Posted on 10/06/2013 3:54:31 PM PDT by Neidermeyer
Senator Landrieu outlines how the Biggert Waters flood insurance bill was manipulated through the legislative process without ever coming up for a vote in the Senate. This bill is nothing but a tax increase on anyone with property that requires flood insurance... People are now unable to sell property as this is driving away any and all buyers .. if you sell without disclosing the premium increases that will be levied on a new owner (rather than increased incrementally on existing property owners) you will be sued ,, bank on it. This is also impacting hurricane Sandy victims in the Northeast as they are being forced to build to higher standards that cost much more .. while their insurance only covers building to the prior standards .. http://www.youtube.com/watch?v=G7LptibadAE
(Excerpt) Read more at youtube.com ...
But I do understand that building on the beach (or in a flood zone)is not the brightest thing to do.
People do it anyway.
It's an oddly immoral scam, from my viewpoint.
The property owner, the insurance company and the government keep inflating the “value” of a property guaranteed to be destroyed, and when it does get destroyed, the owner is “made whole” via tax dollars.
Tiny bubbles bursting all the time!
We need to get the federal government out of the Flood Insurance business and let the people in Louisiana, Mississippi, Alabama Florida and coastal Texas pay the full amount it cost to insure their property in flood prone areas.
I do not live in a flood prone area. I do not have insurance for flood as I do not need it. However, my insurance policy reflects the companies liabilities for clients that do live in flood prone areas. In effect I am subsidizing the insurance policy of those that do build in flood prone areas.
anyone whose home is within distance of a body of water, even a creek that floods every 100 years, could be subject to this
plus businesses
Look, my FL “FEMA flood zone” property is at 42’ elevation and 16 miles from the coast. It sits 3’ above the high-water mark of an adjacent swamp. For the water to reach my house it would need to be standing 2’ over the roads, fields and orchards, all the way out to the sea and that just ain’t never gonna happen.
Our ground is porous limestone which makes all of FL an aquafer so lots of folks get tagged for ‘flood insurance’ who don’t need it. This year was the wettest in memory and the water never reached higher than 3’ below my property.
I’d love to get rid of my $700 year flood insurance. Won’t ever use it.
The horror of people having to pay market prices for insurance...
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Your sarcasm is appreciated , however it is greatly misplaced.. This , like every government program is HIGHLY inefficient , insurance normally nets the issuer a 5-10% gain with a 90% payout on the premiums ... We in Florida , with a 40+ year sample to give you the most accurate overview have paid in 4X what we have received... and are being assessed 4x that amount again ,, we can therefore expect a return of 1/16th of the premium over time ... ridiculous ..
These aren’t rich people with oceanside mansions (they can pay the premium increase) , many are far inland , most are typical households where an additional $10,000.00 in MANDATORY expenses will crush them ,, we will have abandoned properties everywhere which will not be able to be resold because nobody will pay a $800 mortgage AND a $1200/month insurance bill.
I don’t understand what you are asking me/us to do.
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Repeal an illegally implemented tax increase for one.. notify your congressman.
Second , this isn’t an immoral scam ,,, this is a taking of property..
I’d love to get rid of my $700 year flood insurance. Won’t ever use it.
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Wait til you get your rate increase ,, it’ll be capped at 25% since ownership hasn’t changed ,,, but it’ll likely be in the $3,000/year range which means that if you sell your house the buyer will be paying $250/month for the insurance ,, that will greatly reduce what your property sells for ...
BTW for all here , I am not directly affected by this , I am not required to buy flood insurance in my area (high ground overlooking areas any water would drain into) but this will crush hundreds of thousands of Floridians and millions (5 million) homeowners across the country ..
“This shouldn’t be a gov’t program .. in Florida in the last 40 years the payout has been about 27% ,, a 73% profit margin ... and peoples rates are going up in most cases 400==>500% ...”
Please, PLEASE!
Post some sources, as this will have an effect on the argument.
Ironically, the hard data for many social engineering arguments is available, but not in a form most can either find or understand.
Your sources are a good case in point.
Everyone living in a flood plain should be mandated to pay for my health insurance.
Post some sources, as this will have an effect on the argument. best I can find is this ==> http://www.tampabay.com/news/business/banking/anxiety-spreads-over-soaring-flood-insurance-rates/2140996 many other (newspaper) sources seem to have paywalls..
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I’d be glad to but as with most government programs getting things broken out is difficult ,, they specialize in obfuscation.
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copied from Matt Weidners website (Tampa Lawyer)
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The 2014 Biggert Waters Flood Insurance Ripoff, 10 Key Facts And URGENT Advice For Consumers!
September 28, 2013
by Matt Weidner
Flood Insurance- The Biggert Waters Flood Act
No Comment
The reporting is becoming more and more persistent…people are starting to realize that they’ve lost everything. All the equity in their homes is gone. Entire sectors of the economy have been devastated. Realtors that worked Florida marketplaces can kiss their jobs and livelihoods goodbye.
And while there are whispers of solutions or ways to work around this catastrophe, I can tell you that the changes are here and this problem is not going away. With talk of a complete federal government shutdown, there is zero chance that Congress will do any thing to address this catastrophe and the state is completely incapable of doing so.
florida flood insurance
Photo credit: Val Huffman www.noframes.ca
With that in mind, I wanted to provide 10 Flood Insurance Key Facts that all consumers need to know:
1. Flood insurance rates will rise 25% per year….indefinitely.
2. Florida has 4 times the policies of any other state
3. Florida paid $16 Billion, received just under $4 billion over the 35 year life of the program
4. Florida alone would be paying 60% of the premiums for the entire country.
5. Florida has approximately 2 million flood policies
6. 270,000 Florida properties could face huge flood insurance rate hikes, three times more than the next most-affected state, New Jersey.
7. Pinellas County accounts for 51,000 of the policies impacted by the Biggert-Waters changes
8. 14,484 Hillsborough County properties could lose their subsidized rates over time. In Pasco, the number is 11,413; in Hernando, 1,044; in Citrus, 2,882.
9. Whether you pay a premium of $4500 or $45,000, the maximum payout for flood insurance is $250,000 and paid coverage events are very limited.
And the most important fact:
10. The Biggert Waters Flood Act Will Cause Complete Devastation of Florida Real Estate!
And isn't Sen Landrieu from Louisiana? The state where people build cities on land lower than sea level, right next to the Gulf of Mexico, and many large long rivers?
(And then refused to evacuate when a Cat5 was bearing directly at them)?
Have you ever visited any of the large inland parks in Florida?
Such as “Florida Caverns State Park” in Marianna?
Nice trails and bridge systems, overlooking what the Florida real estate industry doesn't want anyone to know are old sinkholes.
I think many people north of I-10 have now heard of a few cases regarding sinkholes in the last couple of years...
In the interest of fairness, Florida should require all Realtors who sell to out of state land buyers, to take them on a tour of one of the many sinkhole “parks” prior to closing on a property sale.
Property values will drop dramatically, so will property taxes, and perhaps we Floridians can rid the state of liberal Yankee carpetbaggers who come here to declare bankruptcy from their home states!
“best I can find is this “
No LOL!
Look, I’m interested in the problem but your inadvertant, I assume, dishonesty is not helping you.
Be calm despite whatever hardship this law imposes on you if you wish to sway people who aren’t affected -we’re paying for the subsidy after all.
Or be emotional and forget the appeal to reason. But you can’t do both.
“best I can find is this “
No LOL!
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You are not understanding the problem ,, first off that was the best article I could find that was not blocked to general inquiries by a pay wall ... there is tons of information out there ..
Second YOU are not paying any subsidy , the “subsidy” is an accounting gimmick where you are told you’re getting a discount... Floridians are paying 60% of all the premiums and are getting only a 25% return ,, SOME SUBSIDY HEH! Our premiums should go down by at least 50-60% ,, NOT up 500% ..
“Dishonesty?” WTF!
Biggert Waters is a HUGE TAX increase , Obamacare is a HUGE TAX INCREASE , the FED printing UNLIMITED MONEY (but only for their friends) is an INFLATION DRIVER (have you bought food or gasoline in the last few years? has your health insurance pricing stayed stable?) ...
Grow up and open your eyes ... this is all part of the Obama/Democrat/Progressive plan to crush the middle class and make us compliant ; you're pretty damn compliant when you're thrown out of your house and are living in a $150/week efficiency hotel room and living with the help of food stamps.
I am subsidizing the insurance policy of those that do build in flood prone areas.
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Florida pays 60% of the entire countries premiums and gets only 15% of the plans payouts (over a 35 year period) ,, we are subsidizing the entire country and we are among the poorest here ... our median income is very low ..
Since I am a long term Florida resident, but not a property owner, I asked people who I respect about this issue...
They didn't agree with your stance, and patiently explained why this “correction” was long overdue.
It all goes back to many thousands of dishonest individuals scamming a “system”.Some home grown, most are from other states.
We are the premier relocation destination place for the rest of the nations “semi-wealthy,avoiding indictments citizens” to establish new residency, prior to declaring bankruptcy, before the indictments become public knowledge.
The unholy alliance of Florida's notoriously corrupt property developers, insurance companies and government is a fact, with a long and color full history.
Rick Perry is working on getting this fixed , I got a reply from him yesterday , he is trying to get a 1 year delay wherein they can fix this ...
Yes there IS fraud in the system ,, however it is outside the state of Florida , we are the cash cow that is being bled.. our rates should go down ,, and rates in the fraud states should go up .. pretty simple .. instead they are implementing an across the board increase which hurts us disproportionately as we have 60% of all he policies .
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