I would like to see no federal flood insurance for new construction. Why are we continuing to reward bad building decisions? If the normal insurance market views it as too risky, why should the tax payer guarantee that high risk home?
Ted
How are the levees/reservoirs upstream of Houston doing?
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I think flood coverage should be included as part of all homeowner policies. I've seen too many cases where people think their area is not subject to floods because they aren't required to have flood insurance. ............
Yes, there are. They lost all they had and can't replace it. Some even had homes that weren't destroyed but needed major repairs and to do those repairs required bringing the entire home up to code, which they couldn't afford.
New Orleans faces risk because the dang city is below sea level.
My heart goes out to those affected by the flooding. To me, flooding seems to be so much more disheartening than other types of disasters such as earthquake or wind damage.
At the same time I have to ask, does it make any sense to rebuild homes and businesses in areas we KNOW will flood again? If you choose to live in an area that is dependent on dikes, dams and levees to keep you above water, then it is your responsibility to prepare for that eventuality. You can do that through capitol savings, Insurance, or by building up above any possible flood level. Counting on the federal government to fix things after the fact is not preparation.
BandB,
Requiring the entire home being built up to code will have negative effects and a lot of people will end up patching things. Fortunately, that's not a requirement in most counties in FL. But if the contraction costs of IMPROVEMENTS exceed 50% of the home value, then one has to bring it up to code.
Fortunately the vast amount of repairs will be accomplished without forcing new code requirements, and people will again have a place to live.
With events like this, the best we can do is donate or volunteer if we're local to get people back on their feet. This disaster is probably a thing that will not happen again over a hundred years plus. Unfortunately, it's part of life and we must just get thru it and help others get thru it. We can prepare as best as we can, but can't rebuild the city to new code, that's just not gonna happen.
Ted, I don't tend to disagree with this statement however let me give you an example of what happens down here in the Deep South. You build in an area that had never flooded (until Katrina (Camille was the previous high water standard) and then the Corp of Engineers comes, does a project and the area now becomes a flood zone. This happened in an area of east coastal Mississippi when the Tenn-Tom was built in the 80's due to a flood gate placement. So, are the people who built here are they now penalized because they built there long before flood waters were directed over them? Just a question that has a hard answer. In the long run I bet the people along some sections of Buffalo Bayou will want an answer to that question also.
Seevee... Seems you do not understand the totality that is approaching regarding the global scope of climate change. As ocean waters warm, atmosphere increases its overall temperature, humidity continues to up-tick, trade winds alter their trajectories and oceanic currents sway their courses... well, unfortunatly... we ain't seen nothing yet!
How are the levees/reservoirs upstream of Houston doing?
Coming out of an ice age one would expect to have some warming. I know everyone gets their panties in a wad but things have to play out. But then I think government intervention should be minimized as most things they screw up: post office, congress, VA, taxes, ect come to mind.
BandB
Absolutely not. There should be NO requirement to have insurance and NO forcing people to have flood insurance because that's the only product available.
Let the free market prevail and let folks decide what risk/benefit products are appropriate for them.
Requiring insurance often has a negative effect.
And one can easily argue that flood insurance is a very poor use of dollars. One would be better off if they put the premiums in a piggy bank.
I didn't say a thing about requiring insurance. Just that homeowner's policies include flood coverage. Now most lenders will require insurance and most houses do have mortgages.
They are doing what they were designed to do. THe problem is that they were never designed to handle this sort of pressure. The Addicks Dam is the one with the "uncontrolled release". That means it is just wide open with no metered release. It is supposed to be that way until Sept. 20!!!! IOW, you will have to suffer the coverage of flooding for at least another 3 weeks. Hopefully they were overestimating that. I did hear this morning that there is a small "anomaly" with the damn. One of the gate structures is leaking and potentially compromising the damn. They are already evacuating the people that would be affected be a total breach. But it would be catastrophic for sure.
XSBank....good to hear you have a bit of redneck in you!!!! Thanks for the kind gesture!!!
I didn't say a thing about requiring insurance. Just that homeowner's policies include flood coverage. Now most lenders will require insurance and most houses do have mortgages.
I should also add that I only buy liability insurance on my properties.
I'm not interested in taking away federal flood insurance from those who have it or homes built before my proposed change. I'm interested in stopping new construction that needs to be federally insured against flooding. If the banks and insurance companies say it's too risky without a federal guarantee, then the USA tax payer doesn't need to be guaranteeing it.
Alternatively, I could see limiting flood insurance to $100,000 per house and contents. Some times the poor have limited choices. If you're rich and want to build a McMansion on a sand dune in a flood plane, well then you can afford to self insure.
Ted
Seevee... Seems you do not understand the totality that is approaching regarding the global scope of climate change. As ocean waters warm, atmosphere increases its overall temperature, humidity continues to up-tick, trade winds alter their trajectories and oceanic currents sway their courses... well, unfortunately... we ain't seen nothing yet!