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Flood plains and Government insurance.

Fatrat

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#1
https://www.dollarcollapse.com/pay-people-live-flood-plains/ People live in places they shouldn't...
When a deadly rainstorm unloaded on Houston in 2016, Sharobin White’s apartment complex flooded in up to six feet of water. She sent her toddler and 6-year-old to safety on an air mattress, but her family lost nearly everything, including their car.
When Hurricane Harvey hit the next year, it happened all over again: Families rushed to evacuate, and Ms. White’s car, a used Chevrolet she bought after the last flood, was destroyed.
 

GOLDBRIX

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#2
What galls me is when people have applied for Flood Insurance and told they do not qualify. Then one of those "Once in Hundred Year storms ( which actually occur far more often than one per hundred years) come rumbling through and wipes people and property out.
THAT is where .Gov should step in. They refused to insure, yet they collect property taxes every year even when life and the property is destroyed.
 

the_shootist

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#3
What galls me is when people have applied for Flood Insurance and told they do not qualify. Then one of those "Once in Hundred Year storms ( which actually occur far more often than one per hundred years) come rumbling through and wipes people and property out.
THAT is where .Gov should step in. They refused to insure, yet they collect property taxes every year even when life and the property is destroyed.
Don't live in a flood plain, seems fairly simple to me. New Orleans foe example lies below sea level. Shut it down. People should not live there! If they choose to do so then they should be on their own
 

GOLDBRIX

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#4
Don't live in a flood plain, seems fairly simple to me. New Orleans foe example lies below sea level. Shut it down. People should not live there! If they choose to do so then they should be on their own
Business is not going to leave a port city. Business needs people and people need an income. Between the US seaports , rivers & Great Lakes waterways the vast majority of the US economy is generated on the water.
There is not enough trucking in the entire world to make up for that transit system.
 

Usury

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#5
What galls me is when people have applied for Flood Insurance and told they do not qualify. Then one of those "Once in Hundred Year storms ( which actually occur far more often than one per hundred years) come rumbling through and wipes people and property out.
THAT is where .Gov should step in. They refused to insure, yet they collect property taxes every year even when life and the property is destroyed.
How can you not qualify for flood ins? I’ve never heard of such a thing. AFAIK ANYONE can get it, it’s just cheaper if your not in a SFHA.
 

the_shootist

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#6
Business is not going to leave a port city. Business needs people and people need an income. Between the US seaports , rivers & Great Lakes waterways the vast majority of the US economy is generated on the water.
There is not enough trucking in the entire world to make up for that transit system.
That doesn't change the landscape. Business and people who remain there will need to accept that mother nature is working against them because of the location they've chosen to live out their lives.
 

Silver

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#7
Then one of those "Once in Hundred Year storms ( which actually occur far more often than one per hundred years)
100 year flood plain doesn't mean once in a hundred years, it means 1 in a 100 chance every year.

https://www.massivecert.com/blog/fema-100-year-flood-zone-explained
snip:
I use the term “100-year flood zone daily for elevation certificates, LOMA’s, and explaining flood maps. But it doesn't mean what you might think. It means there is a 1% chance you will see a flood like the one on the FEMA flood map each and every year. Since 1% is also "1 out of 100", the term "100-year flood" was adopted because that's easier to talk about than rattling off a bunch of statistics.


FEMA sometimes shows a 500-year flood on their maps and that is technically the 0.2% annual chance flood. Try saying "zero point two percent annual chance flood zone" two dozen times a day and you can see why we use the short version.
 

TAEZZAR

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#8
Don't live in a flood plain, seems fairly simple to me. New Orleans foe example lies below sea level. Shut it down. People should not live there! If they choose to do so then they should be on their own
The wealthy residence of Malibu have abused flood insurance for as long as I can remember !

Business is not going to leave a port city. Business needs people and people need an income. Between the US seaports , rivers & Great Lakes waterways the vast majority of the US economy is generated on the water.
There is not enough trucking in the entire world to make up for that transit system.
Then they should build a better, safer port that would serve their needs, instead of relying on insurance.
 

GOLDBRIX

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#9
Sounds like lobbyist got involved.
 

ttazzman

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#10
Seems to be some basic misunderstanding of flood insurance.....#1 you only qualify for flood insurance if you live in a designated flood plain.....#2 you can't buy flood insurance if you are not located in a designated flood plain.....the real problem comes when the flood exceeds the designated boundaries of a flood plain and those people were unable to obtain flood insurance .....so their loss was not insurable as their policys exclude flood insurance.......ie if you dont live in a flood plain you do not have flood insurance check your policys

EDIT see post below for revision :)
 
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Joe King

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#11
Seems to be some basic misunderstanding of flood insurance.....#1 you only qualify for flood insurance if you live in a designated flood plain.....#2 you can't buy flood insurance if you are not located in a designated flood plain.
Well that's pretty stupid. If someone who doesn't live in a flood plain wants to spend their money on flood ins, why on Earth would they not be allowed to purchase it?

That'd be like denying auto insurance to a really good driver who only drives 500 miles a year. Ie: their chances of getting into an accident are very very small and the premiums represent nearly pure profit for the ins company, but the ins co just doesn't want the money. Why would they do that? You'd think they'd jump at the chance to sell ins to people who very likely will not need it.
 

ttazzman

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#12
Well that's pretty stupid. If someone who doesn't live in a flood plain wants to spend their money on flood ins, why on Earth would they not be allowed to purchase it?

That'd be like denying auto insurance to a really good driver who only drives 500 miles a year. Ie: their chances of getting into an accident are very very small and the premiums represent nearly pure profit for the ins company, but the ins co just doesn't want the money. Why would they do that? You'd think they'd jump at the chance to sell ins to people who very likely will not need it.
I need to revise my statements (had a senior moment) i overstated my position.....flood insurance is not part of your std homeowners policy...the way you get it is through a extra rider...that rider is not offered outside of the designated flood plains......that being said i am sure you can specificly request it and find someone to write you a policy if you live outside a designated flood plain...

(my daughter lives on a peninsula between the missouri and merimac rivers just feet out of the flood plain and at my advice she tried to buy flood insurance and it was not availible to her ...but she could probably find someone to insure her just not her normal carrier)

i take full responsibility for my over/miss statement in my post above :)
 
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Usury

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#13
Again...never heard of being unable to get flood insurance outside the 100 year flood zone. I’ve gotten quotes myself for my house in 500 year zone (quite cheap actually...starting at like $100/year depending on how much coverage you want to buy). Also regularly see borrowers with voluntary flood insurance that’s in same situation. Find another insurance company if your agent won’t write it. Most will do it but most of the time it’s a separate policy for flood insurance rather than the rider on homeowners option.
 

Spike

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#14
Malibu abuses the insurance program? How, I want in. Why didn't the people of New Orleans
do the same?

I pay $1700.00 a yr for flood ins., that's with a $5000.00 deductible.