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Old 04-12-2013, 06:06 PM   #1
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thinking about flood insurance


this commercial running in the northeast...kind of exaggerated the water rises at a slow rate as the tide comes in.that looks like a dam busting,and it doesn't fill up inside and rushes out the front door...FEMA is something to deal with ...black and white rules if you don't have flood with your homeowners..you are screw'd.guy up the street got $26K for Irene in 2011 redid his kitchen and inside paint installed a 10 ton floating dock to generate some income.Sandy hit he lost the back of the house and all the appliances....went to claim FEMA again they threw him $4K and wished him luck.other option a $250K FEMA 30 year loan at 1% $200K structure/50K content....

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Old 04-12-2013, 07:18 PM   #2
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The National Flood Insurance Program administered by FEMA is basically an insurance policy that is backed by the Federal government. You purchase the NFIP policy through local insurance companies. Typically insurance companies do not provide flood insurance coverage in your homeowner's policy. This began back in the 60's (after numerous floods) which in turn lead to the NFIP.

If you have flood damage (which does not have to be caused by a storm event) and do not have flood insurance then you suffer the loss. FEMA does not automatically jump in and hand out money. If you are not within a FEMA delineated special flood hazard area flood insurance is inexpensive, and well worth the cost. Let you basement get flooded because your roof leaders were clogged, and you have flood damage. No flood insurance, no coverage.

FEMA actually allowed people in Hurricane Sandy to after-the-fact purchase flood insurance (well they could pay the insurance cost for one year) and get covered for 3 years, which also included Sandy. They were told if they did not renew the insurance they would not receive any future money from flood damage. Of course depending how compliant your home is with the current flood construction requirements determines your premiums.

Years ago if you home was washed away you could rebuilt it exactly in the same way it was. If you have a NFIP policy and suffer flood damage you may be told by FEMA to either meet the current requirements for construction within a flood zone or future losses would not be covered. This began after Katrina. The NFIP had been solvent until 2005 when it ran out of money because of all the storms that year and had to borrow money from Congress (which borrowed it from the FED). Now FEMA can tell you after a payout to meet their requirements.

People are not required to have flood insurance even when they live within a special flood hazard zone. Now, if you want a mortgage the lending company can require flood insurance as a condition of a mortgage. If you pay cash, you do not have to have it. I know lots of people that follow this trend (not having flood insurance) and think that FEMA will dole out disaster relief money to fix their homes. Disaster relief and Flood Insurance are two totally separate items.

I tell everyone get flood insurance, well worth the cost as compared to what you could lose.

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Old 04-12-2013, 07:51 PM   #3
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FEMA people up here say there are Katrina home owners that are still waiting on rebuilds.guy opposite me with bulk head just emptied his contents on the street had the back of his house blown out by Sandy surges that night.he had FEMA down early NOV.and they condemmed his place. so he gets the standard $31K or go for a loan.yelled over to him back in May,2010 about the FEMA meetings with the town and insurance reps ,and got back "that's a waste of time they don't know what their talking about"... I have no pity for him I had 24" of water in my house...hurricanes change you...and the new list just came out ....13 storms,9 to be hurricanes...at least 4 hurricanes at Cat#3
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Old 04-12-2013, 08:07 PM   #4
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people don't realize sometimes until it's too late ....
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Old 04-12-2013, 09:55 PM   #5
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people here sure learned about there homes with the Allstate Catastrophy agents from being on a slab ...crawl spaces. what is actually considered a first floor when you walk in thru a garage to the basement that you consider a family room and nothing that was floating isn't covered below the first step down from the hall within.FEMA doesn't high lite this,but if they throws you money you had better pick up flood and home before the next hit,and as you receive FEMA money your claim status changes not favoring the owner forcing you to get the home flood.heard about that 3 year leed in to flood then the 4th year day 1 is the owners problem.if you rebuild with FEMA loan you have to lift to their spec on the rezone maps and the state kicks in a couple of feet to help with that climbing of the stairs...guy I met at a support group has to lift his wrecked home 18' on the rebuild... my house is the white cape cod to the left of that guys red cap....all the homes with bulkhead (camera shot position) took the hits from the surges to break the energy/force going across the 2 lane street...and they all have to be lifted 8' minimums which will break the waves ever more to us..

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Old 04-13-2013, 08:51 AM   #6
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thinking about flood insurance


I helped put together a rather magical museum for kids once in a smugly disgusting City I rather despise so will not mention it. Easy to spot though as they pipe classical music loud to streets of their campus town because blacks don't like such music. Same concept as scaring scarecrows away with opera music (that would actually work with me). Their library locks books some do not like in a cage at the library.

Anyhow, all the signature electronics were done by the guy who invented the walk on piano for the movie, Big. Gorgeous sound effects machines, dance movement generators, clouds that went on and off when kids walked by, an antique Harley with working sounds, etc. All the signature electronics had to be on the lower level.

The Ohio River had not risen to flood levels in over 100 years so the board, to save a very small amount of money, opted not to carry flood insurance. Well you can guess what happened when the storm season of the century did happen. It would have cost about 3 times as much to try and repair the place as it did to build it so it---at least as designed and built initially---was abandoned.

Actually damage to physical structure and "exhibits" was repairable or replaceable but water and electronics do not get along.

If you can afford it, and even if flood insurance is purely optional to you without a mortgage company demanding you have it, take it.
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Old 04-13-2013, 09:30 AM   #7
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Cheap money when not required. I live in a coastal town, but the highest point in town (close enough). We have flood insurance because like I said if water enters the home from the exterior it may be classified as a flood and normal homeowner's insurance will not cover it. Backup gutters can cause a flooded basement. If you live in a subdivision improvements made such as new homes being constructed, roadways and underground utilities being installed can change the subsurface flow of ground water and you can go from no water issues in a basement to constant water issues.

people sometimes get confused by the use of the term "100 year storm". This was the term that was used (they are trying to get away from the term) to describe a flood hazard zone where one could expect flood waters to rise without wave action. People would sometimes think, "Hey there was a storm 20-years ago so I've got 80-years before another." Now it is referred to as a 1% storm event (which I still do not like), and some people still are confused because they think that have only a 1% chance of having a flood event. I try to explain to clients that floods don't do math well and you could actually have several floods within the same year if the conditions are right.
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Old 04-13-2013, 10:51 AM   #8
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Quote:
Originally Posted by GBrackins View Post
I try to explain to clients that floods don't do math well
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Old 04-13-2013, 01:11 PM   #9
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FEMA is rezoning the maps along the south shore of LI people who had flood and in sight of water are being dropped and other with no water in sight are being told by their banks gimme gimme ......escrow shortages in the future with FEMA giving out that 3 yr leed in...checkout the PBS local channels for "Earth from Space" 2 hrs on satalites painting the planet 24/7 365 tracking the temps and weather...they measured the middle Atlantic Ocean beginning of 2012 has gone up 2.5' from ice melt..they stated there is no more ice in Greenland.then interesting why it doesn't rain in spain as it goes or why the Sahara is dry but China gets monsoons..it's all temps in the air and water temps slamming together...and throw in a solar flare from the Sun... the part on the -40F water temps of Antartica mixing with the south Atlantic...last week or so ago they had a Cat#3 hurricane in the Atlantic that stretched from Spain to South Africa reaching out to the Caribbian..just sat and rolled around..just told the neighbors wife on the new listing.... Oh not again ....she thinks everything is new/repaired and good to go...went to an intervention support group for Sandy homeowners needing to vent...after the meeting a guy 60 yrs old was out in his truck crying....not knowing what to do..next.i told the counselers...I feel like punching somebody in the face....and asked for a letter head sign off that I attended so I could show the judge in the bail hearing...

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Old 04-13-2013, 01:20 PM   #10
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Rather like health insurers only wanting to insure the healthy with no pre-existing conditions? PE conditions to include babies to skinnny or too fat.

I guess insurance companies would view those 6,000 feet above sea level reasonable risks from damage due to something like Sandy.
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Old 04-13-2013, 01:43 PM   #11
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GBrakins....how's that wind turbine doing up in Hull saw show on it the entire town is on it...or the municipal at least..


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