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(McClatchy DC)   "Overall, only 9 percent of households in South Carolina and 3 percent in North Carolina carried federal flood insurance as of mid-2017". Well good thing they never get hit by hurricanes or heavy rains then, innit?   ( mcclatchydc.com) divider line
    More: Facepalm, Flood, flood insurance, Insurance, federal flood insurance, South Carolina, National Flood Insurance Program, Tropical cyclone, flood insurance program  
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1727 clicks; posted to Main » on 14 Sep 2018 at 12:05 PM (8 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2018-09-14 11:58:28 AM  
Most people, in most places, are not going to get flood insurance if it's not required by their mortgage company.  This is not new.
 
2018-09-14 12:09:28 PM  
If you're not in a designated flood plain it's almost impossible to get flood insurance in the US because there isn't a market outside of the federal program.
 
2018-09-14 12:11:38 PM  
About 9% of South Carolina and 3% of North Carolina does.
 
2018-09-14 12:15:50 PM  
img.fark.netView Full Size
 
2018-09-14 12:15:59 PM  
all those insurance companies to file for bankruptcy in 3 ... 2 ...
 
2018-09-14 12:17:43 PM  
Stuart Leavenworth And David Travis Bland are pieces of shiat.

This is like someone pointing out the fact that people are too poor and stupid to invest in bullet resistant armor during an active shooting.
 
2018-09-14 12:18:13 PM  
Flood insurance, at least from what I saw when house hunting last time, isn't very much.  If your lenders say you should have it, get it.  They might be telling you to get it for selfish reasons, but they're reasons where everyone wins when you do it.
 
2018-09-14 12:19:00 PM  
Hey, if you don't have power, you have to use candles at night.  Lots of people are clumsy with open flames, just sayin'
 
2018-09-14 12:19:45 PM  
Pfft. That why you burn your house down first, then let the flood wash the evidence away.
 
2018-09-14 12:20:05 PM  

robodog: If you're not in a designated flood plain it's almost impossible to get flood insurance in the US because there isn't a market outside of the federal program.


I don't understand this. If your chances of being flooded are low, why won't a home insurance company offer to cover it at low cost?
 
2018-09-14 12:20:08 PM  
I was in a low area of Texas once and i noticed a heavy rain would have water up pretty close to my door and I figured it would not take much more for it to get inside so I pursued flood insurance. Nobody would sell it to me because I wasn't in a flood plain. Fortunately I had moved on before that happened, and it did about two years later.
 
2018-09-14 12:21:35 PM  
"Sorry, it doesn't cover floods caused by hurricanes; only beaver dams, the city light crew digging up a main, and certain lady Farkers reading about Manafort"
 
2018-09-14 12:22:29 PM  

The Flexecutioner: all those insurance companies to file for bankruptcy in 3 ... 2 ...


Insurance companies don't cover floods, that's what the federal program is for. The only thing they will cover is water damage from rain, like if a tree gets blown over and smashes a hole in your roof, the resulting rain damage will be covered. But when a local river overflows it's banks and floods your home, the insurance company doesn't pay.
 
2018-09-14 12:25:01 PM  
FTFA: "A McClatchy analysis of federal data shows that in the coastal counties, a relatively high percentage of households carry flood insurance policies, but the percentage drops off just a few miles inland."

So - color me surprised - the people who actually need flood insurance are buying it? The author of this clickbait trainwreck of an article needs be punched in the crotch.
 
2018-09-14 12:30:11 PM  
Looking forward to picking up some cheap real estate.....err...helping out some of the unfortunate victims.....
 
2018-09-14 12:30:13 PM  
Local news was reporting that some policies can go for upwards of $10,000/year.  If that is true, I would risk it.
 
2018-09-14 12:33:04 PM  

nytmare: robodog: If you're not in a designated flood plain it's almost impossible to get flood insurance in the US because there isn't a market outside of the federal program.

I don't understand this. If your chances of being flooded are low, why won't a home insurance company offer to cover it at low cost?


Because large but infrequent event like this are hard to write actuarial tables for and big hits in one or two quarters of big hits are worse for investors than smaller, more frequent payouts for things like fires.
 
2018-09-14 12:33:12 PM  

steklo: [img.fark.net image 640x478]


know how i can tell that is fake, the british sharks teeth are in too good of shape.
 
2018-09-14 12:33:56 PM  

tuxbabe: Looking forward to picking up some cheap real estate.....err...helping out some of the unfortunate victims.....


Oceanfront real estate is never cheap.
 
2018-09-14 12:35:52 PM  
It SOUNDS terrible that only 3% or 9% of homes are insured against flood in those states, but I'd like to know how many homes that actually get flooded aren't covered. There will be some, possibly a lot, but I'd imagine a large number of flooded homes are going to be among the insured. The most at risk properties are also the ones most likely to be insured.
 
2018-09-14 12:36:21 PM  

LL316: Flood insurance, at least from what I saw when house hunting last time, isn't very much.  If your lenders say you should have it, get it.  They might be telling you to get it for selfish reasons, but they're reasons where everyone wins when you do it.


I pay more for my national flood insurance than I do my homeowners policy. I've lived here 20 years and never seen it flood, I just happen to live a few blocks from a dry creek that's one of many that channel flood waters through the city when there's heavy rainfall.
 
2018-09-14 12:39:40 PM  
This is like in CA when you find out most people don't have earthquake insurance.
 
2018-09-14 12:39:44 PM  

nytmare: robodog: If you're not in a designated flood plain it's almost impossible to get flood insurance in the US because there isn't a market outside of the federal program.

I don't understand this. If your chances of being flooded are low, why won't a home insurance company offer to cover it at low cost?


First the cost of it happens is usually quite high.

In a basic risk analysis there are two questions:

1) How likely is it to happen?
2) What will the cost of it be?

In the case of flooding the first is low and the second is very high so it is worrisome from that perspective.

Second, flooding normally happens over a wide geographic area. The point of insurance is you sell it to a thousand people but around a dozen will need it. With flood insurance, you sell it to a thousand people in one town and it will most likely be everyone needing it if anyone does.

Now for things like hurricanes you probably get disaster relief, but in the case of a local river flooding out a town of 5,000 homes that could be devastating to a smaller company and quite painful to a larger one.

With insurance you want each individual event to be independent for every customer to have the best results.
 
2018-09-14 12:40:54 PM  

ReapTheChaos: LL316: Flood insurance, at least from what I saw when house hunting last time, isn't very much.  If your lenders say you should have it, get it.  They might be telling you to get it for selfish reasons, but they're reasons where everyone wins when you do it.

I pay more for my national flood insurance than I do my homeowners policy. I've lived here 20 years and never seen it flood, I just happen to live a few blocks from a dry creek that's one of many that channel flood waters through the city when there's heavy rainfall.


Huh.  The few houses we looked at that were in flood zones were only a couple hundred a year at most.  Guess small sample sizes really aren't the best way to form opinions after all.  Who knew?
 
2018-09-14 12:41:48 PM  

LL316: Flood insurance, at least from what I saw when house hunting last time, isn't very much.  If your lenders say you should have it, get it.  They might be telling you to get it for selfish reasons, but they're reasons where everyone wins when you do it.


If you are in a flood plain, the lender is legally required to ensure you get insurance. If you don't, they are required to force place you.

/Flood Disaster Protection Act
 
2018-09-14 12:42:38 PM  

This text is now purple: tuxbabe: Looking forward to picking up some cheap real estate.....err...helping out some of the unfortunate victims.....

Oceanfront real estate is never cheap.


Depends on how far underwater they are.....financially speaking.
 
2018-09-14 12:43:20 PM  

robodog: nytmare: robodog: If you're not in a designated flood plain it's almost impossible to get flood insurance in the US because there isn't a market outside of the federal program.

I don't understand this. If your chances of being flooded are low, why won't a home insurance company offer to cover it at low cost?

Because large but infrequent event like this are hard to write actuarial tables for and big hits in one or two quarters of big hits are worse for investors than smaller, more frequent payouts for things like fires.


I guess none of you have talked to an insurer or agent about this? You can definitely get NFIP flood insurance no matter how your property is zoned as a flood risk. If you're not in a flood plain at all, it should be cheap, under $500 per year for maximum coverage I believe. And if that zoning changes in the future, you will be grandfathered in and pay well below market rates (for a while, as your rate is gradually increased each year).

Our local zoning maps were redrawn when a big development project was being planned. They discovered flaws or maybe just outdated information in the previous. We even got notified ahead of the official change, urging us to sign up while rates were cheaper.
 
2018-09-14 12:46:21 PM  
This article brought to you by State Farm
 
2018-09-14 12:51:41 PM  
img.fark.netView Full Size


/had to do it
//*Wash*, *Rinse*, *Repeat*
 
2018-09-14 12:58:35 PM  

Zizzowop: This is like in CA when you find out most people don't have earthquake insurance.


It costs a fortune and has a huge deductible.  I forget the exact details what it was when I bought my house in 2009, but it was something like several grand a year for something with a $50k deductible.  This was for a house I paid $150k for (it's worth a lot more now).  The math simply didn't make sense, especially since I've lived here all my life and, as far as I can tell, no building in the entire city has had more than $50k worth of damage during my lifetime from an earthquake.
 
2018-09-14 01:04:06 PM  
Here to say FEMA mandated flood insurance is a FARKING SCAM!

$140/mo with a 5 grand deductible covering only structural and no contents is as scammy as scams get.

/FEMA sent me a letter saying my rate was being raised because of Katrina
//I'm sorry, but I live at 1000ft above sea level and 20 feet above the closest river, why do I have to pay for those who live BELOW SEA LEVEL?!
///Angry third slashy is angry
 
2018-09-14 01:16:35 PM  

The Flexecutioner: all those insurance companies to file for bankruptcy in 3 ... 2 ...


Nope. Reinsurance....
 
2018-09-14 01:25:08 PM  
bismark189:

/FEMA sent me a letter saying my rate was being raised because of Katrina
//I'm sorry, but I live at 1000ft above sea level and 20 feet above the closest river, why do I have to pay for those who live BELOW SEA LEVEL?!
///Angry third slashy is angry


Insurance pools aren't supposed to work that way, but they do with flood insurance thanks to government intervention because if they pooled only people living below sea level into a specific group, nobody would ever be able to afford flood insurance below sea level. In short, it's FEMA giving Darwin the finger.
 
2018-09-14 01:27:16 PM  
Trent Lott rebuilt his waterfront mansion. Why can you, improvident poor person, dweller in flood plains and tenaments? It's your own fault. All you need is to pay a few thousand a month and you can have health care galore, too much health care. The same with other kinds of insurance. Pay the money and you takes your pick, Hobson's choice style.
 
2018-09-14 01:30:45 PM  
Always blame the victims. The victims are always weak. Caesar likes his minions fat and sleek.
 
2018-09-14 01:30:45 PM  

LL316: ReapTheChaos: LL316: Flood insurance, at least from what I saw when house hunting last time, isn't very much.  If your lenders say you should have it, get it.  They might be telling you to get it for selfish reasons, but they're reasons where everyone wins when you do it.

I pay more for my national flood insurance than I do my homeowners policy. I've lived here 20 years and never seen it flood, I just happen to live a few blocks from a dry creek that's one of many that channel flood waters through the city when there's heavy rainfall.

Huh.  The few houses we looked at that were in flood zones were only a couple hundred a year at most.  Guess small sample sizes really aren't the best way to form opinions after all.  Who knew?


I'm in flood zone A on the coast in SW FL. It costs me $740 a year for flood insurance and around $1900 a year for homeowners. It's not a big deal if you can afford to live on the coast.
 
2018-09-14 01:37:03 PM  

nytmare: robodog: If you're not in a designated flood plain it's almost impossible to get flood insurance in the US because there isn't a market outside of the federal program.

I don't understand this. If your chances of being flooded are low, why won't a home insurance company offer to cover it at low cost?


The statement is not true. Anyone can buy flood insurance, it's just a matter of how much coverage you want (to certain maximums) and what the premum is, just like any other policy. And of course the federal government underwrites it.
 
2018-09-14 01:37:04 PM  
I have been preaching the same sermons since Katrina.

Stop farking with Mother Nature.
Leave the marches, the flood plains, the bayous and the river flow to the wise governance of Mother Nature.

Stop insuring the rich and upper middle classes who choose to build in hurricane alley and waterfront, low land luxury in secure knowledge they will be able to rebuild even bigger after the next tornado, hurricane.

Move the poor to high ground by forcing contrators and land magnates to build on secure ground, not the cheapest, most disaster-prone ground.

Stop insuring the rich enough to build where the land is dear because safe.

Waterfronts are for parks, bicycle paths, mangrove swamps, coral reefs and oyster reefs. They are for water control, not the super-rich and the mere rich.

The poor should occupy higher ground than they do. The only way to ensure this is to no insure the builders and sellers. The biggest donors, in other words, because apart from brewers and distillers, it is real estate agents and buildiing companies that donate the lion's share of money from the municipal level and county lever on up to Congress and the White House.

No more pushing the poor into bad choices. Give them their proper share of the good things and let them choose among those, not between rent or food.
 
2018-09-14 01:39:23 PM  
Well, that last post got garbled a little bit, but I think the message is clear: stop farking the poor and Mother Nature.

This means you, governments. This means you, super-rich and mere rich flunkies. This means you, anti-ecological lobbies and donors.
 
2018-09-14 01:45:28 PM  
My property is impossible to flood so I'm getting a kick.

Unless it's possible for all of Georgia being under about 100 feet of water, then I guess my property could flood.
 
2018-09-14 01:50:48 PM  
What's the distribution like?  It would be helpful if that 9% were right along the coastline.   I would tend to think that those folks would be more concened about hurricane damage than the inland folks.


/I know, but hope springs eternal.
 
2018-09-14 02:02:08 PM  

This text is now purple: tuxbabe: Looking forward to picking up some cheap real estate.....err...helping out some of the unfortunate victims.....

Oceanfront real estate is never cheap.


What about under ocean real estate?
 
2018-09-14 02:04:04 PM  

dywed88: nytmare: robodog: If you're not in a designated flood plain it's almost impossible to get flood insurance in the US because there isn't a market outside of the federal program.

I don't understand this. If your chances of being flooded are low, why won't a home insurance company offer to cover it at low cost?

First the cost of it happens is usually quite high.

In a basic risk analysis there are two questions:

1) How likely is it to happen?
2) What will the cost of it be?

In the case of flooding the first is low and the second is very high so it is worrisome from that perspective.

Second, flooding normally happens over a wide geographic area. The point of insurance is you sell it to a thousand people but around a dozen will need it. With flood insurance, you sell it to a thousand people in one town and it will most likely be everyone needing it if anyone does.

Now for things like hurricanes you probably get disaster relief, but in the case of a local river flooding out a town of 5,000 homes that could be devastating to a smaller company and quite painful to a larger one.

With insurance you want each individual event to be independent for every customer to have the best results.


So sounds like you are saying we need more moats?
 
2018-09-14 02:12:35 PM  

LL316: Flood insurance, at least from what I saw when house hunting last time, isn't very much.  If your lenders say you should have it, get it.  They might be telling you to get it for selfish reasons, but they're reasons where everyone wins when you do it.


Even if you live in the Mojave desert, Flood insurance is a good idea. Regular homeowners insurance doesn't cover water damage of ANY kind, be it a busted water heater or broken pipe. And flood insurance cones from an EXTREMELY susidized government program so it's relatively cheap
 
2018-09-14 02:30:54 PM  
bing.comView Full Size

Your in good hands with Trump.
 
2018-09-14 03:16:53 PM  

robodog: If you're not in a designated flood plain it's almost impossible to get flood insurance in the US because there isn't a market outside of the federal program.


That isn't true.

We aren't in a flood plain. I carry flood insurance as we have a creek on our property, and as others have pointed out, flood coverage does protect you from more than just the ocean getting you.

Its about 1k a year. Its just a rider on my normal policy. Mortgage does not require me to carry it.

Now if i was in a low risk flood plain, it would actually be a bit cheaper because of the feds setting the rates. We looked at a house that was literally just flooded 6 months before, and the flood insurance on it was only 750 a year due to the programs.
 
2018-09-14 03:21:16 PM  

Magorn: Even if you live in the Mojave desert, Flood insurance is a good idea. Regular homeowners insurance doesn't cover water damage of ANY kind, be it a busted water heater or broken pipe. And flood insurance cones from an EXTREMELY susidized government program so it's relatively cheap


SIgh....also...not entirely true. Jesus christ do you people read your policies....

The cause of the primary event is typically what dictates stuff. As you said, if you let your water heater rust out and it floods the joint, your insurance company will more than likely tell you to go pound sand.

If a tree falls on your house, and smashes your water heater, and floods your house, you will typically be covered.

IT IS ALL SPELLED OUT IN PLAIN ENGLISH IN YOUR POLICY, or your agent can answer your questions (which is why its beneficial to have a real agent even if it costs a little more a year). I get it, its boring, but its probably 20 or so pages to read, and it represents a huge liability in your finances, so there is no excuse not to read it and then ask questions to qualified people if you don't understand it.
 
2018-09-14 03:24:02 PM  

Magorn: LL316: Flood insurance, at least from what I saw when house hunting last time, isn't very much.  If your lenders say you should have it, get it.  They might be telling you to get it for selfish reasons, but they're reasons where everyone wins when you do it.

Even if you live in the Mojave desert, Flood insurance is a good idea. Regular homeowners insurance doesn't cover water damage of ANY kind, be it a busted water heater or broken pipe. And flood insurance cones from an EXTREMELY susidized government program so it's relatively cheap


You have that backward, the national flood insurance only covers floods, and your homeowners covers water damage of other types like busted pipes. That being said, something like a water main break, or a swimming pool collapse would be covered by the national flood insurance, not your homeowners. Here's the definition right from their website.

"A flood is (1) "A general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties (at least one of which is your property) from a. overflow of inland or tidal waters; b. unusual and rapid accumulation or runoff of surface waters from any source; or c. mudflow."
 
2018-09-14 03:24:43 PM  
And also just to clairfy on the water heater\pipe thing...

Your plumbing on your house is considered part of your responsibility to upkeep. So they won't pay for a plumber to come out and fix\stop the leak.

They will however pay in most cases for damages caused by it provided you didn't show negligence leading up to what happened, which is true of most events.

In other words, if you live in the farking desert, your concern for flood insurance would be a monsoon that actually did create a mini-flood type event. If you are carrying it solely because you are worried about your plumbing, you are wasting your money.
 
2018-09-14 03:30:00 PM  

ReapTheChaos: Magorn: LL316: Flood insurance, at least from what I saw when house hunting last time, isn't very much.  If your lenders say you should have it, get it.  They might be telling you to get it for selfish reasons, but they're reasons where everyone wins when you do it.

Even if you live in the Mojave desert, Flood insurance is a good idea. Regular homeowners insurance doesn't cover water damage of ANY kind, be it a busted water heater or broken pipe. And flood insurance cones from an EXTREMELY susidized government program so it's relatively cheap

You have that backward, the national flood insurance only covers floods, and your homeowners covers water damage of other types like busted pipes. That being said, something like a water main break, or a swimming pool collapse would be covered by the national flood insurance, not your homeowners. Here's the definition right from their website.

"A flood is (1) "A general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties (at least one of which is your property) from a. overflow of inland or tidal waters; b. unusual and rapid accumulation or runoff of surface waters from any source; or c. mudflow."


Bingo. If you have a decent sized pool on your property, either an above ground kind of near your house, or any one at a higher grade than your house, you should probably carry flood insurance.

If your neighbor does, its on him if his pool collapses, so you get to go after his company.

A problem with the water main is a more valid reason to carry it in a completely non-flood prone area, but again, you would want to consider the grade to where the main is, etc.

In my case i carry it because if something obstructed my creek immediately downstream for an extended period of time, it would destroy my yard. including my shed and deck. If it got bad enough to get to the actual house, half of north jerse would be under a few feet of water, and that would be a bigger problem. Nice to know i'm covered, but if i was only worried about that, i wouldn't carry it for the cost.
 
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