Bailout from Sandy

jpete wrote:

coalkirk wrote:That's what homeowners insurance is for. The gov't should pay nothing. If you didn't have insurance, you learned a costly lesson.

Homeowners insurance doesn't cover floods.

And flood insurance doesn't cover floods unless both your neighbors got flooded so it sucks to be the first and last guy on the street that are underwater!

If you live in an area subject to flooding and don't have flood insurance, that's called stupid and you can't fix that. Choosing not to have the proper insurance and depending on the gov't to bail you out, you get what you deserve. You need "repalcement cost coverage" and flood insurance. And flood insurance not paying due to the both neighbors thing, not true.

I had flood ins that the mortage co said I had to have for my protection. It cost 2,250 a year for 250,000 of coverage. My house was built in 1948 and has never been flooded. On the fed flood map the house is 15' inside the "flood zone". Here's the kicker flood ins only covers losses in the LIVING area (not the contents)of the home so, if the basement floods it does not cover the loss unless you basement is finished as living space. My 1st floor is 3' above the high water line. If your basement floods you have to file with FEMA to cover replacment of heating and elec damage. They also pay for loss of food from loss of elec due to a storm. I owed less than 32,000 on the mortage and the bank still wanted 250,000 worth on the house so, They pissed me off and I had to move some money around to pay the bastards off. Now I save 2,250 a year. The money I payed out over 20 yrs was helping rebuilt houses that should have never been built where they were. End of rant.

crazy4coal wrote:I had flood ins that the mortage co said I had to have for my protection. It cost 2,250 a year for 250,000 of coverage. My house was built in 1948 and has never been flooded. On the fed flood map the house is 15' inside the "flood zone". Here's the kicker flood ins only covers losses in the LIVING area (not the contents)of the home so, if the basement floods it does not cover the loss unless you basement is finished as living space. My 1st floor is 3' above the high water line. If your basement floods you have to file with FEMA to cover replacment of heating and elec damage. They also pay for loss of food from loss of elec due to a storm. I owed less than 32,000 on the mortage and the bank still wanted 250,000 worth on the house so, They pissed me off and I had to move some money around to pay the bastards off. Now I save 2,250 a year. The money I payed out over 20 yrs was helping rebuilt houses that should have never been built where they were. End of rant.

My parents home, the bottom was supposed to be just at the 1972 flood level, the home is on stilts. The flood everyone thought would never happen again. They had almost 5' of muddy water in the living area. Flood ins is tricky, but worth having. Best way to price it is to see what they will cover and only have that amount.

Hi Dave, Well the bank doesn't look at it that way, They want flood ins to match the total replacement cost of the house. The ins is to protect the bank if the house gets destroyed so they get their money and I would get what left. Where my house is if it was destroyed I would not be able to rebuild. do to changes in state law.

crazy4coal wrote:Hi Dave, Well the bank doesn't look at it that way, They want flood ins to match the total replacement cost of the house. The ins is to protect the bank if the house gets destroyed so they get their money and I would get what left. Where my house is if it was destroyed I would not be able to rebuild. do to changes in state law.

Oh yea I understand that . Sorry I wasn't directing that at you directly. I should have worded it better.

The bank questioned my home in Maine as to being in a flood zone. Lets just sat that if my house flooded, a lot of you guys would be doing the backstroke towards Freetown Fred. It is on a tidal river basin and sets about 16 to 20 ft above the highest tides I have ever seen. It is ludicrous the method they used. Basically, they took old topo maps and a wide yellow highlighter and just drew a swab around the coast within certain topo lines. My old partner in Cutler ME was a selectman and his house was in the flood zone and they refused to participate in the insurance program.(He was a selectman) The feds refused to modify the map. His house is 50 to 60 ft. above sea level, set back at least 200 yards. If it floods it will be truly an earth shattering event. Even Katrina had "only" a 20 ft storm surge. The program is another gov. bureaucracy that wastes our money. Absolutely arrogant in their perceived correctness.

Kevin

stupidly and proving their arrogance, I own a another house "uptown" and it is "in" the river. It has flooded the crawlspace under many times on high tides and big storm combinations. It is not in the flood zone per the maps. Just plain and simple stupidity.

Dave, I knew that. Watch out KL they will be changing the maps on monday.....lol

Yeah but with the same level of intelligence and a magic wand.

Kevin