Flood Insurance

[mouse1976]

Hey there,

I am learning basic stuff about insurances right now and I am unable to answer the following question:

what characteristics of insurable risk is there for flood risk for cars but not for homes?

- loss is accidential
- definite and measurable
- no catastrophe potential

My guess would be that the catastrophe potential is smaller for cars. What would you say?

Thanks

 

[Serithi]

This is really helping and informative for me..
Such insurance is necessary for your own safety... And one should avail this option if they get one...!!!

 

[Mr. H.]

Pick up a phone. Talk to an insurance agent.

 

[Beria]

Insurance crooks get rich off peoples fears!

 

[editec]

Talking to guy thinking about buying a home in FLA yesterday.

He told me that (just!)FLOOD INSRANCE in FLA on a $50,000 house would like $1,800 a year.

That amount did not include the normal homeowners policy that was JUST flood ins.


Holy smokes!!!

Well a lot of you folks may not believe that Global Weirding is really happening but your insurance companies obviously disagree.

 

[waltky]

Flood insurance program under water...

The country’s flood insurance program is sinking. Rescuing it won’t be easy.
July 16,`17 — Time after time, as the river has risen and the water has crept up Roosevelt Street, Leni-anne Shuchter has fled the white clapboard home she bought more than four decades ago.

There was the night in 1984 when rescuers plucked her from a neighbor’s roof as floodwaters engulfed her house. And the months in 2011 when she and her husband, John Van Seters, lived in a hotel after torrential rains from Hurricane Irene forced them to gut walls and floors and replace nearly everything they owned. In between, other storms have forced her to file claim after claim with the troubled National Flood Insurance Program so she could rebuild. Yet the small home remains as vulnerable as ever, a reality reflected by its falling value in recent years. “If I had a choice, I would sell,” said the 65-year-old Shuchter, who dreams of retiring to Arizona or Nevada. “I don’t need to deal with this anymore. [But] the reality of selling is nil.”

The couple’s house is what the federal government defines as a “severe repetitive loss property” — one of many that have been covered over and over again by taxpayers, the cumulative payouts often far exceeding what the structures are worth. Nationwide, 11,000 such properties dot coastal zones or other low-lying areas, and their numbers continue to grow, in part because of the effects of climate change and ongoing development.

One house outside Baton Rouge, valued at $55,921, has flooded 40 times over the years, amassing $428,379 in claims. A $90,000 property near the Mississippi River north of St. Louis has flooded 34 times, racking up claims of more than $608,000. And an oft-flooded Houston home has received more than $1 million in payouts — nearly 15 times its assessed value of $72,400. The data is collected by the Federal Emergency Management Agency, which oversees the insurance program.

The extreme cases are only a fraction of the NFIP’s 5 million active policies, but they historically have accounted for about 30 percent of its claims. And while they’re a financial albatross for taxpayers, the claims are hardly the program’s only challenge. The NFIP, which must be reauthorized by the end of September, is nearly $25 billion in the red — a debt that administrator Roy Wright says he sees no way to pay back. “Only Congress can deal with that past loss,” Wright said last week . “What we’re focused on today is ensuring that going forward, we’re putting ourselves on a sound financial footing.”

MORE

 

[Toro]

When I first bought flood insurance 15 years ago, it cost me $350. Last year, it was $1800.

 

[debbiedowner]

Talking to guy thinking about buying a home in FLA yesterday.

He told me that (just!)FLOOD INSRANCE in FLA on a $50,000 house would like $1,800 a year.

That amount did not include the normal homeowners policy that was JUST flood ins.


Holy smokes!!!

Well a lot of you folks may not believe that Global Weirding is really happening but your insurance companies obviously disagree.

Not on a $50,000 house in Florida, no way. Here is an average chart. For $1800 per year on Flood you should be insuring over a $500,000 home.

Average Cost of Flood Insurance 2017

 

[debbiedowner]

Talking to guy thinking about buying a home in FLA yesterday.

He told me that (just!)FLOOD INSRANCE in FLA on a $50,000 house would like $1,800 a year.

That amount did not include the normal homeowners policy that was JUST flood ins.


Holy smokes!!!

Well a lot of you folks may not believe that Global Weirding is really happening but your insurance companies obviously disagree.

In Florida, you buy a regular homeowners HO-3, fire, theft, etc and you have to purchase a separate wind policy and depending whether or not you're in a flood zone you may or may not have to get a flood policy. It is recommended though.