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The changes being proposed for flood insurance would be a big hit for the gulf coast
Posted on 6/16/22 at 11:53 am
Posted on 6/16/22 at 11:53 am
For starters, businesses would not be able to buy new policies.
LINK
quote:
Businesses would not be able to buy new policies from the taxpayer-backed National Flood Insurance Program under a set of Biden administration proposals.
The NFIP also would not sell new policies for structures in “special flood hazard areas” or for properties with four or more paid losses, though properties in the latter group could be eligible for coverage after mitigating their risk and existing policies could be maintained.
The U.S. Department of Homeland Security, in a document Daily Report obtained, lays out 17 proposals the administration says would put the program on solid financial footing while creating opportunities for private-sector insurers, though Congress is likely to be skeptical.
LINK
This post was edited on 6/16/22 at 11:55 am
11
Posted on 6/16/22 at 11:54 am to dewster
Flood insurance is a scam
Posted on 6/16/22 at 11:55 am to Leon Spinks
quote:
Flood insurance is a scam
Insurance is a scam
Posted on 6/16/22 at 11:56 am to dewster
The part about having 4 or more paid losses makes sense. If you've flooded 4 times, time to move your home or business. Or pay for your own flood damage going forward instead of letting everyone else pay for it.
Posted on 6/16/22 at 11:58 am to dewster
Glad we're tackling these big ticket items when our total debt is equal to the entire world's yearly GDP
Posted on 6/16/22 at 11:59 am to deeprig9
quote:
The part about having 4 or more paid losses makes sense. If you've flooded 4 times, time to move your home or business. Or pay for your own flood damage going forward instead of letting everyone else pay for it.
Agree......but I bet there are a lot of properties in our area that fall into this category.
Posted on 6/16/22 at 12:00 pm to dewster
Dropped my flood insurance
Posted on 6/16/22 at 12:02 pm to theunknownknight
Then go without it.
Posted on 6/16/22 at 12:02 pm to dewster
Another solid example of the Biden administration helping the common folk! I’m tired of the bad press for him! Incredible leader!
Posted on 6/16/22 at 12:17 pm to TheOcean
quote:
Glad we're tackling these big ticket items when our total debt is equal to the entire world's yearly GDP
What do you want the NFIP to do about the big ticket items? Seems to me the best thing they can do is shore up their upside-down program, which it seems they are trying to do.
Posted on 6/16/22 at 12:22 pm to deeprig9
quote:
The part about having 4 or more paid losses makes sense. If you've flooded 4 times, time to move your home or business. Or pay for your own flood damage going forward instead of letting everyone else pay for it.
Except when you are required to have it. IF you have a mortgage that requires flood insurance and you can't buy insurance what will happen? Will the bank take the property back? what will they do with it?
Posted on 6/16/22 at 12:24 pm to deeprig9
quote:
What do you want the NFIP to do about the big ticket items? Seems to me the best thing they can do is shore up their upside-down program, which it seems they are trying to do.
Solution is simple.
Shore up the program from every day claims and try to build up a reserve fund. In the event of a catastrophic disaster, the federal government should step in an pay those claims as reinsurance. After most natural disasters the federal government steps in and provides emergency assistance.
They should also invest in communities and build flood control structures to prevent flooding issues.
And give proper credit to communities that have built successfully systems that save the program money. With as bad as Hurricane Ida was, there were few if any claims within that system. Had that system failed there would have been thousands of more flood claims, than just wind claims. Most of that system was improved using mainly local and state dollars.
This post was edited on 6/16/22 at 12:36 pm
Posted on 6/16/22 at 12:30 pm to dewster
Question: Why would someone choose to buy from the NFIP when non-government insurance tends to be cheaper?
Posted on 6/16/22 at 12:31 pm to crap4brain
quote:
Except when you are required to have it. IF you have a mortgage that requires flood insurance and you can't buy insurance what will happen? Will the bank take the property back? what will they do with it?
Sucks for the owner and the bank. Flooded four times and still haven't moved, you can only play a half of a victim card in my opinion.
Posted on 6/16/22 at 12:32 pm to dewster
I don't get why they don't just have all-hazard insurance. Most of the country wants it for one reason or another, and you wouldn't have multiple policies pointing to each other.
Posted on 6/16/22 at 12:33 pm to shutterspeed
All flood insurance is through the government, regardless where you buy it. The premium for the same house would be exactly the same whoever you purchase it through
ETA: if you buy flood insurance through state farm, the government pays your claim, not state farm
ETA: if you buy flood insurance through state farm, the government pays your claim, not state farm
This post was edited on 6/16/22 at 12:34 pm
Posted on 6/16/22 at 12:33 pm to shutterspeed
quote:
Question: Why would someone choose to buy from the NFIP when non-government insurance tends to be cheaper?
It's been a long time since I was in the business, but at the time, private insurance didn't do flood insurance in flood zones without NFIP backing. AllState might be your carrier, but it's all backed and paid by the federal government NFIP. That was nearly 20 years ago, I don't know if it still works that way.
Posted on 6/16/22 at 12:40 pm to TheOcean
quote:
Glad we're tackling these big ticket items when our total debt is equal to the entire world's yearly GDP
"Yeah mom, we shouldn't worry how clean my room is. After all, people are starving in Africa."
Posted on 6/16/22 at 12:42 pm to BiggerBear
Considering the state of the RE market right now, suddenly declaring a ton of property to be unusable is going to end up causing spikes in the value of properties remaining.
Assuming they don’t get fricked for other reasons like EPA interference.
Assuming they don’t get fricked for other reasons like EPA interference.
Posted on 6/16/22 at 12:51 pm to deeprig9
quote:
Sucks for the owner and the bank. Flooded four times and still haven't moved, you can only play a half of a victim card in my opinion.
That doesn't just affect properties that flood four times. In the long run it will lead to the banks not giving out loans for flood prone areas, thus, making it only viable for someone wealthy enough to just buy the property. This will lead to lots of vacant and abandoned areas. I'm not against that necessarily though. Have enough money to build and rebuild on your own, build it well enough the first time that a significant flood doesn't destroy it, or don't build there at all...seems like common sense. However, that's not just an easy step to jump to for all existing structures.
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