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Insurance- wind and flood

Old 08-29-2017, 01:09 PM
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Default Insurance- wind and flood

With the epic floods happening in Texas and being in the middle of Hurricane season I thought a costructve discussion on wind and flood insurance might be appropriate.
The insurance companies do not cover floods from natural disasters, nor will they cover wind from Hurricanes or Tornadoes.
This has left coverage up to the federal government or the States. Florida has their own windstorm insurance and some smaller private ones.
I am not a fan of more goverment involvement but most of us need one or the other or even both.
As a guess I would think 75% of the country has need for this type of insurance. I have thought that if everyone had to buy in according to your risk level (waterfront, flood zone, Tornado alley), a nationwide system could be implemented that had reasonable rates and the need for government bail out would not be necessary.
I know there are many here who would rail against having to buy something they feel they don't need or want (Obamacare). But at the end of the day you are paying for recovery thru your taxes thru FEMA or bailing out flood insurance.
Please let's leave this civil and I welcome all constructive input.
Old 08-29-2017, 01:12 PM
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My regular Homeowners Policy covers hurricanes but has a named storm deductible. I'm 3 blocks or so from the Ocean and 2 from the river.

Not in a flood zone but I have flood.
Old 08-29-2017, 01:18 PM
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Quit naming the storms.
Old 08-29-2017, 01:19 PM
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Originally Posted by ychtcptn View Post
With the epic floods happening in Texas and being in the middle of Hurricane season I thought a costructve discussion on wind and flood insurance might be appropriate.
The insurance companies do not cover floods from natural disasters, nor will they cover wind from Hurricanes or Tornadoes.
This has left coverage up to the federal government or the States. Florida has their own windstorm insurance and some smaller private ones.
I am not a fan of more goverment involvement but most of us need one or the other or even both.
As a guess I would think 75% of the country has need for this type of insurance. I have thought that if everyone had to buy in according to your risk level (waterfront, flood zone, Tornado alley), a nationwide system could be implemented that had reasonable rates and the need for government bail out would not be necessary.
I know there are many here who would rail against having to buy something they feel they don't need or want (Obamacare). But at the end of the day you are paying for recovery thru your taxes thru FEMA or bailing out flood insurance.
Please let's leave this civil and I welcome all constructive input.
If you are West of I95 your homeowners should cover wind, flood only available thru FEMA. Private insurance companies don't want the exposure to those kinds of catastrophic claims.
Old 08-29-2017, 01:31 PM
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It would be great if those who had a very small likelihood of flooding bought very low priced flood policies.

A lot of people are flooded in TX now who were probably not in flood zones and had no flood policy.

But why would they?

As we saw in Sandy and will see in Texas, the gov't will step in make everyone close to whole. My 18 years of flood premiums just about got paid back to me after Sandy, but had I never paid a penny, I'd have wound up with close to the same from FEMA and NY Rising.

There's two ways to go here - force everyone to buy flood coverage, or let those who don't buy it suffer the consequences. Neither will happen.

The reality is we already have national flood coverage and probably always will. And it's coverage that some of us pay for via both premiums and taxes, and others only pay for via taxes.
Old 08-29-2017, 01:39 PM
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There are private company's that will write Wind policies, even in the Keys and can do it cheaper, usually with better coverage.
Old 08-29-2017, 02:01 PM
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Originally Posted by mikeloew View Post
There are private company's that will write Wind policies, even in the Keys and can do it cheaper, usually with better coverage.
Who are they?
Old 08-29-2017, 02:04 PM
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Originally Posted by Bernie1951 View Post
Who are they?
people's choice writes in my hood.

1960s ranch. 4 Blocks from Beach.
Old 08-29-2017, 02:06 PM
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Originally Posted by ychtcptn View Post
With the epic floods happening in Texas and being in the middle of Hurricane season I thought a costructve discussion on wind and flood insurance might be appropriate.
The insurance companies do not cover floods from natural disasters, nor will they cover wind from Hurricanes or Tornadoes.
This has left coverage up to the federal government or the States. Florida has their own windstorm insurance and some smaller private ones.
I am not a fan of more goverment involvement but most of us need one or the other or even both.
As a guess I would think 75% of the country has need for this type of insurance. I have thought that if everyone had to buy in according to your risk level (waterfront, flood zone, Tornado alley), a nationwide system could be implemented that had reasonable rates and the need for government bail out would not be necessary.
I know there are many here who would rail against having to buy something they feel they don't need or want (Obamacare). But at the end of the day you are paying for recovery thru your taxes thru FEMA or bailing out flood insurance.
Please let's leave this civil and I welcome all constructive input.
what you have described as an alternative to tax is just a tax.

The government could operate the idea you propose similarly to the FDIC...

There is no need to mandate insurance premimums to private citizens.
Old 08-29-2017, 02:12 PM
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First off EVERYONE IS IN A FLOOD ZONE. Its just that some people are not required to buy flood insurance to obtain a loan. If you in that Flood Zone your rate for flood insurance will run $450 per year if its an owner occupied home. If its a rental or vacation home the premium is $675 per year. As it stands now the tax payers subsidize flood insurance. That going to change I'm just not sure when that will happen.
Old 08-29-2017, 02:15 PM
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Originally Posted by Bernie1951 View Post
Who are they?
Lloyds of London writes now in Florida. This company writes in Florida, I believe they are a broker for LOL. Seacoast Brokers LLC
Old 08-29-2017, 02:19 PM
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I was checking for homeowners that would also cover wind here on the texas coast and could not find any.
maybe I am a little too close to the Gulf even if it is some miles away
Old 08-29-2017, 02:22 PM
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Originally Posted by ronp364 View Post
...
As we saw in Sandy and will see in Texas, the gov't will step in make everyone close to whole. My 18 years of flood premiums just about got paid back to me after Sandy, but had I never paid a penny, I'd have wound up with close to the same from FEMA and NY Rising...
I'm in SE FL and I have paid for FEMA flood insurance for many years.
My question is what type of financial relief could a homeowner without flood insurance expect if their home was damaged by a flood in an area that was included in a presidential disaster declaration?
Old 08-29-2017, 02:22 PM
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Originally Posted by fishingfun View Post
First off EVERYONE IS IN A FLOOD ZONE. .
Flood zone = common shorthand for Special Flood Hazard Area. e.g. A or V zones.
Old 08-29-2017, 02:43 PM
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Given the record of FEMA and flood insurance, their operating costs (does not include claims paid) are higher than the total premiums collected; why would anyone want them to provide coverage for anything?
Old 08-29-2017, 03:59 PM
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I have seen quite a few players in the wind market in FL, on homeowners and commercial properties alike. Not only that, but, rates have been going down for years.

Also, have seen more activity out of the private flood market as well although this has been more volatile than the hazard/wind options.

I will be watching the market closely, but, despite this massive flood - I still think the market is soft and will not have some price jump on insurance cost due to this event. Prices may stabilize a bit.

For homeowners in S. FL, check with a larger independent agency and have them run your quote through multiple carriers.
Old 08-29-2017, 04:09 PM
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Look for Biggert-Waters to be fast tracked in the next congress and all hell to break loose with the mortgage lobby.
Old 08-29-2017, 04:24 PM
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Originally Posted by mikeloew View Post
There are private company's that will write Wind policies, even in the Keys and can do it cheaper, usually with better coverage.
Incorrect.
Old 08-29-2017, 06:16 PM
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I'm in South Florida and have Tower Hill Insurance. I have a separate dedcutable for hurricanes as I assume everyone in Florida does. I inquired today about flood insurance through Tower Hill as I am not in a flood zone. For 250k building coverage with 100k in contents and a $1250 deductable it is about $450/year which I am buying. That will cover my house completely. One less thing to worry about during a hurricane.
Old 08-29-2017, 06:34 PM
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I have the same thing. When the wind starts and the rain is coming sideways for a few days, I sleep better.

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