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#4502553 - 08/30/17 05:18 PM Flood insurance in Houston
Donald Offline


Registered: 03/21/04
Posts: 20457
Loc: 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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#4502564 - 08/30/17 05:33 PM Re: Flood insurance in Houston [Re: Donald]
skyactiv Offline


Registered: 03/02/13
Posts: 4397
Loc: 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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#4502575 - 08/30/17 05:43 PM Re: Flood insurance in Houston [Re: Donald]
Reddy45 Offline


Registered: 08/15/08
Posts: 2968
Loc: 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.

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#4502584 - 08/30/17 05:55 PM Re: Flood insurance in Houston [Re: Donald]
eljefino Offline


Registered: 06/15/03
Posts: 32637
Loc: ME
If insurance companies have to divest substantially from the stock market to pay claims it might make a good buying opportunity for others.

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#4502619 - 08/30/17 06:45 PM Re: Flood insurance in Houston [Re: Donald]
FirstNissan Offline


Registered: 12/05/10
Posts: 929
Loc: KY
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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#4502626 - 08/30/17 06:51 PM Re: Flood insurance in Houston [Re: Donald]
fdcg27 Offline


Registered: 09/25/09
Posts: 15699
Loc: 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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#4502631 - 08/30/17 06:55 PM Re: Flood insurance in Houston [Re: Donald]
Mr Nice Offline


Registered: 09/12/04
Posts: 21196
Loc: Orlando, FL
If you have a mortgage... isn't flood insurance required ?

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#4502633 - 08/30/17 06:56 PM Re: Flood insurance in Houston [Re: Mr Nice]
SatinSilver Offline


Registered: 01/24/08
Posts: 10165
Loc: OH
Originally Posted By: Mr Nice
If you have a mortgage... isn't flood insurance required ?


Only if you're in a flood zone.

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#4502641 - 08/30/17 07:08 PM Re: Flood insurance in Houston [Re: SatinSilver]
fdcg27 Offline


Registered: 09/25/09
Posts: 15699
Loc: 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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#4502647 - 08/30/17 07:19 PM Re: Flood insurance in Houston [Re: fdcg27]
4WD Offline


Registered: 09/21/10
Posts: 6377
Loc: 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 ...

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#4502660 - 08/30/17 07:32 PM Re: Flood insurance in Houston [Re: Donald]
Donald Offline


Registered: 03/21/04
Posts: 20457
Loc: 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.
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#4502665 - 08/30/17 07:36 PM Re: Flood insurance in Houston [Re: Reddy45]
TX_1821 Offline


Registered: 05/25/17
Posts: 69
Loc: 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
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#4502668 - 08/30/17 07:41 PM Re: Flood insurance in Houston [Re: Reddy45]
Donald Offline


Registered: 03/21/04
Posts: 20457
Loc: 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.


Edited by Donald (08/30/17 07:42 PM)
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#4502671 - 08/30/17 07:43 PM Re: Flood insurance in Houston [Re: Donald]
philipp10 Offline


Registered: 05/09/14
Posts: 1174
Loc: 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.

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#4502674 - 08/30/17 07:44 PM Re: Flood insurance in Houston [Re: Donald]
3800Series Offline


Registered: 08/02/14
Posts: 1452
Loc: 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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