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Old 09-22-2011, 11:57 AM
 
Location: Morehead City, NC
1,676 posts, read 5,228,605 times
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"The House of Representatives unexpectedly defeated a bill that would fund the federal government [including the federal flood insurance program] past Sept. 30 Wednesday as dozens of Republicans broke with their party to push for deeper spending cuts."

House Defeats Bill Funding Government; FEMA, Flood Insurance in Doubt
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Old 09-22-2011, 12:57 PM
 
3,458 posts, read 2,992,472 times
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FEMA is critical, but i'd love to see them do away with federally subsidized flood insurance. It is a backwards program that encourages people to build in hazardous floodprone areas. At the very least, they need to convert it to an unsubsidized program with actuarially sound rates.

The only real problem I see is that you will have a transition period where the private market is not yet offering coverage.
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Old 09-22-2011, 01:02 PM
 
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They'll wind up reauthorizing FEMA and flood insurance funding separately without the spending offsets, like they should have in the first place.
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Old 09-22-2011, 02:27 PM
 
77 posts, read 126,778 times
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Quote:
Originally Posted by Cletus Awreetus-Awrightus View Post
FEMA is critical, but i'd love to see them do away with federally subsidized flood insurance. It is a backwards program that encourages people to build in hazardous floodprone areas. At the very least, they need to convert it to an unsubsidized program with actuarially sound rates.

The only real problem I see is that you will have a transition period where the private market is not yet offering coverage.
I thought the whole point of federal flood insurance to begin with was that the private market couldn't/wouldn't offer anything resembling affordable rates? You think if the feds go away, private insurance will take over? I don't see that happening, ever.

Subsidized insurance definitely does encourage (re)building in hazardous areas though.
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Old 09-22-2011, 02:30 PM
 
Location: Morehead City, NC
1,676 posts, read 5,228,605 times
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Funding for the federal flood insurance program has lapsed so many times the past few years I've lost count.
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Old 09-22-2011, 02:39 PM
 
3,458 posts, read 2,992,472 times
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Quote:
Originally Posted by Nighthawk_md View Post
I thought the whole point of federal flood insurance to begin with was that the private market couldn't/wouldn't offer anything resembling affordable rates?
In 1968, this was the case, yeah. "Affordable" is the key word. My take on that is people shouldn't live in flood prone areas if they can't afford the market rate of flood insurance.

I've noticed other people have this attitude, or belief, that people are entitled to live where they've always lived, or where they want to live, or somewhere near the water, without regards to whether they can afford to do so. I don't share this belief.

Quote:
You think if the feds go away, private insurance will take over? I don't see that happening, ever.
Of course. It'll cost an arm and a leg, like it ought to.

The big questions are, do you force people to carry flood insurance, and what do you do whenever they cannot afford it? Right now we give them tax dollars.

Last edited by Cletus Awreetus-Awrightus; 09-22-2011 at 02:56 PM..
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Old 09-22-2011, 02:54 PM
 
Location: North Carolina
572 posts, read 1,361,852 times
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Quote:
Originally Posted by Cletus Awreetus-Awrightus View Post
At the very least, they need to convert it to an unsubsidized program with actuarially sound rates.
^This.
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Old 09-22-2011, 02:59 PM
 
3,458 posts, read 2,992,472 times
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http://policyintegrity.org/documents...gtheMarket.pdf
Quote:
Conclusion
The current price of flood insurance both subsidizes new development in flood zones and
subsidizes risk for those who already built in flood zones. These twin subsidies have left the NFIP
with a gaping fiscal hole. The costs of the subsidies will likely be borne generally by taxpayers. But
where there is a subsidy, there is a benefit. The benefits of the NFIP appear to accrue largely to
wealthy households concentrated in a few highly-exposed states.
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Old 09-22-2011, 03:02 PM
 
Location: Morehead City, NC
1,676 posts, read 5,228,605 times
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Quote:
My take on that is people shouldn't live in flood prone areas if they can't afford the market rate of flood insurance.
I agree. But do most folks realize all the areas that a flood prone area include? It isn't just coastal. And on the opposite side of the coin-Do folks realize how many properties along the coastal region are not in a flood prone area?
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Old 09-22-2011, 05:30 PM
 
20 posts, read 39,395 times
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Default Carteret County GIS Maps

Quote:
Originally Posted by Bill Hitchcock View Post
Do folks realize how many properties along the coastal region are not in a flood prone area?
While there are limited coastal properties out of the flood zones they are easy to identify. Carteret County has one of the best GIS maps around at this link:

http://carteret.connectgis.com/Default/Default.aspx (broken link)

Under base data turn on 2 ft, 5 ft, and 10 ft contours

Under Environmental turn on Flood Zones

Under Text turn off most of the text to see contours.

Result: Flood zones will be color coded Shaded X and X

Contours will show elevations; use the ‘i’ tool (top left) and click on the contour lines for specific elevations.

This is how we found our property!
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