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Flood Insurance Program Expiring

Old 09-01-2017, 12:33 PM
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Default Flood Insurance Program Expiring

On September 30. Hope Congress doesn't renew it
It's about time. it has spawned an almost $25 billion debt.

NFIP paid to rebuild one Houston home 16 times in 18 years spending almost a million dollars to perpetually restore a house worth less than $120,000. Harris County, Texas (which includes Houston), has almost 10,000 properties which have filed repetitive flood insurance damage claims.
A $90,000 property near the Mississippi River north of St. Louis has flooded 34 times, racking up claims of more than $608,000
Old 09-01-2017, 12:48 PM
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Your tax $$ at work.
Old 09-01-2017, 01:02 PM
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There is not even a remote chance that it will not get renewed.

They could revise it on some form or fashion, but the program will go on.

Revisions to the program over the years have been substantial. At one time a multi million dollar mansion could be insured for it's full value through the program. Now the max is $250,000 (excess coverage is available in the private market). Also, sizeable premiums went into effect during the Obama administration.

I believe the country would be better off if the program were to be discontinued.
Old 09-01-2017, 01:20 PM
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then there are properties they won't let them rebuild that may have only flooded one or so times
Old 09-01-2017, 01:28 PM
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Originally Posted by Thalasso View Post
On September 30. Hope Congress doesn't renew it
It's about time. it has spawned an almost $25 billion debt.

NFIP paid to rebuild one Houston home 16 times in 18 years spending almost a million dollars to perpetually restore a house worth less than $120,000. Harris County, Texas (which includes Houston), has almost 10,000 properties which have filed repetitive flood insurance damage claims.
A $90,000 property near the Mississippi River north of St. Louis has flooded 34 times, racking up claims of more than $608,000
That's not even close to the real problem with it; they collect more than enough in premiums to pay for all of the claims. The real problem is their operating costs are a lot more than all of the premiums they have collected.
Old 09-01-2017, 02:30 PM
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Program hasn't been re-vamped in 50 years. Long overdue.

Then you could always kill it and add a few dollars to EVERYONES home insurance policy and we'd all be covered for flood.
Too much like socialism?
Old 09-01-2017, 03:26 PM
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Knew a guy who got flooded out every 5/6 years. His wife loved it. Insurance paid and she got new drapes, furs and furniture.
Old 09-01-2017, 04:18 PM
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Just stop the repeat claims (hell, even if it is on #3 or #4).

You guys who don't live in Florida don't know the joys of spending $5000 a year to insure a $200k home. Flood insurance is the one bright spot where we aren't being totally screwed over.
Old 09-01-2017, 04:21 PM
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Originally Posted by Flot View Post
Just stop the repeat claims (hell, even if it is on #3 or #4).

You guys who don't live in Florida don't know the joys of spending $5000 a year to insure a $200k home. Flood insurance is the one bright spot where we aren't being totally screwed over.
Are you suggesting that the tax payers should be subsidizing your ins? What would it be if there were no tax payer funds being used? Would you be living on waterfront property?
Old 09-01-2017, 07:10 PM
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Originally Posted by Thalasso View Post
Are you suggesting that the tax payers should be subsidizing your ins? What would it be if there were no tax payer funds being used? Would you be living on waterfront property?
$200,000 doesn't get you water front anywhere in Merica.
Old 09-02-2017, 03:40 AM
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people that want to live in flood prone areas(water front/ low ) can and should shoulder the risk , not the people that live elsewhere.
What gets me is all of the ones that do not have insurance still get money from the taxpayers

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