Lot's of Angry Sandy Victims Without Flood Insurance

[flyboy56]

Or to move somewhere else... or for a year's rent...or soemthing I'm not exacrtly sure. Each case is different. Post Katrina they gave money out depedning on zones... the harder hit zones got more money than others... I'm not so familiar with what they're doing for Sandy, but it's obvious people still need help.

No doubt. CNN is showing latest meeting with FEMA and the victims. Heart breaking to see one woman crying while trying to get FEMA rep to understand her frustrations, and not needing to be said, her fear of not knowing what to do. It is sad.

[OldBay]

What you say makes perfect sense.

Flood insurance, because it is so heavily subsidized, is really akin to welfare.

Flood zone owners pay around $400 a year for policy that should run at a minimum $5,000 year in many areas.

There are flood rate maps. Rates are determined by risk and zones.

http://www.floodsmart.gov/floodsmart...flood_maps.jsp

When we moved into a community that had no beach access, I looked into a neighboring community where property owners had beach access with the thought of buying a cottage and renting it out, just so we would have beach access as property owners. I abandoned that idea when I found out the federal flood insurance cost more than the P&I on a 150K cottage. And that was over 20 years ago so I doubt the cost has dropped.

[flyboy56]

There are flood rate maps. Rates are determined by risk and zones.

http://www.floodsmart.gov/floodsmart...flood_maps.jsp

When we moved into a community that had no beach access, I looked into a neighboring community where property owners had beach access with the thought of buying a cottage and renting it out, just so we would have beach access as property owners. I abandoned that idea when I found out the federal flood insurance cost more than the P&I on a 150K cottage. And that was over 20 years ago so I doubt the cost has dropped.

So why didn't you just take your chances and buy the property without flood insurance?

[Gopher]

Too bad. Sometimes things don't work out as expected. Should have had flood insurance.

[OldBay]

So why didn't you just take your chances and buy the property without flood insurance?

Lenders require flood insurance for property at risk of flooding. If you own risky property free of a mortgage, then you are free to live with no protection - but you should understand that you are at risk.

[flyboy56]

Too bad. Sometimes things don't work out as expected. Should have had flood insurance.

It's amazing to me how many people do not have homeowners insurance, let alone flood insurance here in Puerto Rico. But most will buy temporary insurance if they are having workers come on their property to work.

[flyboy56]

Lenders require flood insurance for property at risk of flooding. If you own risky property free of a mortgage, then you are free to live with no protection - but you should understand that you are at risk.

Right. Brain fart.

[bullmikey]

I don’t know about all of the Sandy victims but I do know that most of the beach front house damaged in NJ were second homes or investments properties and that the majority of the posters on this board couldn’t afford to own one of them. We’re talking $1 million and up. I’m pretty sure most of them were insured, but if not… Well, who the hell buys a million bucks worth of beach front property and doesn’t by flood insurance for it?

I'm sure there are lots of ordinary people that suffered too, especially in NYC and area. Those will be the people most in need of help, especially those who have no place to live anymore.

[OldBay]

It's amazing to me how many people do not have homeowners insurance, let alone flood insurance here in Puerto Rico. But most will buy temporary insurance if they are having workers come on their property to work.

I suppose someone with no assets has nothing to protect and may feel there's no need for liability insurance. But you'd think they would have an interest in protecting their property. I remember when HO insurance was also called "fire insurance". Is HO insurance more expensive on PR?

[CajunRaven]

Lenders require flood insurance for property at risk of flooding. If you own risky property free of a mortgage, then you are free to live with no protection - but you should understand that you are at risk.

This. Living in a free society means being free to take risk. Fema can give them enough to get by for a short time so they can get started again.

[OldBay]

I don’t know about all of the Sandy victims but I do know that most of the beach front house damaged in NJ were second homes or investments properties and that the majority of the posters on this board couldn’t afford to own one of them. We’re talking $1 million and up. I’m pretty sure most of them were insured, but if not… Well, who the hell buys a million bucks worth of beach front property and doesn’t by flood insurance for it?

I'm sure there are lots of ordinary people that suffered too, especially in NYC and area. Those will be the people most in need of help, especially those who have no place to live anymore.

Yes, I know owners of beachfront homes in MD who pay in excess of $10K for flood insurance to protect expensive property in the highest risk zones. Those who inherit such properties sometimes fail to buy that insurance because they are not willing to pay the price for something they inherited.

[CajunRaven]

I don’t know about all of the Sandy victims but I do know that most of the beach front house damaged in NJ were second homes or investments properties and that the majority of the posters on this board couldn’t afford to own one of them. We’re talking $1 million and up. I’m pretty sure most of them were insured, but if not… Well, who the hell buys a million bucks worth of beach front property and doesn’t by flood insurance for it?

I'm sure there are lots of ordinary people that suffered too, especially in NYC and area. Those will be the people most in need of help, especially those who have no place to live anymore.

I know someone who owns a beachfront on LBI and you're damned right it is expensive. But then again, they're rich. The first floor of the place had alot of water, but it's fixable and they have insurance.

[CajunRaven]

Yes, I know owners of beachfront homes in MD who pay in excess of $10K for flood insurance to protect expensive property in the highest risk zones. Those who inherit such properties sometimes fail to buy that insurance because they are not willing to pay the price for something they inherited.

Easy come, easy go.

[SalisburySage]

So many victims are angry because most of the damage their homes experienced flood damage and their homeowners insurance won't cover it. What really should they expect from their government?

Anybody who lives on the waters edge should have flood insurance. FEMA will help you to the tune of around $35,000 but only once. The next time you are flooded and you didn't buy flood insurance FEMA will tell you too bad so sad.

I hate to say it but FEMA should have brought in those FEMA trailers as an emergency measure so these people have heat and a shower.

[flyboy56]

Anybody who lives on the waters edge should have flood insurance. FEMA will help you to the tune of around $35,000 but only once. The next time you are flooded and you didn't buy flood insurance FEMA will tell you too bad so sad.

I hate to say it but FEMA should have brought in those FEMA trailers as an emergency measure so these people have heat and a shower.

Yeah. But I think what they really want is for FEMA to wave a magic wand and give them their life back the way it was before Sandy. Gonna be a rotten Christmas for many in the hard hit areas. But the good news is a victim of Sandy won a million dollar lottery. Lucky lucky lucky!

[SalisburySage]

Yeah. But I think what they really want is for FEMA to wave a magic wand and give them their life back the way it was before Sandy. Gonna be a rotten Christmas for many in the hard hit areas. But the good news is a victim of Sandy won a million dollar lottery. Lucky lucky lucky!

I don't know if they don't want to realize that FEMA doesn't do that or that FEMA has done such a terrible job of educating people on what they do and can't do. FEMA isn't an insurance agency that makes you whole. Never has been and never will be.

[flyboy56]

I don't know if they don't want to realize that FEMA doesn't do that or that FEMA has done such a terrible job of educating people on what they do and can't do. FEMA isn't an insurance agency that makes you whole. Never has been and never will be.

Self reliance and a community working together is how most of endured so far. It's really how people survived the great depression.