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Flood insurance in Houston #4502553
08/30/17 05:18 PM
08/30/17 05:18 PM
Joined: Mar 2004
Posts: 20,743
Upstate NY
Donald Offline OP
Donald  Offline OP
Joined: Mar 2004
Posts: 20,743
Upstate NY
I am reading that 80% of the homeowners do not have flood insurance. Normal homeowner's insurance will not cover flood damage. I am sure the federal will help but the cost will be huge.

I was told one insurance company so far is getting a lot of municipal claims so far.


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Re: Flood insurance in Houston [Re: Donald] #4502564
08/30/17 05:33 PM
08/30/17 05:33 PM
Joined: Mar 2013
Posts: 4,754
The Midwest
skyactiv Offline
skyactiv  Offline
Joined: Mar 2013
Posts: 4,754
The Midwest
Even if you have flood insurance, there are weird rules in place like if a tree knocked out a window or poked a hole in the house and water entered the hole even though the house would have flooded anyways.


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Re: Flood insurance in Houston [Re: Donald] #4502575
08/30/17 05:43 PM
08/30/17 05:43 PM
Joined: Aug 2008
Posts: 3,149
USA
Reddy45 Offline
Reddy45  Offline
Joined: Aug 2008
Posts: 3,149
USA
Are we looking at another govt bailout of the insurance companies? The TX insurance commissioner may push the companies to cover the damages as part of a deal.

Re: Flood insurance in Houston [Re: Donald] #4502584
08/30/17 05:55 PM
08/30/17 05:55 PM
Joined: Jun 2003
Posts: 33,070
ME
eljefino Offline
eljefino  Offline
Joined: Jun 2003
Posts: 33,070
ME
If insurance companies have to divest substantially from the stock market to pay claims it might make a good buying opportunity for others.

Re: Flood insurance in Houston [Re: Donald] #4502619
08/30/17 06:45 PM
08/30/17 06:45 PM
Joined: Dec 2010
Posts: 944
MO
FirstNissan Offline
FirstNissan  Offline
Joined: Dec 2010
Posts: 944
MO
Its going to be tricky and I am sure that thousands of claims will be tied up in the courts for years to come.


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Re: Flood insurance in Houston [Re: Donald] #4502626
08/30/17 06:51 PM
08/30/17 06:51 PM
Joined: Sep 2009
Posts: 15,998
OH
fdcg27 Offline
fdcg27  Offline
Joined: Sep 2009
Posts: 15,998
OH
I heard this on NPR too.
Is there any private market for flood insurance?
FWIU, the only available flood insurance is through a federal scheme that isn't available to everyone everywhere.
Some of the areas inundated in this event would not have qualified.
In any event, the federal government will make these people whole with dollars funneled through FEMA.
Whether we should or not as well as whether the federal government should reinsure risk that is commercially uninsurable is another matter.
Maybe property insurance in flood prone areas should be unavailable since the availability of insurance only promotes development in areas which shouldn't be developed.


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Re: Flood insurance in Houston [Re: Donald] #4502631
08/30/17 06:55 PM
08/30/17 06:55 PM
Joined: Sep 2004
Posts: 21,624
Orlando, FL
Mr Nice Offline
Mr Nice  Offline
Joined: Sep 2004
Posts: 21,624
Orlando, FL
If you have a mortgage... isn't flood insurance required ?

Re: Flood insurance in Houston [Re: Mr Nice] #4502633
08/30/17 06:56 PM
08/30/17 06:56 PM
Joined: Jan 2008
Posts: 10,656
OH
SatinSilver Offline
SatinSilver  Offline
Joined: Jan 2008
Posts: 10,656
OH
Originally Posted By: Mr Nice
If you have a mortgage... isn't flood insurance required ?


Only if you're in a flood zone.

Re: Flood insurance in Houston [Re: SatinSilver] #4502641
08/30/17 07:08 PM
08/30/17 07:08 PM
Joined: Sep 2009
Posts: 15,998
OH
fdcg27 Offline
fdcg27  Offline
Joined: Sep 2009
Posts: 15,998
OH
Originally Posted By: SatinSilver
Originally Posted By: Mr Nice
If you have a mortgage... isn't flood insurance required ?


Only if you're in a flood zone.


Right, and a flood zone is an area that's seen flooding in the past fifty years or so.
Those living in areas not known to flood who have suffered serious flood damage are in a difficult position.
Their homeowner's won't cover the loss but whatever entity owns their mortgage will still require payments each month.
Probable federal government bailout for these folks.
Neither right nor wrong, just a measure to be used in what are desperate times in a populous region.


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Re: Flood insurance in Houston [Re: fdcg27] #4502647
08/30/17 07:19 PM
08/30/17 07:19 PM
Joined: Sep 2010
Posts: 6,986
Texas
4WD Offline
4WD  Offline
Joined: Sep 2010
Posts: 6,986
Texas
I know a guy who was offered 50/50 cost to raise house - and then insurance was lowered to non flood prone rate - it was expensive but a really nice home and paid for ...

Re: Flood insurance in Houston [Re: Donald] #4502660
08/30/17 07:32 PM
08/30/17 07:32 PM
Joined: Mar 2004
Posts: 20,743
Upstate NY
Donald Offline OP
Donald  Offline OP
Joined: Mar 2004
Posts: 20,743
Upstate NY
In reading today one of the things the federal government offers is SBA loans to plain homeowners, not businesses. You pay it back at low interest rates.


2015 Subaru Forester 2.5 engine/CVT
2015 Ford F250 w/Powerstroke
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Re: Flood insurance in Houston [Re: Reddy45] #4502665
08/30/17 07:36 PM
08/30/17 07:36 PM
Joined: May 2017
Posts: 69
Arlen Texas..... (Houston)
TX_1821 Offline
TX_1821  Offline
Joined: May 2017
Posts: 69
Arlen Texas..... (Houston)
Originally Posted By: Reddy45
Are we looking at another govt bailout of the insurance companies? The TX insurance commissioner may push the companies to cover the damages as part of a deal.


The situation will be handled like this guys!!!!!

Please WATCH
https://www.youtube.com/watch?v=wz-PtEJEaqY

LOL LOL LOL


Computers don't make mistakes...What they do they do on purpose"
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Re: Flood insurance in Houston [Re: Reddy45] #4502668
08/30/17 07:41 PM
08/30/17 07:41 PM
Joined: Mar 2004
Posts: 20,743
Upstate NY
Donald Offline OP
Donald  Offline OP
Joined: Mar 2004
Posts: 20,743
Upstate NY
Originally Posted By: Reddy45
Are we looking at another govt bailout of the insurance companies? The TX insurance commissioner may push the companies to cover the damages as part of a deal.


There will certainly be a lot of claims, but most casualty insurance companies have reinsurance. They pay a few billion dollars and the reinsurance company pays the rest.

Last edited by Donald; 08/30/17 07:42 PM.

2015 Subaru Forester 2.5 engine/CVT
2015 Ford F250 w/Powerstroke
2016 Subaru Crosstrek CVT (wife's)
Re: Flood insurance in Houston [Re: Donald] #4502671
08/30/17 07:43 PM
08/30/17 07:43 PM
Joined: May 2014
Posts: 1,227
Minnesota
philipp10 Offline
philipp10  Offline
Joined: May 2014
Posts: 1,227
Minnesota
Guys....the feds are not going to make anyone "whole". Look what happened in New Orleans. They won't, and should NOT pay for homes built where they never should of been built. A good chunk of Houston is built on drained swamps....and never should of been.

Re: Flood insurance in Houston [Re: Donald] #4502674
08/30/17 07:44 PM
08/30/17 07:44 PM
Joined: Aug 2014
Posts: 1,453
Gulf Coast, MS
3800Series Offline
3800Series  Offline
Joined: Aug 2014
Posts: 1,453
Gulf Coast, MS
It will be rigged just like it was during Katrina. If you had flood insurance the damage was due to wind. If you have wind it was water, if it wasn't either it' flood damage in a area where you could not purchase flood insurance.

We lost our home during Katrina and they denied us. Kinda funny how houses where "destroyed" you could go to a block on the coast and on the same block insurance companies would say one was destroyed by water, one by wind, and one anything else they could think of.

It was funny to see them deny you saying your home was destroyed by wind damage since you didn't have it but your neighbors home destroyed because of flood damage which they did not have.

They will look for any out they can to deny as many people as possible. I know claims like this cost a lot and it can bankrupt a company but they where more then happy to take our payments for 30 years in a "high risk" area.

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