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Equity
bigcity : There's that word again. Ugh. Liberals love to banter it around when it comes to economic issues.
We have never flooded, are not in a flood plain but have always carried flood insurance because of that minute chance that we may do. So it now seems that we are now going to be penalized to compensate for those who knowingly buy in a high risk area and who probably will flood. That doesn't seem fair.
fudgiesmom2 : People who knowingly bought in flood prone areas? Like those who bought in Elm Grove 30 years ago, or Bear Branch in 1980?
we are now going to be penalized to compensate for those who knowingly buy in a high risk area and who probably will flood. That doesn't seem fair.
fudgiesmom2 : Not sure I am tracking here. If a property floods more than a few times where FEMA has to pay out, they will usually condemn that property so nothing can be built there. If you buy a house in an area that FEMA designates as a flood zone, than by all means, you should probably get flood insurance. They are not forcing you to get it although whoever you pay your mortgage to might. If the property floods, then FEMA compensates you for the amount specified in the policy. The real reason that rates are going up is because there are now so many flood events that FEMA is literally paying out to the point that they had to increase rates. Now if you don't live in a flood zone than you can forget it about it all together until you get a catastrophic event like Harvey that puts 4' of water in your house in an area that was not a flood zone or has ever had more than a puddle in driveway in the 20 years that I lived in the house.
Chiza : Ugh. I just looked and I'm dropping some of my coverage. The amount you're insured for is not a guaranteed amount given if you flood, but an "up to" amount. I don't think I have $150,000 worth of replaceable property in my downstairs so so I'm going to lower that. Same with the total coverage amount. My home owners would cover part, so having such a high amount is not necessary. It should drop it from that $700+ to $500, which is at least something.
StormChaser : I was told that I could not change any of the policy. Let me know if they let you change.
StormChaser: I changed mine and saved a chunk, They automatically set your policy limits at the highest. They are negotiable. Contents for instance…$100k for just my downstairs furniture and stuff? Nope.
StormChaser: I changed mine and saved a chunk, They automatically set your policy limits at the highest. They are negotiable. Contents for instance…$100k for just my downstairs furniture and stuff? Nope.
MissAmericanPie : Also, for the contents, they give you depreciated value, not replacement value. So if you have a 5 year-old frig, they give you 50% of what you paid for the frig. Would be hard to get to $100k.
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StormChaser : When you wrote that you're not in a flood plain did you mean that you're in an X zone?
Maver1ck : What is zone X?
Welcome to the insurance based on potential sell valuenof your house
KTownTexican : Welcome to casualty insurance where yu bet your premiums that your car wii be wrecked,or that your house will flood or be destroyed by fire, tornado, etc while you are doing everything you can to prevent those things from happening.This discussion has been locked.
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