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Started By
Message
re: SELA Flood insurance keeps going up the permitted 17% or 18% per year...
Posted on 4/19/25 at 4:46 pm to WestSideTiger
Posted on 4/19/25 at 4:46 pm to WestSideTiger
quote:You can buy $100k policy, it just won’t cut the premium in half. Premium calculation is heavily front loaded because even policies that have $250k coverage rarely have claims that even come close to reaching the policy limits. Most claims will be $50-100k range, so thats where the bulk of the premium charge comes from.
So if someone is paying $1200 for $250,000 max coverage why shouldn’t I be able to choose a $100,000 max policy and have the premium at least cut in half.
But if you have a mortgage that requires flood insurance, they may not let you get away with only $100k coverage because the bank usually requires minimum coverage to be at least the lower of: reconstruction cost, loan balance, or $250k max
1
Posted on 4/19/25 at 4:54 pm to HeadedToTheWoods
Not if you aren’t in one of their zones.
Posted on 4/19/25 at 5:45 pm to Zachary
Mine jumped 25% this year. It has always gone up but never by that much.
ETA: I did speak with my insurance agent who says you can reduce coverage and pay less. I've been using NFIP numbers as to what to pay...I'm technically over insured...NFIP never mentions you can go less than what they say. Go figure. I will be looking into this before paying again next year.
ETA: I did speak with my insurance agent who says you can reduce coverage and pay less. I've been using NFIP numbers as to what to pay...I'm technically over insured...NFIP never mentions you can go less than what they say. Go figure. I will be looking into this before paying again next year.
This post was edited on 4/19/25 at 5:48 pm
Posted on 4/19/25 at 5:48 pm to Daponch
quote:100 fricking percent this! I’m dropping it next year. $400 for peace of mind, sure. $1100? Naw bro, I’m good.
You are not required to carry flood insurance with a mortgage if you are in flood zone X. I carry it anyway. It was around $400 per yr until theFlood Risk 2.0 crap. I am now about $1100 per yr with a base increase of 18%.
Posted on 4/19/25 at 5:49 pm to Tiger Prawn
quote:
You can buy $100k policy,
Coinsurance penalty
Posted on 4/19/25 at 5:50 pm to evil cockroach
I was in the same boat. You would think they would rather have our $400 instead of nothing
Posted on 4/19/25 at 6:40 pm to Chad504boy
quote:Not on NFIP policies
Coinsurance penalty
Posted on 4/19/25 at 6:46 pm to nola tiger lsu
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?
Closed minded people who don’t like understanding things that requires them open their minds
Posted on 4/19/25 at 7:04 pm to Zachary
We were forced to raise our house after 2016. Went up an extra few feet and still had our flood insurance go up. Makes no sense.
Posted on 4/19/25 at 7:58 pm to TDsngumbo
Those are a great investment. I have a neighbor with one even though our neighborhood had only flooded in 2016. His house beside the drainage coolie. He puts it out every hurricane just in case. I don’t blame him. Most time he just fills it halfway.
Posted on 4/19/25 at 8:39 pm to Daponch
quote:You are paying more if you live in a nice area to cover poor people that don't buy it.
FEMA has never explained how the risk is determined for the new program.
Posted on 4/19/25 at 8:55 pm to Zachary
It will go up 18% until the rate reflects the full underwriting risk. For most of us in floodplains, that will be a few more years in increase.
I've been naked on flood for properties I owned outright. Right now I have a barndo in the woods that isn't insured for any hazzard.
My main property is a condo, so insurance is mandatory.
I've been naked on flood for properties I owned outright. Right now I have a barndo in the woods that isn't insured for any hazzard.
My main property is a condo, so insurance is mandatory.
Posted on 4/19/25 at 10:53 pm to elprez00
quote:make up another tax, put it on the ballot tied to a teacher raise or some bullshite or maybe putting a cross in a classroom next to the 10 commandments is about all our government can do
This state has to do something and soon. It costs too damn much to live here
Posted on 4/19/25 at 11:22 pm to BamaCoaster
quote:
FEMA policies max out at $250k regardless of size.
$250k is the max one can collect from flood insurance?
Posted on 4/20/25 at 6:56 am to TDFreak
quote:
Im in the same situation. Zone X. Got thru both floods unscathed (barely). But man, the premiums are getting as high as a giraffes arse.
Bought my last house in 2012 in Zone X. Was $365/yr. In ‘16 we came 2” from getting water in my house. Was a huge piece of mind knowing when we evacuated that if we flooded we weren’t starting over.
Sold the house in 2022 and it was over $800/yr. New house is also in Zone X but is another 14’ higher then the water level reached in ‘16 so I decided not to carry it.
Posted on 4/20/25 at 7:33 pm to TJG210
quote:
250k is the max one can collect from flood insurance?
On a fema policy, yes.
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