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Old 06-11-2019, 04:03 PM
 
Location: Long Island
33,253 posts, read 14,031,495 times
Reputation: 7116

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Quote:
Originally Posted by middle-aged mom View Post
Reportedly, about 35% of residences are owned, free and clear.

The rest are mortgaged. Lenders require the owner to maintain flood insurance if the residence is located in a flood plain.

Congress made a big push in 2012 to reform FEMA and better align premiums with risks. Then their constituents pushed back, hard. So grandfathering was restored and increases in premiums capped.

The National Flood Insurance Program closed fiscal 2018 with $21 billion in debt and $375 million cost per year to service that debt. As it is currently designed there is no way for NPIP to ever repay that debt.

And the next big storm will put them at the Treasury Window for more.
Right after they passed reform in 2012 congress jumped in to delay, some improvement but the insurance is still not commensurate with risk, I'm surprised the NFIP is only in debt $21B. A large problem is owners that no longer have a mortgage but dropped insurance and expect the government to cover their loss.
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Old 06-11-2019, 04:08 PM
 
Location: Florida
22,442 posts, read 9,548,322 times
Reputation: 18327
Quote:
Originally Posted by middle-aged mom View Post
Reportedly, about 35% of residences are owned, free and clear.

The rest are mortgaged. Lenders require the owner to maintain flood insurance if the residence is located in a flood plain.

Congress made a big push in 2012 to reform FEMA and better align premiums with risks. Then their constituents pushed back, hard. So grandfathering was restored and increases in premiums capped.

The National Flood Insurance Program closed fiscal 2018 with $21 billion in debt and $375 million cost per year to service that debt. As it is currently designed there is no way for NPIP to ever repay that debt.

And the next big storm will put them at the Treasury Window for more.
Rubio and Rick Scott were central in the fight to keep their supporters with cheap FEMA flood insurance. This is such BS.

We should keep Fema flood insurance low, so bozos can be re-elected?

Bad logic. Bad decisions. They need to adjust the insurance and let people bite the bullet and pay real premiums for flood insurance. The midwest plains have been flooding for decades and the pols keep helping people to rebuild time after time. It is ridiculous.
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Old 06-11-2019, 04:24 PM
 
Location: Ohio
20,027 posts, read 14,296,417 times
Reputation: 16198
Quote:
Originally Posted by Goodnight View Post
These homes should never have been built in these areas to begin with but now they are stuck and it will get worse. Rebuilding in these areas shouldn't be an option.
That's because of interference from the federal and State governments.

The sooner you stop subsidizing them, the faster they'll leave.

It should be a rule that no person can receive FEMA assistance more than once in a life-time.

And, this has nothing to do with climate change. Floods always happen and many floods are actually caused by the Army Corps of Engineers' pathetic and costly attempts to reign in Mother Nature.
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Old 06-11-2019, 04:25 PM
 
21,638 posts, read 11,671,234 times
Reputation: 12356
There’s always been floods OP. Now they report them on the news. You are being played.
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Old 06-11-2019, 04:28 PM
 
4,979 posts, read 2,018,720 times
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Quote:
Originally Posted by Goodnight View Post
There is more moisture in many areas like the mid-west, some of these areas had multiple floods in the last few decades. I wouldn't point to one year or one storm as proof as it does take time but multiple events over decades add up.
Stahp with the nonsense.

It ain't about climate change and "more" moisture in the air... there are no heavy rain events associated with this years flooding.

In fact, the areas affected by the flooding have been 2-10 degrees cooler than normal all Spring.

The culprit, a persistent "blocking" system over the Atlantic has stalled the jet stream bringing weeks/months of average rains to the sames areas on an almost daily basis.
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Old 06-11-2019, 04:45 PM
 
38,418 posts, read 15,045,899 times
Reputation: 24787
"Global floods and extreme rainfall events have surged by more than 50% this decade, and are now occurring at a rate four times higher than in 1980," according to a new report put out by European Academies’ Science Advisory Council (Easac).

https://www.theguardian.com/environm...e-figures-show
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Old 06-11-2019, 05:00 PM
 
3,042 posts, read 879,515 times
Reputation: 1817
some of you guys would totally freak if we had the dust bowl again....and it was perfectly normal
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Old 06-11-2019, 06:47 PM
 
Location: Long Island
33,253 posts, read 14,031,495 times
Reputation: 7116
Quote:
Originally Posted by Mircea View Post
That's because of interference from the federal and State governments.

The sooner you stop subsidizing them, the faster they'll leave.

It should be a rule that no person can receive FEMA assistance more than once in a life-time.

And, this has nothing to do with climate change. Floods always happen and many floods are actually caused by the Army Corps of Engineers' pathetic and costly attempts to reign in Mother Nature.
I agree as far as government interference with the insurance industry and with attempts to improve Mother Nature.
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Old 06-11-2019, 06:49 PM
 
Location: Long Island
33,253 posts, read 14,031,495 times
Reputation: 7116
Quote:
Originally Posted by Corrie22 View Post
some of you guys would totally freak if we had the dust bowl again....and it was perfectly normal
Nothing about the dust bowl was normal it was the largest man made disaster in our history.
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Old 06-11-2019, 07:21 PM
 
9,702 posts, read 4,640,615 times
Reputation: 5512
Quote:
Originally Posted by Goodnight View Post
This has been an ongoing problem and if anything it has worsened since insurance has gradually risen with commensurate risk. Many owners particularly low income have dropped policies and others that haven't experienced a disaster in a few years get a false sense of security. A good percentage of people that were devastated by the California fires last year cant afford to rebuild, I expect the same for those impacted by the current flooding in the mid west.


These homes should never have been built in these areas to begin with but now they are stuck and it will get worse. Rebuilding in these areas shouldn't be an option.



https://www.nytimes.com/2019/06/08/c...insurance.html
Floods have not worsened. The floods of 1993 and 1950 were worse than this year. Building thousands of homes in flood plains and paving over hundreds of acres of ground have just made them seem worse.
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