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Started By
Message
Flood insurance rates went up again
Posted on 5/1/23 at 6:39 pm
Posted on 5/1/23 at 6:39 pm
Just an FYi for ya'll
2021 was somewhere around $500
2022 was $688
2023 $800
Louisiana, flood zone x, north of I12
2021 was somewhere around $500
2022 was $688
2023 $800
Louisiana, flood zone x, north of I12
14
Posted on 5/1/23 at 6:46 pm to indytiger
quote:
north of I12
Posted on 5/1/23 at 6:48 pm to indytiger
Prepare your butthole it’s going up 18% each year til you hit your actual new rate.
I got my new construction in Metairie this year and it’s already at the new 2.0 rate at $1500. Make sure you get your house surveyed, it can help reduce your rate possibly
I got my new construction in Metairie this year and it’s already at the new 2.0 rate at $1500. Make sure you get your house surveyed, it can help reduce your rate possibly
This post was edited on 5/1/23 at 6:50 pm
Posted on 5/1/23 at 7:07 pm to indytiger
Still 0 for me in Cenla
Posted on 5/1/23 at 7:10 pm to indytiger
You should look into the private market.
Posted on 5/1/23 at 10:47 pm to indytiger
I know someone paying $650ish for a rate that would be >$6,000 if not for the 18% annual increase caps.
Risk 2.0 is basically death to LA housing market.
Risk 2.0 is basically death to LA housing market.
Posted on 5/1/23 at 10:58 pm to indytiger
I’ve had the same trend and costs as you, also zone X. Other posters are correct on the percentage increases. I’m considering dropping as we’re on an “island” of higher elevation (south of I12). I have 10 days to decide lol.
This post was edited on 5/1/23 at 11:00 pm
Posted on 5/2/23 at 5:17 am to indytiger
In 2012 that rate was $365/yr when I bought my house. Zone X in BR.
Sold house in 2022 just before it renewed but 2021 was in the $500 range.
New house is much higher compared to 2016 flood levels so I don’t carry flood. Purposely bought a house that didn’t require flood
Sold house in 2022 just before it renewed but 2021 was in the $500 range.
New house is much higher compared to 2016 flood levels so I don’t carry flood. Purposely bought a house that didn’t require flood
Posted on 5/2/23 at 5:27 am to slackster
Do it. Get one of these for prevention purposes.
Posted on 5/2/23 at 6:21 am to indytiger
Look at your most recent declarations page (not the renewal notice). The dec page should show the full risk rate before credit for the 18% max annual increase cap….usually at the bottom where the fees and stuff are itemized. Thats the rate you can eventually look forward too
Posted on 5/2/23 at 6:28 am to meeple
quote:
I’ve had the same trend and costs as you, also zone X. Other posters are correct on the percentage increases. I’m considering dropping as we’re on an “island” of higher elevation (south of I12). I have 10 days to decide lol.
The downside to dropping is that if you do decide to sell, up won’t be able to transfer your policy. Not a huge deal if you’ll be in the house forever.
This post was edited on 5/2/23 at 6:29 am
Posted on 5/2/23 at 6:50 am to slackster
The program is doomed to failure as folks like me drop the coverage. Of course I am in an X 180 feet above sea level with no river or creeks near me. Still, people will drop at even faster as their homeowners insurance continues to put the squeeze on them.
Posted on 5/2/23 at 7:26 am to SaintsTiger
quote:
Do it. Get one of these for prevention purposes.
Those things are amazing, but astronomically expensive.
Posted on 5/2/23 at 7:35 am to blueboxer1119
Posted on 5/2/23 at 8:22 am to slackster
quote:
The downside to dropping is that if you do decide to sell, up won’t be able to transfer your policy. Not a huge deal if you’ll be in the house forever.
Wouldn't the new owners just go get a new policy if they want flood insurance? I've never heard of this being a disadvantage when selling.... can you please elaborate?
Posted on 5/2/23 at 8:27 am to meeple
Buyers can assume the flood insurance policy. So if you have one in place and your future rate is horrible, the buyer won’t feel that immediately.
Posted on 5/2/23 at 8:55 am to indytiger
quote:
Just an FYi for ya'll
2021 was somewhere around $500
2022 was $688
2023 $800
Louisiana, flood zone x, north of I12
YOU'RE house risk is going up. Not just "rates".... you're getting your annual 18% max rate increase until you reach your full real premium.
Posted on 5/2/23 at 8:59 am to Chad504boy
There’s really no defending the practice of what they are doing. It’s an “arbitrary” risk that wasn’t in place when everyone bought their homes. The government didn’t collect proper premiums for years and now we have to pay for their failures. It sucks for the region and potential home buyers
Posted on 5/2/23 at 9:02 am to jsk020
quote:
and now we have to pay for their failures.
No, you're paying for the actual risk of flooding now. Lots of politics went into previous play of getting land "Zoned" into preferred flood zones yet they had a high risk of actually flooding.
Posted on 5/2/23 at 9:21 am to indytiger
I just got a quote out of curiosity- 2750 sf, Flood Zone X, $250/100, $1,073/yr. I carried it for a few years when it was $350-400, but dropped it. Our neighborhood is about 20 ft above the Red River, and we didn't flood in the Great Flood of 2015, so I feel pretty good about my chances.
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