Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Florida
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 12-14-2006, 11:43 PM
 
Location: St Pete -- formally LI, NY
628 posts, read 1,826,802 times
Reputation: 236

Advertisements

[quote=sunrico90;212094]
Quote:
Originally Posted by SunshineState View Post

These are the proposals, but if you have a better plan get it to the authorities and make it count.
Sunrico let me run this by you


I have often thought about the problem but insurance is an area I have little expertise (except to pay the bill of course). That being said it seems to me that the major problem regards risk zones and recurring risk in those zones?

If you live in a known flood zone and your house is below the FEMA elevation should you be allowed to claim for flood damage more than once without elevating to above the flood height? If your house were to suffer wind damage more than once would it be fair to say that you should rebuild (at least the roof structure) to new hurricane/wind codes?

Would it be fair to say that if a homeowner continues to suffers losses and submit claims on some regular basis that the rest of the state’s homeowners should subsidize it?

Another thought…

I recently asked my insurance agent (St Farm) What if I raise my deductable to 25K? – They said it will half my premium – problem is the bank won’t allow it. I understand why this is but if I can prove my ability to fund the difference in the event of a catastrophic loss then why not. I would even put the money in a reserve account collecting interest – kind of like an escrow or have a dedicated line of credit that could not be used for anything but this kind of GAP insurance.

Assuming a once in ten year catastrophic event scenario –
1- I would not likely submit a claim for less than 15-20k for fear that my insurance would increase 3-5k or more a year forever
2- if I saved half on my 4k a yr premiums… about 2,000 for ten yrs that = 20k – now I only have to come up with 5K which is my current deductable
3- If I had a total loss I would gladly finance my portion of the loss in lieu of paying higher premiums – If I financed the deductible amount against the property it could be a tax deduction and the financed amount (25k) could be paid back in a matter of years like a car loan – during and after which you still maintain a lower premium
All this is a form of co-insurance and is done regularly with commercial properties if I’m not mistaken. If you can prove the ability why not allow this on the residential side
Reply With Quote Quick reply to this message

 
Old 12-15-2006, 08:51 PM
 
Location: Living in Paradise
5,701 posts, read 24,089,599 times
Reputation: 3064
You might want to visit the following sites that provides answer to your questions.

http://www.pueblo.gsa.gov/cic_text/h....htm#high-risk

http://www.fema.gov/plan/prevent/floodplain/about_the_nfip.shtm (broken link)

http://info.insure.com/home/flood/
Reply With Quote Quick reply to this message
Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Florida
Similar Threads

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top