Flood Insurance - UNREAL

[LACamper]

jcbvh, so you know everything about what kinds of insurance you need? Good luck with that! Let me know how that works out for you when you have a claim.


I have not seen the rates for the coming 'massive increases'. So far everything is business as usual. The rumor mill has it that rates are going to rise on homes that are NOT your primary residence (ie rentals, camps, detached buildings, pool houses, etc). Also homes that are built lower than the current base flood elevation are going to pay a higher premium.

1911Dave, I work mainly on Laplace homes. We had a new map come out in 2010. The flood waters did not do anything surprising (except for Foxwood, I still don't know what idiot decided Foxwood should not be in a flood zone! Its in the damned swamp!). Anyway, the feds are trying to institute new maps that are done using more scientific methods (satelites and aerial photos, etc.) to come up with more precise maps. They have. This is a good thing. As they still have a lot of area to remap I don't expect LaPlace to get remapped for 8 to 10 years.

Anyone building a new home should spend the money up front to exceed the base flood elevation by at least 2 feet, if not 3. You'll save money in the long run. This goes even if you're not in a flood zone.

In the words of Hitchhiker's Guide to the Galaxy "Don't Panic!". AFAIK, the new rates haven't been released yet. They may come out for October. I'll try to post some updates when they come out. If you have a problem go see your insurance agent (you know, the rich guy (yeah right) that you don't need...) and your local flood plain manager.
One word of warning: Do NOT go purchase a new survey without consulting extensively with your agent. It can hurt you. We are required to use the latest survey for better or worse. There are cases where you have to buy a new survey (after a home is significantly improved for example) but do not do this lightly!

 

[Nomad.2nd]

From my (admittedly limited) experience with claims....

I'd not trust any agent to know what they were selling!

 

[CatCam]

jcbvh, so you know everything about what kinds of insurance you need? Good luck with that! Let me know how that works out for you when you have a claim.


I have not seen the rates for the coming 'massive increases'. So far everything is business as usual. The rumor mill has it that rates are going to rise on homes that are NOT your primary residence (ie rentals, camps, detached buildings, pool houses, etc). Also homes that are built lower than the current base flood elevation are going to pay a higher premium.

1911Dave, I work mainly on Laplace homes. We had a new map come out in 2010. The flood waters did not do anything surprising (except for Foxwood, I still don't know what idiot decided Foxwood should not be in a flood zone! Its in the damned swamp!). Anyway, the feds are trying to institute new maps that are done using more scientific methods (satelites and aerial photos, etc.) to come up with more precise maps. They have. This is a good thing. As they still have a lot of area to remap I don't expect LaPlace to get remapped for 8 to 10 years.

Anyone building a new home should spend the money up front to exceed the base flood elevation by at least 2 feet, if not 3. You'll save money in the long run. This goes even if you're not in a flood zone.

In the words of Hitchhiker's Guide to the Galaxy "Don't Panic!". AFAIK, the new rates haven't been released yet. They may come out for October. I'll try to post some updates when they come out. If you have a problem go see your insurance agent (you know, the rich guy (yeah right) that you don't need...) and your local flood plain manager.
One word of warning: Do NOT go purchase a new survey without consulting extensively with your agent. It can hurt you. We are required to use the latest survey for better or worse. There are cases where you have to buy a new survey (after a home is significantly improved for example) but do not do this lightly!

Yep, I did all that in 1996.....and look where that got me.

Our new BFE is at 9 feet, it was 2'. IF my house were at this 9' level my rates would start at $1,636 BUT if it is 1' below the BFE the rates increase to $5,042. Every foot below that it increases about $1,000 more. SO now my house is -5' from the new BFE so I'm looking at $9,000/yr. NOW, how can my homeowner's insurance that covers everything else BUT flood be only $3,000/yr?

I always thought Insurance was a stabilization factor to make things in life less stressful. And then the government goes and blows that concept to hell.

 

[LACamper]

^^^True to an extent. Of course claims reps don't have clue what's available to sell on a policy. I get more involved in claims than most agents though.

 

[Nomad.2nd]

. NOW, how can my homeowner's insurance that covers everything else BUT flood be $3,000/yr?

I always thought Insurance was a stabilization factor to make things in life less stressful. And then the government goes and blows that concept to hell.

Insurance is based on probability.

Build a house on a fault line and go shop for earthquake insurance....

 

[LACamper]

I'm still not convinced they're going to change everyone to the correct BFE. Be patient... This could take years.

 

[CatCam]

Not all insurance is based on probability - if it were diabetic, fat, smokers with a history of heart disease and cancer in their family would not be able to afford health insurance.

 

[jcbvh]

jcbvh, so you know everything about what kinds of insurance you need? Good luck with that! Let me know how that works out for you when you have a claim.


I have not seen the rates for the coming 'massive increases'. So far everything is business as usual. The rumor mill has it that rates are going to rise on homes that are NOT your primary residence (ie rentals, camps, detached buildings, pool houses, etc). Also homes that are built lower than the current base flood elevation are going to pay a higher premium.

1911Dave, I work mainly on Laplace homes. We had a new map come out in 2010. The flood waters did not do anything surprising (except for Foxwood, I still don't know what idiot decided Foxwood should not be in a flood zone! Its in the damned swamp!). Anyway, the feds are trying to institute new maps that are done using more scientific methods (satelites and aerial photos, etc.) to come up with more precise maps. They have. This is a good thing. As they still have a lot of area to remap I don't expect LaPlace to get remapped for 8 to 10 years.

Anyone building a new home should spend the money up front to exceed the base flood elevation by at least 2 feet, if not 3. You'll save money in the long run. This goes even if you're not in a flood zone.

In the words of Hitchhiker's Guide to the Galaxy "Don't Panic!". AFAIK, the new rates haven't been released yet. They may come out for October. I'll try to post some updates when they come out. If you have a problem go see your insurance agent (you know, the rich guy (yeah right) that you don't need...) and your local flood plain manager.
One word of warning: Do NOT go purchase a new survey without consulting extensively with your agent. It can hurt you. We are required to use the latest survey for better or worse. There are cases where you have to buy a new survey (after a home is significantly improved for example) but do not do this lightly!

Spare us. Insurance is about making money for Insurance companies and the employees.

Once a claim is made, its up the adjuster to try to get out of paying as much as possible.

As far me knowing what I need...Yes, sorry to disappoint you but insurance is not rocket science.

 

[returningliberty]

Spare us. Insurance is about making money for Insurance companies and the employees.

Once a claim is made, its up the adjuster to try to get out of paying as much as possible.

As far me knowing what I need...Yes, sorry to disappoint you but insurance is not rocket science.

Why wouldn't it be about making money? No one would do* it if there wasn't any profit in it.

Also, not all insurance companies are out to screw you, they just want to make sure it's a serious claim and that the payout is what your contractual agreement specifies.

 

[Nomad.2nd]

Once a claim is made, its up the adjuster to try to get out of paying as much as possible.
.

I hate to break it to you, but my 'dabbling' in the industry was AS an insurance adjuster.

And despite your commonly believed statement:

The higher the claim, the more I was paid!
I worked my @$$ off to get them every dollar!

Look it up. It's public record.

 

[LACamper]

^^^Yep. True.

 

[CatCam]

Why wouldn't it be about making money? No one would do* it if there wasn't any profit in it.

Also, not all insurance companies are out to screw you, they just want to make sure it's a serious claim and that the payout is what your contractual agreement specifies.

Profit is one thing, GREED is another. Check out these FACTS:

The property/casualty insurance industry remained solvent and strong throughout a decade (2001-2010) that contained 7 of the 10 most costly catastrophes in the United States, such as Hurricane Katrina, Hurricane Ike, and the terrorist attacks of September 11, 2001.

The industry maintained its strength during 2011, which saw record tornado and thunderstorm losses in excess of $25 billion, including the events that devastated Tuscaloosa, Alabama and Joplin, Missouri.

One measure of insurer strength is the policyholders' surplus, which is the difference between an insurer’s assets and liabilities and is used to determine an insurer’s capacity to underwrite risks. As of September 2011, the property/casualty insurance industry had a policyholders’ surplus of $538.6 billion. This is more than enough to cover 125 times the insured U.S. property losses from Hurricane Irene.

 

[jcbvh]

Sorry guys, Im not buying it.

However, we will agree to disagree.

This thread is about others, not me.

 

[Nomad.2nd]

Sorry guys, Im not buying it.

However, we will agree to disagree.

This thread is about others, not me.

Google it.

Fact

 

[spanky]

Sorry guys, Im not buying it.

However, we will agree to disagree.

This thread is about others, not me.

The guy is telling you her personally got paid more if claims paid out more. What does he have to gain by lying?

 

[Jack]

The guy is telling you her personally got paid more if claims paid out more. What does he have to gain by lying?

Welcome to Bayoushooter, where everything is a conspiracy.

 

[louis488]

Could some one please explain what the elevation of the house has to do with the insurance rate? My house is about 4 feet above ground level that is supposedly well above what it needs to be. My neighbor raised his house after Katrina I believe its close to 12 feet above ground level and there is a house going up being built on ground level yet there was no mention of how high my house is when we renew our insurance?

 

[Jester]

a buddy of mine pointed me to this site:

http://riskmap6.com

He is very active in the Home Builders Association, and is personally affected by this.
He advised me to get involved and spread the word so that it's not just a handful of people wanting the politicians to take notice.

 

[Jack]

Could some one please explain what the elevation of the house has to do with the insurance rate? My house is about 4 feet above ground level that is supposedly well above what it needs to be. My neighbor raised his house after Katrina I believe its close to 12 feet above ground level and there is a house going up being built on ground level yet there was no mention of how high my house is when we renew our insurance?

It's not above ground level it is above sea level. They want areas to be at a specific height or higher to reduce the odds of flood damage. A house on ground level in grand isle would be very likely to flood so their rates would be much higher than the house next door which is 14 feet up, thus their flood insurance rates are different.

 

[LACamper]

When I calculate someone's flood rate (back when I did it by hand) I use their elevation survey. You subtract the base flood elevation (which is the height FEMA projects the flood waters will reach every 100 years) from the elevation of the lowest floor. If you're about even on a $150K home in an typical AE or numbered A zone expect to pay (off the top of my head) say $1300 a year. If you're a foot higher then maybe $700 a year, 2 feet higher might be $500, etc. though you get to a point of diminishing returns. Now if you're lower than the BFE by a foot then you'll be paying maybe $3500. At two feet I have to let FEMA rate it but I had one recently come back at $8300 a year!