Federal Flood insurance.

Page 2 of 2  
"CL (dnoyeB) Gilbert" wrote:

I suspect the actual contract (not a summary document) was probably precise even if not easy to read and clear. That's what they pay the lawyers for and why it is the contract that is covering not some generalized rule.

Not as much a racket as, say, the gaming casinos but they do try to control their risks. As shown in FL the last two years, sometimes they lose, too.

That's good that your losses were covered in the end. I'll simply note for others who may not have been through it that in order for FEMA to be able to help the area must have been declared a disaster area. Until that official request by local/state authorities has been made and the evaluation of the extent and severity is made and the consequent declaration, FEMA can't help.
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload
Saml wrote:

The cost depends on where you are. I am in a 500 year flood plain, which means I can expect a flood about ever 500 years or so. My home is appraised at about 250,000 + and I pay about $260 per year.
I was happy with it until last year. Since the new Homeland Security took over everything they could get their hands on, including the flood insurance, my servicing company (the feds don't do the work themselves, they farm it out (maybe to the highest contributor?) and my servicing company has changed three times. Somewhere along there I have been billed twice and told I don't have insurance, even though I have my canceled check. I have been trying for months to get an answer and no luck.
That said, I do believe it is a very wise thing to have. If your rates are too high, then you are not living in a safe area.
--
Joseph Meehan

Dia duit
  Click to see the full signature.
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload
Joseph Meehan wrote:

You suppose the rates for flood ins. will rise now?
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload
G Henslee wrote:

Very possibly although since it is federally subsidized, I'd not expect massive increases.
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload
if a tornado rips off my roof and it rains and floods my house, is it flood insurance or homeowners that would cover?
Heard a guy on TV, (don't remember who it was but it was during NO coverage) that said everyone should have Federal Flood Insurance, since it can be had for a couple of hundred $.
If that is the case, and I am not sure that it is, then everyone would have it, I guess. Any hard Dollar figures for how much it costs for the Federal Flood Insurance? Thanks Sam
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload
stevie wrote:

homeowners...water intrusion via the downward route isn't the definition of flooding--that's groundwater coming up, even if the source of that water was a heavy deluge.
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload

***If the Tornado ripped the roof off and Rains in it. that is home Owners insurance.
***flood insurance only covers water backing up into a house and not falling into a house.
***anything coming from the Ski to damage your home. Home Owners insurance will cover it. ***anything coiming from the Ground / River/ Creek/ sewer System / run off water backing up into your house is Flood Insurance.
TURTLE
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload
Flood insurance is really cheap, however it basically only covers structural damage. Your belongings. the basement carpeting, etc. are your problem. So if you won't be having a flood vicious enough to cause structural damage, it is not useful.
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload

This is Turtle.
Earth to Toller , When you buy flood insurance you have a amount for structure and a amount for content. I have $105K for Structure and $55K for content on my policy and cost about $290.00 a year.
TURTLE
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload

Is that including your normal 'homeowners' policy or in addition to it ?
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload
Rudy wrote:

No. What do you care? You need "inferior substrate" insurance. That costs 5K a year. Beat it canuckie boy.
--
WARNING:

Do NOT under any circumstances take advice from an idiot named AMUN.
  Click to see the full signature.
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload

This is Turtle.
Fire insurance / Home owners insurance $791.00 yr. .
Federal Flood insurance --------------------- $290.00 a yr. .
TURTLE
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload

From www.floodsmart.gov: "As a homeowner, you can insure your home up to $250,000 and its contents up to
$100,000. If you're a renter, you can cover your belongings up to $100,000. As a
non-residential property owner, you can insure your building and its contents up to $500,000. "
Your basement carpeting, unless you have a walk-out basement, will be
your responsibility, however.
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload

Like any other insurance, the cost is very low if you don't need it much, sliding to very high if you're likely to collect.
If the company that does your homeowners insurance doesn't also write flood insurance, FEMA's web site can hook you up with a local flood insurance agent for a free quote.
--
snipped-for-privacy@phred.org is Joshua Putnam
<http://www.phred.org/~josh/
  Click to see the full signature.
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload

Related Threads

    HomeOwnersHub.com is a website for homeowners and building and maintenance pros. It is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.