted on 10/5/21 at 9:07 pm to Alltheway Tigers!
quote:
Need to increase the pool of people that pay.
It would be interesting to see if this saves the govt money in south Louisiana. For the flood of 2016, I know that, at least in some cases, those that had insurance spent more than 5 times as much to repair homes compared to those that didn’t for similar damage.
Posted on 10/5/21 at 9:23 pm to lafloodcert
quote:
, Zone X via LOMA - quoted $4k / year on the new program.
Risk 2.0
Correction: Zone X will NOT be required to carry under Risk 2.0
Can you please correct or clear up these two contradictory statements.
Posted on 10/8/21 at 7:32 pm to WeagleEagle
According to the renewal information on the FEMA website, 80% of LA flood policy premiums are going up. I believe a good chunk of them are limited by the 18% per year limit, but that starts to add up quick, and it makes selling your home difficult because new policies aren't limited by the 18% rule.
shite.
shite.
Posted on 10/8/21 at 8:02 pm to slackster
quote:
and it makes selling your home difficult because new policies aren't limited by the 18% rule.
Flood assumption to buyers.
And good news is, the whole state is going up, so it ain’t just your house
Posted on 10/8/21 at 8:20 pm to Chad504boy
quote:
Flood assumption to buyers.
I get it, but it doesn’t mean I have to like it.
People definitely aren’t paying attention though. Going to be a lot of happy baws in the northern part of the state, coupled with a lot of wtf in the south, particularly when it goes to selling a home.
I assume you can still transfer a policy to a buyer under the program?
Posted on 10/8/21 at 8:21 pm to slackster
quote:
a lot of happy baws in the northern part of the state
They flood too
Posted on 10/8/21 at 8:24 pm to Chad504boy
quote:
They flood too
Look at the parish by parish stats - most northern parishes will see a majority of policy premiums go down.
This post was edited on 10/8/21 at 8:25 pm
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