Tennesee flood victims failed to learn lesson from Katrina.

[hortysir]

*************In Many cases the Federal Emergency Management Administration ( FEMA) had not acknowledged that their homes were in a flood plain. Often these flood plains are identified as being a 50 year , 100 year or even 500 year flood plain. This of course means that the odds are that a flood could occur once in 50 years, 100 years or 500 years. However; the Army Corps of Engineers has already designated the Nashville Flood as being a “once in 1,000 year event!”.***********

 

[Vel]

if your home was worth $200 grand without its contents, what kind of flood insurance would you take out? The $120 yearly policy that covers $8000 in structure damage only?

Flood insurance is much more expensive, even if NOT in a flood zone, than any kind of homeowners insurance....dollar for dollar coverage....it is NOT cheap, regardless of what the gvt is touting....their flood insurance policies are EXPENSIVE, for what you get.

look it up yourself online.....

I'm just going by personal experience here in the South. I'm sure it's similar to Tennessee. $200k would be in the upper end of the scale for this area, so that certainly would not be average. For moderate-to-low risk areas, it can start as low as $150/year for building and contents coverage. A sister of mine lives in one such area and pays about $125/year for a 1600 sqft house.

ok, that is true that their homes and property in tennessee is probably not worth as much as mine....I hadn't thought about that...

Ya think? I HOPE that was sarcasm. You might want to do a real estate search for Bellevue ( one of the hardest hit communities ) and then check your reasoning again. Try finding a decent house in Franklin for a paltry 200k.

 

[Care4all]

I'm just going by personal experience here in the South. I'm sure it's similar to Tennessee. $200k would be in the upper end of the scale for this area, so that certainly would not be average. For moderate-to-low risk areas, it can start as low as $150/year for building and contents coverage. A sister of mine lives in one such area and pays about $125/year for a 1600 sqft house.

ok, that is true that their homes and property in tennessee is probably not worth as much as mine....I hadn't thought about that...

Ya think? I HOPE that was sarcasm. You might want to do a real estate search for Bellevue ( one of the hardest hit communities ) and then check your reasoning again. Try finding a decent house in Franklin for a paltry 200k.

i don't really know the area, i was just taking xsited's word for it...

all i know is flood insurance is as costly or more costly than home owner's insurance, dollar for dollar insured....it is not cheap.

not many people can afford doubling their home owners insurance costs.

 

[Ravi]

It was private owners and not project dwellers who sustained the loss in Nashville.

 

[Ravi]

ok, that is true that their homes and property in tennessee is probably not worth as much as mine....I hadn't thought about that...

Ya think? I HOPE that was sarcasm. You might want to do a real estate search for Bellevue ( one of the hardest hit communities ) and then check your reasoning again. Try finding a decent house in Franklin for a paltry 200k.

i don't really know the area, i was just taking xsited's word for it...

all i know is flood insurance is as costly or more costly than home owner's insurance, dollar for dollar insured....it is not cheap.

not many people can afford doubling their home owners insurance costs.

Maybe it is because where it is required it is subsidized by the Fed? I know I'm required to have it and it is very cheap.

IMO, there should be a national disaster insurance program that lenders require purchasers to buy into.

And yes, it will suck for people in Tenn that lose their homes and find their homeowner's policy doesn't cover them from flooding.

 

[Sunshine]

Ya think? I HOPE that was sarcasm. You might want to do a real estate search for Bellevue ( one of the hardest hit communities ) and then check your reasoning again. Try finding a decent house in Franklin for a paltry 200k.

That is correct. Housing in Nashville is not cheap. Bellevue, Franklin, and Brentwood are high end neighborhoods.