Again another person who has not been to Florida. There are MILLIONS of homeowners that #1 do not live directly on the coast and still can not get insurance and #2 They do not own million dollar houses. My parents own a home valued at about $160k that they bought 40 years ago about 5 miles from the coast and they can not get insurance. They now go un-insured! What a joke!!! Get your facts straight before you post!!!
Most of the “million dollar” homes are built with the strictest of building codes, not to mention they pay the “big bucks” to have hurricane resistant windows, doors, etc. something most average homeowners can afford. I know this because my husband builds homes 6 million and above. Typicall these homeowners spend a large amount of money hurricane proofing their homes.
As far as putting earthquake under FEMA if you do your research you will find that the insurance companies still cover for earthquake but are cancelling policies by the hundreds of thousands for hurricane coverage.
Adding wind coverage to the current federal flood and wind insurance program could benefit some policyholders, so why don’t we add fire, theft or maybe even no-fault insurance so the government can cover all of the risks that the insurance companies are paid to cover but can’t seem to pay for. Jeez, let’s screw the consumer twice. And State Farm needs to be sued for their “Good Neighbor” commercials because we all know that that is “bull”. Wake up America!
This is a subsidy giving from some to others via tax dollars. Only this is giving to the rich. The only people who will buy this are those in bad areas that can not get wind coverage in the standard market. Then when FEMA pays out tremendously more than they take in via premiums all of us tax payers get to fit the bill.
what about the flood insurance cap on value? I don’t recall the exact figure, but it won’t begin to rebuild some of the large homes destroyed by ‘wind’.
You know this stuff will be underfunded, the govt always under estimates the issue and then has to go back and ask for more money. Any discount on ‘wind’ damage on our HO policies will conveniently be offset by large increases on fire and earthquake. Realistically, Earthquack coverage makes more sense in the FEMA realm than does wind damage. This problem only sprouted after a levy broke and several thousand people forgot they might want flood coverage for a storm surge in exchange for their location in regards to that large body of water.
So your folks were not aware that being 5 miles from the coast is not only a nice place to live, weather permitting, but that they could place all their assets in peril if a hurricane hit? I never lived in Florida but know enough NOT to build in a flood plain or in hurricane prone areas. I also know to come in out of the rain; I have no compassion for those who do not know better; they’ll get what they deserve, living in a uninsured market….
In 1879 the Corps of Engineers became involved in trying to control flooding and navigation of the Mississippi River. The federal government has been involved with disaster relief for along time. Wind (hurricanes/tornadoes) and water (flooding) have different engineering problems. The federal government/The Corps of Engineers has shown what they can do (the levee system around New Orleans is an example of their engineering capabilities). Also, I find it interesting to note the majority of homes in Ward 9, New Orleans where HUD homes – they built in one of the highest threat flood zones!
Hurricane Andrew caused large property damage. The state of Florida and private industry (insurance, engineers, contractors, and vendors) worked together to address construction and insurance issues. Take a look at Florida’s record after the 2004 hurricane season, way lower property damage, way lower loss of life, and much better response time provide aid to those in need. Florida emergency relief did not take 5 days to get water to emergency shelters (reference FEMA’s Super Dome effort).
I suggest keeping the Federal government out of state issues.
There has always been a cost to living in high risk areas. Insurance is priced so that those who insist on living in those areas pay their own way – instead on having their fellow taxpayers pay. As nature takes its course and wipes out those who cannot afford to stay there it forces the inevitable migration of people to less risky areas (hopefully) or rebuild in safer ways.
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Have you ever been to Florida? Apparently by your comment you have not…that being said you should not post comments!
Again another person who has not been to Florida. There are MILLIONS of homeowners that #1 do not live directly on the coast and still can not get insurance and #2 They do not own million dollar houses. My parents own a home valued at about $160k that they bought 40 years ago about 5 miles from the coast and they can not get insurance. They now go un-insured! What a joke!!! Get your facts straight before you post!!!
Most of the “million dollar” homes are built with the strictest of building codes, not to mention they pay the “big bucks” to have hurricane resistant windows, doors, etc. something most average homeowners can afford. I know this because my husband builds homes 6 million and above. Typicall these homeowners spend a large amount of money hurricane proofing their homes.
As far as putting earthquake under FEMA if you do your research you will find that the insurance companies still cover for earthquake but are cancelling policies by the hundreds of thousands for hurricane coverage.
Adding wind coverage to the current federal flood and wind insurance program could benefit some policyholders, so why don’t we add fire, theft or maybe even no-fault insurance so the government can cover all of the risks that the insurance companies are paid to cover but can’t seem to pay for. Jeez, let’s screw the consumer twice. And State Farm needs to be sued for their “Good Neighbor” commercials because we all know that that is “bull”. Wake up America!
Now we can all help the poor people on the coast of florida to live in their tiny little beachfront properties even more!!
This is a subsidy giving from some to others via tax dollars. Only this is giving to the rich. The only people who will buy this are those in bad areas that can not get wind coverage in the standard market. Then when FEMA pays out tremendously more than they take in via premiums all of us tax payers get to fit the bill.
what about the flood insurance cap on value? I don’t recall the exact figure, but it won’t begin to rebuild some of the large homes destroyed by ‘wind’.
You know this stuff will be underfunded, the govt always under estimates the issue and then has to go back and ask for more money. Any discount on ‘wind’ damage on our HO policies will conveniently be offset by large increases on fire and earthquake. Realistically, Earthquack coverage makes more sense in the FEMA realm than does wind damage. This problem only sprouted after a levy broke and several thousand people forgot they might want flood coverage for a storm surge in exchange for their location in regards to that large body of water.
So your folks were not aware that being 5 miles from the coast is not only a nice place to live, weather permitting, but that they could place all their assets in peril if a hurricane hit? I never lived in Florida but know enough NOT to build in a flood plain or in hurricane prone areas. I also know to come in out of the rain; I have no compassion for those who do not know better; they’ll get what they deserve, living in a uninsured market….
In 1879 the Corps of Engineers became involved in trying to control flooding and navigation of the Mississippi River. The federal government has been involved with disaster relief for along time. Wind (hurricanes/tornadoes) and water (flooding) have different engineering problems. The federal government/The Corps of Engineers has shown what they can do (the levee system around New Orleans is an example of their engineering capabilities). Also, I find it interesting to note the majority of homes in Ward 9, New Orleans where HUD homes – they built in one of the highest threat flood zones!
Hurricane Andrew caused large property damage. The state of Florida and private industry (insurance, engineers, contractors, and vendors) worked together to address construction and insurance issues. Take a look at Florida’s record after the 2004 hurricane season, way lower property damage, way lower loss of life, and much better response time provide aid to those in need. Florida emergency relief did not take 5 days to get water to emergency shelters (reference FEMA’s Super Dome effort).
I suggest keeping the Federal government out of state issues.
There has always been a cost to living in high risk areas. Insurance is priced so that those who insist on living in those areas pay their own way – instead on having their fellow taxpayers pay. As nature takes its course and wipes out those who cannot afford to stay there it forces the inevitable migration of people to less risky areas (hopefully) or rebuild in safer ways.