Most Harvey Flood Victims on Hook to Pay for Home Repairs

[mystery-ak]

Tuesday, 29 Aug 2017 03:34 PM

Homeowners suffering flood damage from Harvey are more likely to be on the hook for losses than victims of prior storms — a potentially crushing blow to personal finances and neighborhoods along the Gulf Coast.

Insurance experts say only a small fraction of homeowners in Harvey's path of destruction have flood insurance. That means families with flooded basements, soaked furniture and water-damaged walls will have to dig deep into their pockets or take on more debt to fix up their homes. Some may be forced to sell, if they can, and leave their communities.

"All these people taken out in boats, they have a second problem: They have no insurance," said Robert Hunter, director of insurance at the Consumer Federation of America who used to run a federal flood insurance program.

more
http://www.newsmax.com/Finance/StreetTalk/Harvey-flood-insurance-damages-repair/2017/08/29/id/810492/

[Wingnut]

There will be low interest loans available to those home owners who did not have flood insurance.  For those without a pot to piss in they will get free FEMA money.   

[Suppressed]

AGI (American Geosciences Institute) hosted a program on Coastal Hazards that I attended back in July.  Here's the presentation on the Houston region:


http://www.youtube.com/watch?v=D2zmFj2aDBs

https://www.youtube.com/watch?v=D2zmFj2aDBs

This playlist shows other presentations in the program:

https://www.youtube.com/watch?v=J5vevnNYSWI&list=PLTBBygdCOWWdcLZcFKwQrbU84IUTt4sE1

One of the questions I brought up with presenters after the program was whether the dynamic tools presented in this program would be used for developing updated flood insurance maps.  They let me know that wasn't happening.

[GtHawk]

There will be low interest loans available to those home owners who did not have flood insurance.  For those without a pot to piss in they will get free FEMA money.

In an unprecedented disaster like this one, it is where I expect the government to step in and give the taxpayer assistance, how many of the people affected didn't carry flood insurance because they weren't considered in a flood zone? I know that as soon as improvement were made that eliminated the flood zone my property was in I dropped flood insurance.

[Wingnut]

In an unprecedented disaster like this one, it is where I expect the government to step in and give the taxpayer assistance, how many of the people affected didn't carry flood insurance because they weren't considered in a flood zone? I know that as soon as improvement were made that eliminated the flood zone my property was in I dropped flood insurance.

And that is how it will work.  The Low interest loans for those without flood insurance will be administer by the SBA. 

[Elderberry]

Tuesday, 29 Aug 2017 03:34 PM

families with flooded basements

What's a basement?

[Wingnut]

What's a basement?

We call them swimming pools here in Florida.  I assume it is the same in Houston.

[RoosGirl]

AGI (American Geosciences Institute) hosted a program on Coastal Hazards that I attended back in July.  Here's the presentation on the Houston region:


http://www.youtube.com/watch?v=D2zmFj2aDBs

https://www.youtube.com/watch?v=D2zmFj2aDBs

This playlist shows other presentations in the program:

https://www.youtube.com/watch?v=J5vevnNYSWI&list=PLTBBygdCOWWdcLZcFKwQrbU84IUTt4sE1

One of the questions I brought up with presenters after the program was whether the dynamic tools presented in this program would be used for developing updated flood insurance maps.  They let me know that wasn't happening.

I just quickly went through the list of presentations.  I didn't really see any information that would be relevant information for updating the FIRMs.  Maybe I missed it.  But the FIRMs are updated on a regular basis as far as I know and with any new development they can be updated with the as-built survey information.

[InHeavenThereIsNoBeer]

In an unprecedented disaster like this one, it is where I expect the government to step in and give the taxpayer assistance, how many of the people affected didn't carry flood insurance because they weren't considered in a flood zone? I know that as soon as improvement were made that eliminated the flood zone my property was in I dropped flood insurance.

Say what?

Who cares if you're in a "flood zone"?  You either insure yourself, using your own money, or if an extremely unlikely event does happen to you, you take the hit.  It's not my responsibility to pick up the check for your damages because you chose not to insure yourself.

P.S.  For any that find me a heartless bastage.  I'm in evacuation zone "get out if it's cloudy".  I check the sea level by leaning back a couple degrees and looking out the window.  I pay a heck of a lot for insurance because I choose to live here.  My choice, my money.  What I DO NOT want is for the federal government to tax other people to subsidize my risk.

OTOH, I guess we could replace insurance with Socialism -- I mean, what could go wrong, right?

[GtHawk]

Say what?

Who cares if you're in a "flood zone"?  You either insure yourself, using your own money, or if an extremely unlikely event does happen to you, you take the hit.  It's not my responsibility to pick up the check for your damages because you chose not to insure yourself.

P.S.  For any that find me a heartless bastage.  I'm in evacuation zone "get out if it's cloudy".  I check the sea level by leaning back a couple degrees and looking out the window.  I pay a heck of a lot for insurance because I choose to live here.  My choice, my money.  What I DO NOT want is for the federal government to tax other people to subsidize my risk.

OTOH, I guess we could replace insurance with Socialism -- I mean, what could go wrong, right?

Sweet! You're a keeper! I know that all these people that have not seen flooding or anticipated a 500 or 800 year flood had no other use for their money than flood insurance they were assured by engineerrs they wouldn't need. I wonder how many of the devastated could check the sea level by leaning back a couple degrees and looking out the window. I wonder after reading your compassionate little rant..............did you forget which site you were logged into? I have no sympathy for scammers, but when it comes to Americans needing assistance in a disaster I don't have a miserly heart.

[RoosGirl]

Sweet! You're a keeper! I know that all these people that have not seen flooding or anticipated a 500 or 800 year flood had no other use for their money than flood insurance they were assured by engineerrs they wouldn't need. I wonder how many of the devastated could check the sea level by leaning back a couple degrees and looking out the window. I wonder after reading your compassionate little rant..............did you forget which site you were logged into? I have no sympathy for scammers, but when it comes to Americans needing assistance in a disaster I don't have a miserly heart.

The FEMA FIRMs show the 500 year flood elevation.  It's a Zone X 

[InHeavenThereIsNoBeer]

Sweet! You're a keeper! I know that all these people that have not seen flooding or anticipated a 500 or 800 year flood had no other use for their money than flood insurance they were assured by engineerrs they wouldn't need. I wonder how many of the devastated could check the sea level by leaning back a couple degrees and looking out the window. I wonder after reading your compassionate little rant..............did you forget which site you were logged into? I have no sympathy for scammers, but when it comes to Americans needing assistance in a disaster I don't have a miserly heart.

I live in a risky area.   As I stated, I prefer that my own money, NOT yours,  is used to insure my property against any loss.

You stated that you dropped your risk on everyone else as soon your property was no longer rated as being in a flood zone.  Did that change in rating change the actual risk?  No.  It simply allowed you to dump your risk on me (and all other taxpayers).

I want to pay my own bills.  You want to dump yours on me.   Shall we discuss "miserly"?

[GtHawk]

I live in a risky area.   As I stated, I prefer that my own money, NOT yours,  is used to insure my property against any loss.

You stated that you dropped your risk on everyone else as soon your property was no longer rated as being in a flood zone. Did that change in rating change the actual risk?  No.  It simply allowed you to dump your risk on me (and all other taxpayers).

I want to pay my own bills.  You want to dump yours on me.   Shall we discuss "miserly"?

In my case yes it did indeed change the actual risk, well of course something you can't prepare for like a 500 year event came along! Did I drop my earthquake insurance of course not, you want to be seldf sufficient and not rely on others, that's great if you can aford it. Tell me now about the thousands of renters that lost everything and how much those renter policies will cover and where they will live untill they can be financialy self reliant again. I don't want to dump my bills on you or anyone else, that's why when things went to shit for me I gave up my home to pay my bills and live in a shit hole apartment, oh yeah I could get that special aide but I manage, I don't live wel but I manage so don't preach to me. There are Americans that need our help and charity won't be enough, they need the same help they paid taxes to help others in the same need. You live your consience and I'll live mine and mine is clear giving these people federal, better them than those who hate us in other countries. Be happy.

[Smokin Joe]

What's a basement?

That's where you go when the tornado comes.

[Frank Cannon]

Insurance experts say only a small fraction of homeowners in Harvey's path of destruction have flood insurance.

Interesting. You live in a city built on a swamp in an area that is more likely than not to have weather like this and you don't have flood insurance.

[Smokin Joe]

Insurance experts say only a small fraction of homeowners in Harvey's path of destruction have flood insurance.

Interesting. You live in a city built on a swamp in an area that is more likely than not to have weather like this and you don't have flood insurance.

A few minutes with a topo map would tell me whether a house should be built on stilts, if at all.

A friend's mother moved to where they had a marina, and immediately decided the house would be on pilings. Her husband built it that way, with break-away panels at ground level under the house which made the area into a garage underneath the house. It worked incredibly well, and when a major storm came in (including hurricane Fran), they'd throw the garage stuff into vehicles and move it to higher ground where they kept a jon boat to go to the house.

After a major storm, they'd gather up the panels which had broken loose, let the 'basement' dry out a couple of days,replace the panels, and go back to business as usual.

[GrouchoTex]

I have to wonder...
After this, will flood insurance be offered anymore in places that are deemed high risk?
It seems that the area insurance companies may not want the liability.
The rates will probably skyrocket, that could be a reality.

[Smokin Joe]

I have to wonder...
After this, will flood insurance be offered anymore in places that are deemed high risk?
It seems that the area insurance companies may not want the liability.
The rates will probably skyrocket, that could be a reality.

Maybe, and....maybe. I will wager there will be a lot more scrutiny given to the actuarials, and likely rates will go up some, but may be spread over a larger region with the lowest risk paying a little heavier to get more people in. For an insurance company, part of the picture is that Harvey could be salesman of the year, and the pool could be much larger because the area affected is unprecedented.  Future rates will reflect future risk, and the companies will be counting on people in areas that ordinarily would not flood getting insurance more than they did in the past, with lower risk than those who live in areas more likely to be flooded (100-200 year flood plains).
Because new policies will not cover damage from this unprecedented (dare I say "freak"?) storm event, the risk will not be increased beyond what it ordinarily would have been for the insurance companies.

[GrouchoTex]

Maybe, and....maybe. I will wager there will be a lot more scrutiny given to the actuarials, and likely rates will go up some, but may be spread over a larger region with the lowest risk paying a little heavier to get more people in. For an insurance company, part of the picture is that Harvey could be salesman of the year, and the pool could be much larger because the area affected is unprecedented.  Future rates will reflect future risk, and the companies will be counting on people in areas that ordinarily would not flood getting insurance more than they did in the past, with lower risk than those who live in areas more likely to be flooded (100-200 year flood plains).
Because new policies will not cover damage from this unprecedented (dare I say "freak"?) storm event, the risk will not be increased beyond what it ordinarily would have been for the insurance companies.

Good points.

[GrouchoTex]

We call them swimming pools here in Florida.  I assume it is the same in Houston.

In this area? No, no basements.

[Frank Cannon]

I have to wonder...
After this, will flood insurance be offered anymore in places that are deemed high risk?
It seems that the area insurance companies may not want the liability.
The rates will probably skyrocket, that could be a reality.

Flood insurance is through the federal govt'.....

https://www.fema.gov/national-flood-insurance-program/How-Buy-Flood-Insurance

[GrouchoTex]

True, it is a risk not to have flood insurance. I do not.
Admittedly, I will be rethinking that, come renewal time, in light of current events.
My home is insured otherwise, and I could afford to repair any flood damages out of my own pocket, from any water that I would expect to get.
My home did not flood, and hasn't before, but if I had a dollar for every time I've heard that in the past 5 days, I could rebuild my house without any insurance at all.
I have found driving here more costly that floods. As you are aware, there are people here, who are not supposed to be, and they drive without insurance. I fully cover both of my cars, as carrying liability only would leave me in a lurch.
I guess we all weigh what risks we feel we can afford.
I will be looking into flood insurance now.

[Suppressed]

I just quickly went through the list of presentations.  I didn't really see any information that would be relevant information for updating the FIRMs.  Maybe I missed it.  But the FIRMs are updated on a regular basis as far as I know and with any new development they can be updated with the as-built survey information.

@RoosGirl


https://www.youtube.com/watch?v=J5vevnNYSWI&t=598

[RoosGirl]

@RoosGirl


https://www.youtube.com/watch?v=J5vevnNYSWI&t=598

That was actually one of the ones I listened all the way through.

[Suppressed]

That was actually one of the ones I listened all the way through.

It discussed dynamic modeling.