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Has anyone gotten insurance quotes for a home damaged by Sandy?
A friend of mine has an NJ shore house that was devastated by Sandy. She is hesistant to do more to the house beyond gutting it to remove the mold/mildew/debris because she's told she will need to raise her home on stilts by at least 5 feet to get flood insurance. The kicker is insurance will increase depending on how high she raise the house. According to FEMA guidelines, she may even have to pay 30k/year!
WTF? For 30K a year, she'll be able to rebuild her home every 5 yrs. Scr*wed by Sandy and now scr*wed by FEMA/insurance companies!
This issue is in flux right now.
It all depends on where the house falls in the new FEMA flood plane map.
That determines how high they say your house should be.
It depends on if the state agrees with the map
I believe the state is fighting the map and making recomendations.
Whether that changes anything or not we will see.
But you are right, there was an article that says, at it's worst, the flood plane map will mean having a house down the shore any where near the water, will be for the rich.
Very few people will be able to afford the flood insurance rates and if you have a mortgage, you probably will have to have flood insurance.
Those living there now, will be forced to sell to escape the insurance costs.
You want a house in an area where it will get destroyed every so many years you pay its that simple. Flood insurance is subsidized from what I read so why should I be contributing your anyone shore house.
It would make 0 sense to rebuild something that we know will get destroyed in another storm. That is why the regulations to go up.
I'm not up to speed on how much Flood Insurance rates will increase, but living close to the beach will certainly become more costly.
Look at it this way, raising your home in a flood zone can significantly reduce the flood damage, and subsequent cost of repairs, and from what I read, the flood insurance increase will not be as drastic for those who raise their homes in accordance with the new FEMA guidelines.
Those who don't raise their homes, risk continued flood damage, so their flood insurance should increase commensurate with the increased risk factor.
We are all looking at the government to reduce spending, and unfortunately, the government run flood insurance program is underfunded because the rates have not kept pace with the increased flood damage. If the flood insurance program was run by the insurance companies, the rates would have been higher all along simply due to the high risk.
My heart goes out to those who lost their homes or sustained significant damage from Sandy; however, we all know that living in a flood prone area, especially the beach is high risk, and those homeowners and renters must bear those costs, not the taxpayer.
I'm not up to speed on how much Flood Insurance rates will increase, but living close to the beach will certainly become more costly.
Look at it this way, raising your home in a flood zone can significantly reduce the flood damage, and subsequent cost of repairs, and from what I read, the flood insurance increase will not be as drastic for those who raise their homes in accordance with the new FEMA guidelines.
Those who don't raise their homes, risk continued flood damage, so their flood insurance should increase commensurate with the increased risk factor.
We are all looking at the government to reduce spending, and unfortunately, the government run flood insurance program is underfunded because the rates have not kept pace with the increased flood damage. If the flood insurance program was run by the insurance companies, the rates would have been higher all along simply due to the high risk.
My heart goes out to those who lost their homes or sustained significant damage from Sandy; however, we all know that living in a flood prone area, especially the beach is high risk, and those homeowners and renters must bear those costs, not the taxpayer.
Vast majority of homes never flooded. My house is build 1955 and never say one drop of water and I am two miles from the beach. Home never had a flood insurance policy since the day it was built. I did not even evacuate and was home like everyone else on my block. In fact there was no evacuation in my town.
I got five feet of water in my house in a matter of minutes. Since I had no insurance I immediately started work and took a month off work and self contracted and finished it for 50K and got 32K for FEMA so out 18K and now I have insurance.
Funny part raising my house, higher rates BLAH BLAH BLAH. Technically my house never was flooded. My first insurance bill says zero flood history. Because I never made a claim.
Sandy was a freak of nature. I also have a sump pump. higher outlets, all GFI and used solid doors and tile floors to reduce damage.
If my flood went above 2k I would just drop it. Right now it is $420 a year. Only reason I have it as it is mandatory as a result of getting FEMA payout. I doubt my home will ever flood again. Rates keep rising that is a intro rate. I will pay back way more than the 31,900 over time
Vast majority of homes never flooded. My house is build 1955 and never say one drop of water and I am two miles from the beach. Home never had a flood insurance policy since the day it was built. I did not even evacuate and was home like everyone else on my block. In fact there was no evacuation in my town.
I got five feet of water in my house in a matter of minutes. Since I had no insurance I immediately started work and took a month off work and self contracted and finished it for 50K and got 32K for FEMA so out 18K and now I have insurance.
Funny part raising my house, higher rates BLAH BLAH BLAH. Technically my house never was flooded. My first insurance bill says zero flood history. Because I never made a claim.
Sandy was a freak of nature. I also have a sump pump. higher outlets, all GFI and used solid doors and tile floors to reduce damage.
If my flood went above 2k I would just drop it. Right now it is $420 a year. Only reason I have it as it is mandatory as a result of getting FEMA payout. I doubt my home will ever flood again. Rates keep rising that is a intro rate. I will pay back way more than the 31,900 over time
am i the only one who cannot understand a word of this?
am i the only one who cannot understand a word of this?
I'll take a stab at it.
The poster didn't see the need for flood insurance, because the house was two miles away from the beach and never flooded before.
Surprise! Hurricane Sandy flooded the poster's house with five feet of water.
FEMA gave the poster $32,000.00 to fix his damaged property, because only smart people had flood insurance. I'm guessing FEMA wouldn't give you this money unless you acquired a new flood insurance policy.
The poster thinks the insurance company doesn't know his house flooded. Wait until your policy is renewed.
Not sure what the higher outlets, GFI and solid doors and tile floors would have to do with reduced damage when you have five feet of water in your house. Where would the outlets be? Seven feet up on the wall? A sump pump is only good when the power is on (battery backups eventually die) and with that much water, it's like pumping water in an ocean.
If his flood insurance was $2,000.00, he would drop insurance? FEMA would not have given you the $32,000.00 to fix up your home, if you didn't get your new flood insurance. You talk big now that everything is done.
$420.00 is probably selective risk; not an intro rate. There is no introduction rate for flood insurance.
Tahiti, You are suppose to understand, because the $31,900.00 will be paid back over time. How would this be accomplished, if you sold your house next week? You will never pay this money back to taxpayers.
FEMA gave the poster $32,000.00 to fix his damaged property, because only smart people had flood insurance. I'm guessing FEMA wouldn't give you this money unless you acquired a new flood insurance policy.
This is correct. My friend's brother who lives next door to her in Rutherford got severely flooded during Irene (she did as well but she had flood insurance). He lived in that house for over 30 years and never had one drop of water in the basement so when the mortgage was paid off he cancelled the flood insurance. He filed with FEMA and they helped him out financially (not all of it but about 2/3 or so) and in return he has to keep flood insurance on his property (not sure if there is a specified time limit on this or not but I think it's for life if I recall correctly). If he did not sign the agreement that he would insure they would not give him the money and if he drops the insurance he has to return the money paid out to him. This is as it should be IMO. Instead of saying "Thank you" for the help when FEMA was under no obligation to pay them some people are now complaining they have to maintain flood insurance. It's absurd.
This is correct. My friend's brother who lives next door to her in Rutherford got severely flooded during Irene (she did as well but she had flood insurance). He lived in that house for over 30 years and never had one drop of water in the basement so when the mortgage was paid off he cancelled the flood insurance. He filed with FEMA and they helped him out financially (not all of it but about 2/3 or so) and in return he has to keep flood insurance on his property (not sure if there is a specified time limit on this or not but I think it's for life if I recall correctly). If he did not sign the agreement that he would insure they would not give him the money and if he drops the insurance he has to return the money paid out to him. This is as it should be IMO. Instead of saying "Thank you" for the help when FEMA was under no obligation to pay them some people are now complaining they have to maintain flood insurance. It's absurd.
I met someone yesterday that just got in her home after repairs from Sandy. The owner lived on a lagoon and had received three feet of water in the house. She had NO flood insurance. She said she never flooded before and didn't need it. She's now required to raise her house, but she has no plans of raising it. If her house floods again, she's walking away from it.
Why on earth would anyone live on the water and not have flood insurance?
My understanding is the houses that DON'T raise are going to have to pay $30,000. If you raise the house you don't pay that much.
I don't think FEMA is "screwing" anyone, what are they supposed to do, just keep paying to rebuild people's homes at the expense of all taxpayers? Shouldn't homeowners share the burden?
This is one reason I have rented year-round at the shore vs. buying. Everyone gets to make a choice, but there are consequences to each one. Buying near the water carries inherent risks.
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