Flood Insurance - UNREAL

[my-rifle]

We are setting up a meeting with the parish assessor's office to demand that our homes be immediately reassessed because of this Biggert-Waters Act to make us completely property tax exempt. For a lot it wont make a big difference but for some of us it will save us a couple thousand dollars. We feel all that are effected should do the same.

I think that's a splendid idea and quite appropriate. It would go a good way to ameliorating the financial heartaches from the flood ins. costs.

 

[blackwater26504]

It's all cool. Public apology to Jack and My-rifle. Any personal comments about you I take back. Frustration of the situation that has slapped me square in the face and have made me make comments I shouldn't have made.

Just a tough couple of months - I actually found this site searching for info on AFFS. Yes, I'm one of the victims of that scam as well....

Anyone want to go to the Casino with me????........(kidding!)

Happy Easter - Enjoy yourselves today.

CatCam

I got some land in New York I want to sell you. Also contact your local VFW you never know who knows someone that can help you bro. YOU MIGHT BE SURPRISED.

 

[Btl_Rkt_Sci]

Not sure if this will help you, CatCam, but there is some info on a grandfather clause:

http://www.floodsmart.gov/floodsmart/pages/flooding_flood_risks/grandfathering.jsp

Does anyone know of somewhere that you can input flood zone, BFE and home elevation and it spits out the rate? My rate in an A zone, 1' above BFE is the same as my friends in and A zone, at BFE. Seems mine should be lower...I'm not in an area being re-mapped so I'm just trying to figure out if the information was entered wrong for one of us.

 

[CatCam]

Not sure if this will help you, CatCam, but there is some info on a grandfather clause:

http://www.floodsmart.gov/floodsmart/pages/flooding_flood_risks/grandfathering.jsp

Does anyone know of somewhere that you can input flood zone, BFE and home elevation and it spits out the rate? My rate in an A zone, 1' above BFE is the same as my friends in and A zone, at BFE. Seems mine should be lower...I'm not in an area being re-mapped so I'm just trying to figure out if the information was entered wrong for one of us.

Jatwood87 -
Yep, that's the FRUSTRATING part!! Even though this is what we've known to be true for the last 30 years the Biggert-Waters Act (Insurance Reform and Modernization Act of 2012. It is also commonly referred to as the NFIP Reform Act.) blows that all to hell. Yep, not no more, Pilgrims!

 

[Btl_Rkt_Sci]

Jatwood87 -
Yep, that's the FRUSTRATING part!! Even though this is what we've known to be true for the last 30 years the Biggert-Waters Act (Insurance Reform and Modernization Act of 2012. It is also commonly referred to as the NFIP Reform Act.) blows that all to hell. Yep, not no more, Pilgrims!

Oh, so even the grandfather clause is out the window for the flood maps they're currently working on?

Also, with this bump, could anyone look into my question on post 123?

 

[Nomad.2nd]

Oh, so even the grandfather clause is out the window for the flood maps they're currently working on?

Also, with this bump, could anyone look into my question on post 123?

That's one of the things which makes many think it's not going to stand.

Sorry, don't know a resource.

 

[JadeRaven]

I am late to this discussion and I don't know how much my .02 is worth, but. . .

Is it time to stop thinking about price of your flood insurance and instead focus on how to raise your home?

Of course there's always "my house never flooded in X storm" but if you're below the 100 year floodplain, actuarially your house is going to flood. Only way to avoid the inevitability (of your home actually flooding, or the reality of the insurer thinking your house will flood) is to elevate your home.

It's not cheap but there are grants and loans to assist in these sort of projects.

http://www.davieshoring.com/Home.aspx etc.

 

[johnnybravo2550]

i pay 600 bucks a yr in Marrero.. about 2 miles from a flood wall

 

[CatCam]

I am late to this discussion and I don't know how much my .02 is worth, but. . .

Is it time to stop thinking about price of your flood insurance and instead focus on how to raise your home?

Of course there's always "my house never flooded in X storm" but if you're below the 100 year floodplain, actuarially your house is going to flood. Only way to avoid the inevitability (of your home actually flooding, or the reality of the insurer thinking your house will flood) is to elevate your home.

It's not cheap but there are grants and loans to assist in these sort of projects.

http://www.davieshoring.com/Home.aspx etc.

JadeRaven - I've been down that road....It is so cost prohibitive to do so. BECAUSE my house has never flooded and I'm currently in a B zone I get ZERO grants/loans to raise my house. So, with that said to raise a 2,600SF slab-on-grade home would run me $165,000 out of pocket....and if I did do this my flood insurance would "only" be $1,640/year! What is to stop them from telling me 3 years after I spend this $$$$$ to raise the house that they now have new maps and i have to go up another 3 feet?

It's the same concept of telling every person who owns a classic car that since it doesn't have the safety items that today's cars have the owner must install air bags, crumple zones, intermediate break away steering shafts, new DOT approved seat belts, catalytic converters, move the gas tank to a safer area OR your insurance rates will now be $20,000/year. Oh, and there is only 1 insurance company -- Don't like it, tough cr@p!

The frustration is there are different ways to implement a plan to stabilize the Flood Insurance Program -- and this is the wrong approach. Trust me I don't mind paying an increased rate but this rate must be to a value where #1 it is affordable and #2 it doesn't devalue your home to a point to where it is not sell-able at a huge loss.

What this is going to create is 100's of 9th wards with large populations of homeowners without insurance AND/OR folks walking away from their mortgages....

 

[JadeRaven]

I knew it was expensive but did not realize it was six figures

However I have a feeling there will be some sort of gov't assistance program (loans grants or both) to raise homes once it's actually time for the flood insurance rates to go up. You're currently a zone B and ineligible but eligibility should change once they change the pricetag on your insurance.

I agree with you to some extent but the billions of dollars of cost to insure homes from flooding is almost all from a tiny portion of high-risk homes. It is unfair for the rest of the world to subsidize such risks when people chose (or will choose) to live in flood prone areas. It is a crappy system in place already and there has to be a change at some point in time.

All you can do is try to keep up the fight and hopefully there will be something to soften the blow once everything comes to pass.