First off, while the NFIP sets the rates, don’t think for a minute that Congress doesn’t have significant influence on the rate making. A recent example is the recent rule that property owners in remapped SFHAs can purchase a PRP for two years before they pay the “actuarally sound” rates.
Don’t forget that Congress limited rate increases to 10% until this year.
With regard to bailing out the uninsured – its called a SBA Loan. Yes there is some grant monewy for additional living expense, but it is dependent upon the “victim’s” income. In short, Joe Average won’t qualify.
Lastly, there is floor legislation being introduced where the pre-FIRM “subsidized” rates will only apply to primary residences – not to secondary vacation homes. That ought to make the guy in Oklahoma fell warm & fuzzy about his tax dollars no longer being spent to redistribute wealth by providing cheap insurance to affluent ocean front property owners.
People in high flood activity areas: If you have a flood in your home or business and you CHOSE not purchased flood insurance, NO MONEY FOR YOU FROM THE GOVERNMENT. EVER. period.
Look how easy that was,not even a whole sheet of paper for this bill!
i want all the multi-million dollar homes to have their flood insurance stop being subsidized by the taxpayer – not. it will not happen, the millionaires have to many idiots making $500K to support their case
Hope everyone who is buying property in a special hazard flood area gets their loans closed today, especially if the loan is with a natioanlly chartered bank. Fed regulations require that NFIP flood insurance be in place in order for the loan to close. I’ve warned all my borrowers to get their policies submitted and paid for by today if they want to get their loans closed on time.
Not everyone living on the Gulf Coast has waterfront mansions. Houston is one of the largest ports in the world not to mention our refinery’s, medical center and NASA. People have to live here to work here an it hurts the whole country if people can’t afford to live in area’s where there are jobs. Very good and hard working people live in flood prone area’s and should be able to purchase the coverage they need. Floods happen everywhere, not just in Coastal areas…remember NASHVILLE?
EXACTLY! Senator Vitter from LA tried to convince Reid to take the flood reauthorization out of the Tax Extenders Bill but he said no – he wanted the bargaining chip. Who loses as usual the general public.
And when does earthquake “season” begin again? NEVER! You want me to subsidize your hard-working people? You can subsidize our completely unpredicatable hazard of earthquake. Sorry, not buyin’ what you’re sellin’.
We have updated our privacy policy to be more clear and meet the new requirements of the GDPR. By continuing to use our site, you accept our revised Privacy Policy.
First off, while the NFIP sets the rates, don’t think for a minute that Congress doesn’t have significant influence on the rate making. A recent example is the recent rule that property owners in remapped SFHAs can purchase a PRP for two years before they pay the “actuarally sound” rates.
Don’t forget that Congress limited rate increases to 10% until this year.
With regard to bailing out the uninsured – its called a SBA Loan. Yes there is some grant monewy for additional living expense, but it is dependent upon the “victim’s” income. In short, Joe Average won’t qualify.
Lastly, there is floor legislation being introduced where the pre-FIRM “subsidized” rates will only apply to primary residences – not to secondary vacation homes. That ought to make the guy in Oklahoma fell warm & fuzzy about his tax dollars no longer being spent to redistribute wealth by providing cheap insurance to affluent ocean front property owners.
Don’t tempt us… lol
Here is how the bill should read:
People in high flood activity areas: If you have a flood in your home or business and you CHOSE not purchased flood insurance, NO MONEY FOR YOU FROM THE GOVERNMENT. EVER. period.
Look how easy that was,not even a whole sheet of paper for this bill!
i want all the multi-million dollar homes to have their flood insurance stop being subsidized by the taxpayer – not. it will not happen, the millionaires have to many idiots making $500K to support their case
Bravo.
Your simple solution proves you are more capable of running this country than Osamba.
Why is it that inept politicians have no common sense?
November (and soft market) couldn’t come fast enough. I like Nerd’s idea of stocking up on aspirin.
Hope everyone who is buying property in a special hazard flood area gets their loans closed today, especially if the loan is with a natioanlly chartered bank. Fed regulations require that NFIP flood insurance be in place in order for the loan to close. I’ve warned all my borrowers to get their policies submitted and paid for by today if they want to get their loans closed on time.
Not everyone living on the Gulf Coast has waterfront mansions. Houston is one of the largest ports in the world not to mention our refinery’s, medical center and NASA. People have to live here to work here an it hurts the whole country if people can’t afford to live in area’s where there are jobs. Very good and hard working people live in flood prone area’s and should be able to purchase the coverage they need. Floods happen everywhere, not just in Coastal areas…remember NASHVILLE?
EXACTLY! Senator Vitter from LA tried to convince Reid to take the flood reauthorization out of the Tax Extenders Bill but he said no – he wanted the bargaining chip. Who loses as usual the general public.
Well said FL Agent. Very few really understand this program.
And when does earthquake “season” begin again? NEVER! You want me to subsidize your hard-working people? You can subsidize our completely unpredicatable hazard of earthquake. Sorry, not buyin’ what you’re sellin’.