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re: SELA Flood insurance keeps going up the permitted 17% or 18% per year...
Posted on 4/19/25 at 8:51 am to Daponch
Posted on 4/19/25 at 8:51 am to Daponch
quote:
My base elevation is about 18ft. After seeing the backwater flooding in the BR area in 2016, my primary concern is the large developments being added in St Tammany.
The state is trying to address this through their watershed program started by Gov Edwards. The current administration is looking to create an inland version of CPRA.
0
Posted on 4/19/25 at 8:59 am to Zachary
For decades some made money off of Flood Insurance.
Acquaintances in Lake Chuck made money with flood insurance on a Calcasieu River camp. After each flood they just removed the old furniture, hosed down the inside and put in more old furniture.
Mother in law bought rental property knowing it flooded in New Orleans during heavy rains and made thousands of profit annually on flood insurance. The downstairs of her own home flooded twice a year. It was nothing but an art studio with any wooden furniture on concrete blocks. The rest was aluminum easels for her students (upper class Uptown middle aged women)
Acquaintances in Lake Chuck made money with flood insurance on a Calcasieu River camp. After each flood they just removed the old furniture, hosed down the inside and put in more old furniture.
Mother in law bought rental property knowing it flooded in New Orleans during heavy rains and made thousands of profit annually on flood insurance. The downstairs of her own home flooded twice a year. It was nothing but an art studio with any wooden furniture on concrete blocks. The rest was aluminum easels for her students (upper class Uptown middle aged women)
Posted on 4/19/25 at 9:00 am to YouKnowImRight
quote:
Construction costs have skyrocketed and we've had some major hurricanes in the last half decade. People keep continuing to return to one of the most disaster prone regions in the United States instead of moving. It's economic Darwinism.
How did anyone downvote this?
Posted on 4/19/25 at 9:02 am to UptownJoeBrown
quote:
What’s the ball park cost? I’ve never carried it.
Mine was $1100 the year I bought my house. This year (5 years later) it's $2300. I also live on the water, so I don't mind writing that check.
This post was edited on 4/19/25 at 9:03 am
Posted on 4/19/25 at 9:03 am to TDsngumbo
quote:
I’m about one or two more increases away from buying a fricking aqua dam for my home instead. It’s ridiculous.
If we could only do the same for wind and hail coverage, someone could make bank.
Think about it if you had a 20k or higher deductible, but you could buy shell for your house for about 10k to protect your roof and windows and keep it in the garage until a storm why would you need pricey insurance that you end up paying 20k before any damage is covered.
To be fair we have this for windows called shutters.
You still need fire and accident coverage, but as far as fire, why do most newer residential homes do not have a sprinkler system.
This post was edited on 4/19/25 at 9:04 am
Posted on 4/19/25 at 12:27 pm to Zachary
I'm in a flood zone X and mine went up 29% from last year. I did not renew and not worried one bit. I was 8 feet above the flood in 2016.
Posted on 4/19/25 at 12:39 pm to rcrdav24
quote:
I'm in a flood zone X and mine went up 29% from last year. I did not renew and not worried one bit. I was 8 feet above the flood in 2016.
Whoever is dictating these policies is a complete moron. They are losing low risk participants and will only be left with high risk policy holders at some point. Needs to be cheap enough to where people not likely to flood consider the cost negligible.
Posted on 4/19/25 at 12:41 pm to Zachary
quote:
Have any of you who are not in a flood zone simply decided to no longer carry the flood insurance?
you are in a flood zone. your flood zone was probably determined by backdoor political donations moreso than the inability to actually flood.
your rate is going up to actually match the possibility of your house taking on water.
Even going up to a $1000 a yr policy, its worth it.
Posted on 4/19/25 at 12:42 pm to RougeDawg
quote:
They are losing low risk participants
you're putting too much faith in that flood zone determination. 
Posted on 4/19/25 at 12:47 pm to Daponch
Risk rating 2.0 per FEMA changed the way they viewed flooding by rating elevation rather than “flood zones”. They rerated every house and essentially will raise 18% a year until you get there. They did away with grandfathering all together but by law can only raise so much so it will take a while. Some homes did better, homes in velocity zones with good elevation, while others did way worse like grandfathered “A” zone homes on a slab.
At least in Mississippi FEMA said only about half the policies would go up but it looks like roughly 85% did and the others were new construction with good elevation. Also the old “X” zone policies went from $500 a year to about $1500/yr. Private flood is a good option for those.
I am coastal Mississippi so not the exact same as LA but pretty close
At least in Mississippi FEMA said only about half the policies would go up but it looks like roughly 85% did and the others were new construction with good elevation. Also the old “X” zone policies went from $500 a year to about $1500/yr. Private flood is a good option for those.
I am coastal Mississippi so not the exact same as LA but pretty close
Posted on 4/19/25 at 12:55 pm to BamaCoaster
quote:
The federal theory under 2.0 was that since my home is larger, I could afford it. I type this as a former ins agency owner.
Not necessarily true. My required flood insurance dropped from around $3,000 a year to about $800 a year for maximum coverage with 2.0. I can promise you that I am nowhere near qualifying for Equity discounts.
Posted on 4/19/25 at 1:18 pm to Daponch
I wonder if this is partly the cause of it too.
DC Journal Administration Needs ‘America First’ Insurance Regulations
National Association of Insurance Commissioners: The shadow nonprofit’s push for ESG
NAIC takes advantage of its shadow status by advancing stealth ESG policies onto the state insurance firms it supervises. The most notable of these is its 2024 Statement on Environmental, Social, and Governance Policies impacting the entire domestic insurance industry. The chief insurance officials in all 50 state and territory members adopted NAIC’s ESG statement.
DC Journal Administration Needs ‘America First’ Insurance Regulations
National Association of Insurance Commissioners: The shadow nonprofit’s push for ESG
NAIC takes advantage of its shadow status by advancing stealth ESG policies onto the state insurance firms it supervises. The most notable of these is its 2024 Statement on Environmental, Social, and Governance Policies impacting the entire domestic insurance industry. The chief insurance officials in all 50 state and territory members adopted NAIC’s ESG statement.
Posted on 4/19/25 at 2:27 pm to armytiger96
quote:
Not necessarily true. My required flood insurance dropped from around $3,000 a year to about $800 a year for maximum coverage with 2.0. I can promise you that I am nowhere near qualifying for Equity discounts.
Sorry. Didn’t type “flood zone X” rates were equity based.
Posted on 4/19/25 at 2:56 pm to BamaCoaster
quote:
After, it was $2400. My home is 3000 sq ft. My neighbors home is 1900 sq ft, and their rate was $1500.
Help me out here. Wouldn’t your rate being higher be due to you having almost twice the size of his house? Your repair cost would be much higher.
Posted on 4/19/25 at 3:03 pm to Daponch
quote:
Not all policies were elevated he said. Some were decreased in areas where the median income is low.
Not shocking at all
Posted on 4/19/25 at 3:10 pm to notiger1997
quote:
Help me out here. Wouldn’t your rate being higher be due to you having almost twice the size of his house? Your repair cost would be much higher.
FEMA policies max out at $250k regardless of size.
Since my home is larger, I can “afford more”.
Posted on 4/19/25 at 3:23 pm to Chad504boy
quote:
you are in a flood zone. your flood zone was probably determined by backdoor political donations moreso than the inability to actually flood.
Enforcement? Sure.
The maps themselves are based upon the historic floodplain.
Posted on 4/19/25 at 3:40 pm to Zachary
Our house is built on fields they used to flood out for crawfish.
When we get about 5-6 inches, it looks like a lake out there.
10+ inches and we probably got water in the house.
I carry it. Started out at $800. Its probably $1400 this year. I think my uncontrolled premium is $1800/$1900 if I remember right.
We flood zone X.
Water got up to the door back in 2021 after we just bought the house and scared me so bad I won't ever not carry it again.
When we get about 5-6 inches, it looks like a lake out there.
10+ inches and we probably got water in the house.
I carry it. Started out at $800. Its probably $1400 this year. I think my uncontrolled premium is $1800/$1900 if I remember right.
We flood zone X.
Water got up to the door back in 2021 after we just bought the house and scared me so bad I won't ever not carry it again.
This post was edited on 4/19/25 at 3:43 pm
Posted on 4/19/25 at 4:01 pm to DiamondDog
quote:
We flood zone X.
Based on your description of the property, the hydrology has been changed so much that flood zone has no connection to actual risk.
This is the reality for a lot of people. Often unchecked development in the floodplain puts water on your neighbors.
Posted on 4/19/25 at 4:38 pm to Chad504boy
quote:
you're putting too much faith in that flood zone determination.
If you didn't flood in 2016 around here... you are low risk.
I agree that the maps are probably fictional though. Not sure if they still do it like this, but the hydrology study on waterways was on one datum (NGVD29) while the topo was on (NAVD88). They just kind of assumed the elevations were about the same (they aren't) and connected the dots. Super lazy.
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