Flood Zones Rate Increase (Houston: real estate, insurance, homes)

[texas7]

So when FEMA recently redid their flood maps, a lot of properties previously not in flood plains are now in flood plains. I'm surprised by some of the areas now in flood plains when I have friends tell me that flood insurance is now required for them. A friend in real estate tells me that rates are going to rise astronomically in the next few years for those in flood zones.

How do you think this will impact homes in flood zones? Flood insurance going way up for some coastal residents - Houston Chronicle

[Crank1]

They got more money from me by saying I have two flood claims on my property which I do not. After fighting them for 3 years to no avail, I told them where to go. Been here since 84 and this property has never came close to flooding but yet, it's in a flood plain. I'm on a fixed income but my home is paid for so....not going to spend 1800 bucks a year for it....can't afford to anyways.

[texas7]

Yes you are fortunate that your home is paid for (and has never flooded) so that you aren't required to purchase flood insurance in the event your rate were to rise up very high.

[Crank1]

They did get more money out of me by saying I have two claims on my present property which is not correct. It went from less than 400 a year to 1800 and so far I haven't had any luck in correcting their mistake. Tried to correct the mistake for 3 years and finally gave up and let it flood insurance expire.

[Aggiebuttercup]

I hope that those who decide not to get optional flood insurance also decide not to put out their hand for FEMA money if their home floods one day.

I know lots of people whose homes are not in flood zones who had major damage after a hurricane. It doesn't happen often, but it does happen, and I like the peace of mind of knowing I'll be able to afford to rebuild.

I choose not to buy in a flood zone - and if flood insurance will cost close to 10k a year, I suspect a lot more people will also look elsewhere for a home.

[GTRdad]

hurricane damage != flood damage

[LostInHouston]

Originally Posted by GTRdad

hurricane damage != flood damage

The problem is in the eyes of the insurance companies, as far as they see it: storm surge != hurricane damage.

[Aggiebuttercup]

Yes, I did mean the storm surge from the hurricane - that damage is covered by flood insurance, not windstorm.

TWIA is happy to assume that if your home is gone after a hurricane, it was the storm surge that did it, not the wind.

[texas7]

It isn't just hurricanes. We have some 10-20 inch rain and a lot of people get water in their homes. And sometimes doesn't matter if you buy outside of a flood zone, FEMA can redo their maps and boom now you are in a flood zone. That happens. Happened to several people I know.

What I don't like is opting to buy flood insurance and rates going up to cover those who don't have it but sit around waiting for the govt to come rescue them and rebuild their homes. So many east coast residents were on tv demanding the govt fix their homes after sandy. But this is not an east coast thing, this happens all over after natural flood disasters among those who choose not to carry flood insurance. Eventually everyone else has to pay.

[Dopo]

Originally Posted by Aggiebuttercup

TWIA is happy to assume that if your home is gone after a hurricane, it was the storm surge that did it, not the wind.

And then taxpayers pay for it = Socialism at work