Notice I did not say that you shouldn't have flood insurance or that the OP shouldn't buy it...I am merely curious why someone who did not previously have flood insurance would be influenced to get flood insurance by NOT flooding during an event like this which is likely to exceed the 1000 year threshold. I would also hope that being in an area that did not flood after the last week would effect a very low premium.WaltonLoads08 said:92Ag95 said:
NOT flooding during a 1000 year event has convinced you that you need flood insurance?
probability of occurrence in any given year = 0.1%
I hope it's an EXTREMELY low premium.
Mind sets like this are why Americans get to spend billions in tax dollars to fix their flooded homes after they spent all their money on jet skies and four wheelers instead of flood insurance.
New Flood Insurance
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Last: 7 yr ago by 07fta07
I think it's interesting that folks on this board who didn't have flood insurance are asking if there's anything they can do and other folks tell them to apply for aid from FEMA, as if "oh, the government will still bail you out."
I also think it's interesting that folks on this thread are saying, "hey, if you didn't flood in this why buy insurance?" I can tell you why. Because it's a horrific feeling to think that something could catch you by surprise and you'd be left asking the question mentioned in the first paragraph.
My premium is $425/yr. I pay that for 50 years? $21,250? That's a good bet! One surprise and it's worth it.
I also think it's interesting that folks on this thread are saying, "hey, if you didn't flood in this why buy insurance?" I can tell you why. Because it's a horrific feeling to think that something could catch you by surprise and you'd be left asking the question mentioned in the first paragraph.
My premium is $425/yr. I pay that for 50 years? $21,250? That's a good bet! One surprise and it's worth it.
Formerly Willy Wonka
why is the government the only entity that underwrites the coverage?07fta07 said:
There's a way to protect yourself. Buy flood insurance. If you don't have it, because you chose not to protect yourself, you should be SOL.
My explanation felt awkward, so I checked it out on NFIP website. I was a bit off the full explanation.WaltonLoads08 said:SeMgCo87 said:You're right if you have the insurance. but the folks in Baton Rouge last year got $3000 for their destroyed house through their claims to FEMA. They did NOT have insurance, and that was all the money FEMA had for the claims.agswin1988 said:
Do you really think the federal govt is going to not pay out on something this big. No govt agency or individual would stick their neck on the line and tell the general public, sorry we don't have the money for this natural disaster
That's what we learned from friends who went through it last August in Baton Rouge.
Now it could have been entirely political...
I'm just a heartless fiscal conservative, but they should have gotten no tax dollars at all if they chose not to protect themselves.
The Community (e.g.: Houston / Harris County, Sugarland, etc.) has to agree to participate in the program, each year for new maps. Then FEMA works with an insurer to set up the policies.
If you buy the insurance, you get $250k coverage, with $100k coverage for contents. You have to buy additional insurance for more than that, and argue like the dickens for less than that.
If you don't buy the insurance, the best you can do is get a disaster loan, and perhaps a small amount of cash award from FEMA. - This was the $3k I referred to in Baton Rouge last year.
The original intent (and still is, but...) was to have the premiums cover the risk costs. Program was doing fine up until early 2000's, when Katrina cleaned them out...so did Sandy. They now stand at about $25B in debt to the Treasury. Yeah that's us, and you're right.
Sorry, I didn't mean to mislead.
This is exactly why I started this thread. $450/year is absolutely worth it to not feel the knot in my stomach that I've had for the last 6 days. I have lived here almost 10 years and if you told me that I could have paid $4500 a week ago to make sure I was going to be covered, in hindsight I would have taken that deal in a heartbeat. And you know what, if I buy it and never use it, that just makes a little more money available for some people out there that will need it.willie wonka said:
I think it's interesting that folks on this board who didn't have flood insurance are asking if there's anything they can do and other folks tell them to apply for aid from FEMA, as if "oh, the government will still bail you out."
I also think it's interesting that folks on this thread are saying, "hey, if you didn't flood in this why buy insurance?" I can tell you why. Because it's a horrific feeling to think that something could catch you by surprise and you'd be left asking the question mentioned in the first paragraph.
My premium is $425/yr. I pay that for 50 years? $21,250? That's a good bet! One surprise and it's worth it.
Ragoo said:why is the government the only entity that underwrites the coverage?07fta07 said:
There's a way to protect yourself. Buy flood insurance. If you don't have it, because you chose not to protect yourself, you should be SOL.
No clue. I just know that it's offered, and if you want help after a flood, you should have it.
We have friends who have flood insurance but they moved in just a couple of weeks ago, are they SOL?
As I was looking, it appears that the 30 day waiting period doesn't apply to when you buy a house.
That's correct. The waiting period is waived if you bought the policy when closing on the home.
Good deal!
I'm in Sugar Land and didn't flood. I figure that I may never need to buy flood insurance since I made it through Harvey.
yeah, until you have that one rain event that happens to target sugar land the heaviest.
all flood insurance is federally subsidized. all policies are the same. partly why it is so cheap.
however there are other prices to pay. they force counties to enact a bunch of regulations in order for their residence to qualify for flood insurance.
fema wont do squat for most people flooded. We wasted a full four days of time away from the office with them and they sent us a check for $49.05 on a $350,000 uninsured amount of loss above our flood coverage.
however, if you flooded, your uninsured loss is tax deductible and you can choose which tax year to count against. see your cpa i dont give tax advice.
flood insurance does also not cover wells, septic, gates, fences, car parts, business property over $2500, and a LOT of other things, and the max coverage is $250 structure and $100k contents. They wont cover 'outbuildings' either unless you buy a separate policy for it.
they can also force a lot of bad options on you and your community too if you do flood.
however there are other prices to pay. they force counties to enact a bunch of regulations in order for their residence to qualify for flood insurance.
fema wont do squat for most people flooded. We wasted a full four days of time away from the office with them and they sent us a check for $49.05 on a $350,000 uninsured amount of loss above our flood coverage.
however, if you flooded, your uninsured loss is tax deductible and you can choose which tax year to count against. see your cpa i dont give tax advice.
flood insurance does also not cover wells, septic, gates, fences, car parts, business property over $2500, and a LOT of other things, and the max coverage is $250 structure and $100k contents. They wont cover 'outbuildings' either unless you buy a separate policy for it.
they can also force a lot of bad options on you and your community too if you do flood.
Well we received over 45 inches of rain in about 3-4 days and didn't flood. Also didn't flood during the Memorial day storms when we got over 11 inches in about 6 hours. I did install a french drain to help though.
i hear you. but if harvey taught us anything is that past events really have no bearing on what could happen in the future.
cena05 said:
I'm in Sugar Land and didn't flood. I figure that I may never need to buy flood insurance since I made it through Harvey.
Lots of people said that after Allison and a lot of them are many feet under water. As Houston develops more, less rain will cause bigger issues.
I'll be the dick, I've made the comment several times over the last few days that we would see a lot of people saying what you just said and I think you couldn't be dumber.