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Message
SELA Flood insurance keeps going up the permitted 17% or 18% per year...
Posted on 4/19/25 at 7:05 am
Posted on 4/19/25 at 7:05 am
Like homeowners insurance (and most everything else), the flood insurance in southeastern Louisiana goes up every year. Have any of you who are not in a flood zone simply decided to no longer carry the flood insurance?
Thanks.
Thanks.
15
Posted on 4/19/25 at 7:08 am to Zachary
Unless your mortgage is paid off, you have to have it
My neighbor didn’t have it for his nice house and he flooded in 2016 just after dropping it the year before
You can do the hard math on what it takes to repair a flooded house and do some of the work yourself. I don’t have the inside stuff insurance, but I put a lot of milk crates in my attic that I could put that stuff on it. Should it flood
My neighbor didn’t have it for his nice house and he flooded in 2016 just after dropping it the year before
You can do the hard math on what it takes to repair a flooded house and do some of the work yourself. I don’t have the inside stuff insurance, but I put a lot of milk crates in my attic that I could put that stuff on it. Should it flood
Posted on 4/19/25 at 7:15 am to Zachary
What’s the ball park cost? I’ve never carried it.
Posted on 4/19/25 at 7:34 am to Zachary
Construction costs have skyrocketed and we've had some major hurricanes in the last half decade. People keep continuing to return to one of the most disaster prone regions in the United States instead of moving. It's economic Darwinism.
Posted on 4/19/25 at 7:35 am to UptownJoeBrown
You are not required to carry flood insurance with a mortgage if you are in flood zone X. I carry it anyway. It was around $400 per yr until theFlood Risk 2.0 crap. I am now about $1100 per yr with a base increase of 18%. A new home in my area would be approximately $2400 per year
Posted on 4/19/25 at 7:38 am to Daponch
FEMA has never explained how the risk is determined for the new program. My agent told me the Lake Ponchartrain basin has been elevated due to risk of flood due to climate change. Not all policies were elevated he said. Some were decreased in areas where the median income is low.
Posted on 4/19/25 at 7:53 am to Zachary
I’m about one or two more increases away from buying a fricking aqua dam for my home instead. It’s ridiculous.
Posted on 4/19/25 at 7:57 am to Zachary
it floods a lot here.
you could always self insure
you could always self insure
Posted on 4/19/25 at 7:57 am to Daponch
quote:
FEMA has never explained how the risk is determined for the new program.
This is the crux and what has many in local government up in arms. It appears to be based on bullshite rather than fact.
quote:
Some were decreased in areas where the median income is low.
“Equity”
This state has to do something and soon. It costs too damn much to live here.
Posted on 4/19/25 at 8:04 am to elprez00
quote:
Equity
This is the reason for the increase.
I live in Gulf Shores proper. On the island.
Also in flood zone “x”.
Before the 2.0, my flood rate was $550/yr.
After, it was $2400. My home is 3000 sq ft.
My neighbors home is 1900 sq ft, and their rate was $1500.
The federal theory under 2.0 was that since my home is larger, I could afford it.
I type this as a former ins agency owner.
Posted on 4/19/25 at 8:11 am to Zachary
Not in a flood zone and dropped it. Went from being insignificant to pissing me off.
Posted on 4/19/25 at 8:11 am to Daponch
quote:Im in the same situation. Zone X. Got thru both floods unscathed (barely). But man, the premiums are getting as high as a giraffes arse.
I carry it anyway. It was around $400 per yr until theFlood Risk 2.0 crap. I am now about $1100 per yr with a base increase of 18%.
Posted on 4/19/25 at 8:26 am to TDFreak
Fed govt may get rid of it
Posted on 4/19/25 at 8:28 am to TDFreak
I don’t understand why the max coverage can’t be in tiers especially for the lower risk zones. So if someone is paying $1200 for $250,000 max coverage why shouldn’t I be able to choose a $100,000 max policy and have the premium at least cut in half.
Posted on 4/19/25 at 8:29 am to Daponch
quote:
FEMA has never explained how the risk is determined for the new program.
This is what is crazy. They have some proprietary algorithm and won’t disclose it to anyone.
Posted on 4/19/25 at 8:31 am to TDFreak
My base elevation is about 18ft. After seeing the backwater flooding in the BR area in 2016, my primary concern is the large developments being added in St Tammany. In addition to that, St Tammany tried to get voters to agree to fund the DA office and Justice Center with dedicated drainage and roads funds. I think it’s just a matter of time before I am in the bullseye
Posted on 4/19/25 at 8:34 am to Zachary
I never had it as I am in Zone X and the subdivision had never flooded. The foot of water in my house in 2016 changed that. Still Zone X, but Im paying it. It is still just shy of $1000 for me. It will have to get a good bit higher before I drop it. I know what I paid to fix the house.
This post was edited on 4/19/25 at 8:35 am
Posted on 4/19/25 at 8:37 am to Daponch
The agent also told me that there are areas the flood insurance was never intended to cover that has caused additional issues. Mountain cabins are getting coverage to cover mudslides and destroying the program
Posted on 4/19/25 at 8:43 am to Zachary
Tough to pay for flood insurance, but that $120k check after Katrina came in handy.
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