Florida, insurance and the rest of us.

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  • skuthorp
    Senior Member
    • Jan 2002
    • 73631

    #16
    Re: Florida, insurance and the rest of us.

    Here several towns have been flooded 4 times in nearly 2 years, and fire effects some communities the same way. Those flooded are likely no longer vable and should move with a land swap etc, If available. But not everyone wants to move, and for some it would not be viable in financial terms. Then there's climate change, storm intensity and coastal flooding………….
    Insurance is a business, costs will rise for everyone and many will no longer be able to afford it making costs rise again……...

    Comment

    • Breakaway
      Senior Member
      • Mar 2007
      • 28420

      #17
      Re: Florida, insurance and the rest of us.

      I carry flood insurance. My rate 20, years ago, was maybe $500/ year. It's now about $3500 year.
      During my course of ownership, storm surge flooded me twice. ( Irene and then Sandy.). Both times, about 25K in damages paid for out of insurance. I was paid fairly and promptly. I am at least even, if not ahead.
      There are two kinds of boaters: those who have run aground, and those who lie about it.

      Comment

      • elf
        opinionated crone
        • Sep 2006
        • 19276

        #18
        Re: Florida, insurance and the rest of us.

        Some hard numbers about the state of insurance against this situation in Florida here:

        A society predicated on the assumption that everyone in it should want to get rich is not well situated to become either ethical or imaginative.

        Photographer of sailing and sailboats
        And other things, too.

        http://www.landsedgephoto.photodeck.com

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        • John Smith
          Senior Member
          • Mar 2009
          • 48789

          #19
          Re: Florida, insurance and the rest of us.

          I seem to remember some years back a news story that insurance companies were ceasing flood insurance in areas that were likely to flood.

          I know my friend's deli couldn't get flood insurance, as the agent said it's not a flood zone, as they're having this conversation over a basement full of flood water.
          "Banning books in spite of the 1st amendment, but refusing to regulate guns in spite of "well regulated militia' being in the 2nd amendment makes no sense. Can't think of anyone ever shot by a book

          Comment

          • Too Little Time
            Senior Member
            • Feb 2014
            • 12748

            #20
            Re: Florida, insurance and the rest of us.

            Originally posted by John Smith
            I seem to remember some years back a news story that insurance companies were ceasing flood insurance in areas that were likely to flood.

            I know my friend's deli couldn't get flood insurance, as the agent said it's not a flood zone, as they're having this conversation over a basement full of flood water.
            And yet a quick search found private insurers that specialize in flood insurance anywhere - i.e. not in the government mapped flood zones, willing to insure residences up to $4 million and contents up to $500K. They also insure businesses.

            But like most other insurance, people are reluctant to pay for whatever value it provides.
            Life is complex.

            Comment

            • Chip-skiff
              Wolves Without Borders
              • Jan 2008
              • 22804

              #21
              Re: Florida, insurance and the rest of us.

              Originally posted by Nicholas Carey
              If you live in an official flood zone, FEMA runs the National Flood Insurance Program (NFIP). Your tax dollars at work.
              Just read someplace that only 1/3 of the properties hit by the recent flooding have this insurance.

              Here's a 2019 map of hurricane activity. Seems like some areas are going to be depopulated owing to recurring damage and the high cost of rebuilding to a storm-resistant standard.

              Comment

              • hawkeye54
                Senior Member
                • Mar 2017
                • 7452

                #22
                Re: Florida, insurance and the rest of us.

                I recall reading (some years ago) that a homeowner in Texas was rebuilding his house , after water damage, for the 17th time ! ! Seems to me that after a certain number of incidents, I would locate elsewhere


                Rick
                Charter Member - - Professional Procrastinators Association of America - - putting things off since 1965 " I'll get around to it tomorrow, .... maybe "

                Comment

                • Jack Loudon
                  Seattle
                  • Apr 2020
                  • 868

                  #23
                  Re: Florida, insurance and the rest of us.

                  Originally posted by skuthorp
                  Here several towns have been flooded 4 times in nearly 2 years, and fire effects some communities the same way. Those flooded are likely no longer vable and should move with a land swap etc, If available.
                  Where I grew up in Humboldt County CA there were two really bad floods, in 1955 and again in 1964. The Eel River Valley was like an inland sea, miles across. I remember getting out of high school to load helicopters taking food to towns like Rio Dell, that were cut off. I also remember seeing houses floating down the river, and hundreds of dead cows after the waters receded.

                  After the '64 flood people got the hint. The old townsite of Klamath was condemned and a new town built on higher ground. Some towns, like Pepperwood, were simply abandoned. I don't know for sure, but don't recall much federal or state help to those who lost property. In those days, people didn't automatically expect that the government would help them. They received help closer to home; family, friends, and local businesses. We took families into our home, as did many other townspeople. My father had a hardware store and basically opened his doors to flood victims, gave away half his inventory with no expectation of repayment.

                  Comment

                  • Art Haberland
                    Fluent in Typo
                    • May 2015
                    • 10195

                    #24
                    Re: Florida, insurance and the rest of us.

                    Originally posted by John Smith
                    I don't know if this will matter, but DeSantis, as a congressman, voted AGAINST federal help for NY and NJ behind Sandy.

                    As to insurance, I've seen reports of places where people can no longer get insurance, period.

                    This is one reason why we need the wealthy to pay their fair share of taxes, so the feds can afford to help in these situations.

                    I remember going to two conventions for Postal Employees many years ago. Those in states more expensive to live in tried to get an area wage, which was knocked down by those in the southern states. They literally said to their brothers from the expensive states, "We didn't tell you to live where the cost of living is higher."

                    Next convention, those people were suffering from a hurricane and wanted help. The response they got was, "We didn't tell you to live in hurricane areas."

                    Said something about human nature.
                    Having known a few postal employees. I can 100% believe that.
                    "If you think you are too small to make a difference, try sleeping with a mosquito"

                    -Dalai Lama

                    Comment

                    • michigangeorge
                      Senior Member
                      • Apr 2005
                      • 1364

                      #25
                      Re: Florida, insurance and the rest of us.

                      Originally posted by Boatbum
                      You aren't subsidizing anything. Home and boat insurance is considerably higher in Florida due to the increased hurricane risk and the number of properties that are not built with the latest wind mitigation features.
                      But is the higher cost enough to maintain viable coverage so the insurance companies can actually pay out as needed? As I originally stated - during my 20 years there I was always surprised at the low cost of both home and boat insurance and because the insurance was so cheap I was always over-insured.
                      We are about to find out how the insurance companies handle these losses.
                      When the last tree is cut
                      When the last river is dry
                      When the last fish is caught
                      Only then will Man realize that he cannot eat money.

                      Comment

                      • Dave Hadfield
                        Senior Member
                        • Apr 2000
                        • 7467

                        #26
                        Re: Florida, insurance and the rest of us.

                        Unfortunately insurance is global. The brokers and agencies might be local, but the underwriters are quite likely not.

                        Which means my insurance rate in Canada goes up.

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                        • John Smith
                          Senior Member
                          • Mar 2009
                          • 48789

                          #27
                          Re: Florida, insurance and the rest of us.

                          Originally posted by Art Haberland
                          Having known a few postal employees. I can 100% believe that.
                          I think there was a valid argument for area wages, as postal employees were paid the same regardless of where they lived/worked, and some places are more expensive.

                          Turned out to be a if you don't wash my hand I won't wash yours, which I thought was backwards. But, sadly human.
                          "Banning books in spite of the 1st amendment, but refusing to regulate guns in spite of "well regulated militia' being in the 2nd amendment makes no sense. Can't think of anyone ever shot by a book

                          Comment

                          • RichW
                            Senior Member
                            • Apr 2019
                            • 302

                            #28
                            Re: Florida, insurance and the rest of us.

                            Superstorm Sandy hit the NJ coast line in 2012. The eye came ashore just a few miles from my house across the barrier island in the town of Mantoloking. The barrier island is in the foreground, mainland across the bridge in background. This is the day after Sandy hit. Most of the houses were destroyed. Sandy cut a new inlet through the barrier island right at the base of the bridge. Major damage from wind and storm surge.
                            flood.jpg


                            People forget. Here's the same location today. This is a very wealthy town. The beach front homes go for $10M to $15M. They're still rebuilding 10 years later, and these people have a boatload of money.
                            a.jpg

                            What's a 100 year storm. Huh?!? We had one just 10 years ago. That means we won't have another one for 90 more years. We got nuthin to worry about.

                            Comment

                            • John Smith
                              Senior Member
                              • Mar 2009
                              • 48789

                              #29
                              Re: Florida, insurance and the rest of us.

                              Originally posted by RichW
                              Superstorm Sandy hit the NJ coast line in 2012. The eye came ashore just a few miles from my house across the barrier island in the town of Mantoloking. The barrier island is in the foreground, mainland across the bridge in background. This is the day after Sandy hit. Most of the houses were destroyed. Sandy cut a new inlet through the barrier island right at the base of the bridge. Major damage from wind and storm surge.
                              [ATTACH=CONFIG]120513[/ATTACH]


                              People forget. Here's the same location today. This is a very wealthy town. The beach front homes go for $10M to $15M. They're still rebuilding 10 years later, and these people have a boatload of money.
                              [ATTACH=CONFIG]120514[/ATTACH]

                              What's a 100 year storm. Huh?!? We had one just 10 years ago. That means we won't have another one for 90 more years. We got nuthin to worry about.
                              I don't think 100 years is as long as it used to be.
                              "Banning books in spite of the 1st amendment, but refusing to regulate guns in spite of "well regulated militia' being in the 2nd amendment makes no sense. Can't think of anyone ever shot by a book

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