ownyourfuture
Thinks s/he gets paid by the post
- Joined
- Jun 18, 2013
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- 1,561
There was a couple other threads related to this here at ERF, but neither one addressed the questions I have.
The following is from an article I read yesterday:
With 1,350 miles of coastline, the most in the continental United States, Florida has roughly 2.5 million homes in hazard zones, more than three times that of any other state, FEMA estimates. And yet, across Florida's 38 coastal counties, just 42 percent of these homes are covered.
Florida's overall flood insurance rate for hazard-zone homes is just 41 percent. Fannie Mae ostensibly requires mortgage lenders to make sure property owners buy this insurance to qualify for federally backed loans, and yet in 59 percent of the cases, that insurance isn't being paid for.
Average annual premiums range from about $4,200 in Horseshoe Beach, a town of 169 residents on the Gulf Coast where 78 percent of policies have been dropped since 2012, down to about $200 in several cities. In most, it's between $300 and $500.
I had to look up what ostensibly means
adverb
apparently or purportedly, but perhaps not actually.
In the counties being under at least partial evacuation orders Wednesday (Collier, Broward, Monroe and Miami-Dade), where 1.3 million houses are estimated to be in flood hazard zones, the percentage is an even lower 34.3 percent.
Question 1: If the 4 counties mentioned above, are all severely impacted by the hurricane, will the homes that didn't purchase FEMA insurance be covered anyway ?
Question 2: I live in South Central Minnesota. (Non-Flood Risk Area)
My house is a special energy efficient design. All 3 bedrooms are in the basement, & except for the laundry, bathroom, & furnace area, it's all carpeted.
Since I bought it about 24 years ago, there's been 9 or 10 instances of torrential rain's. Up to 11 or 12 inches in a 24 hour period.
Luckily for me, the power was never was out during any of these, & my Zoeller sump-pump never failed. (put in a brand new one a couple months ago AAMOF) Unfortunately, I can't say the same for many of my neighbors.
I talked to my agent yesterday to see how much flood insurance would cost.
(I have a 5k deductable)
Flood coverage would cost – 425.00/year. The deductible is 1250, FEMA doesn’t allow a 5K deductible for this policy. 150K in building coverage, 60K in contents coverage.
Next level is 200K in building coverage and 80K in contents coverage for 467.00/year.
I guess this question is pretty much the same as the 1st, except I'm personalizing it for myself. If I didn't purchase the flood insurance, & next summer we had 20 inches of rain in one day, and for whatever reason my basement flooded, would I be covered in any way ?
Thanks
The following is from an article I read yesterday:
With 1,350 miles of coastline, the most in the continental United States, Florida has roughly 2.5 million homes in hazard zones, more than three times that of any other state, FEMA estimates. And yet, across Florida's 38 coastal counties, just 42 percent of these homes are covered.
Florida's overall flood insurance rate for hazard-zone homes is just 41 percent. Fannie Mae ostensibly requires mortgage lenders to make sure property owners buy this insurance to qualify for federally backed loans, and yet in 59 percent of the cases, that insurance isn't being paid for.
Average annual premiums range from about $4,200 in Horseshoe Beach, a town of 169 residents on the Gulf Coast where 78 percent of policies have been dropped since 2012, down to about $200 in several cities. In most, it's between $300 and $500.
I had to look up what ostensibly means
adverb
apparently or purportedly, but perhaps not actually.
In the counties being under at least partial evacuation orders Wednesday (Collier, Broward, Monroe and Miami-Dade), where 1.3 million houses are estimated to be in flood hazard zones, the percentage is an even lower 34.3 percent.
Question 1: If the 4 counties mentioned above, are all severely impacted by the hurricane, will the homes that didn't purchase FEMA insurance be covered anyway ?
Question 2: I live in South Central Minnesota. (Non-Flood Risk Area)
My house is a special energy efficient design. All 3 bedrooms are in the basement, & except for the laundry, bathroom, & furnace area, it's all carpeted.
Since I bought it about 24 years ago, there's been 9 or 10 instances of torrential rain's. Up to 11 or 12 inches in a 24 hour period.
Luckily for me, the power was never was out during any of these, & my Zoeller sump-pump never failed. (put in a brand new one a couple months ago AAMOF) Unfortunately, I can't say the same for many of my neighbors.
I talked to my agent yesterday to see how much flood insurance would cost.
(I have a 5k deductable)
Flood coverage would cost – 425.00/year. The deductible is 1250, FEMA doesn’t allow a 5K deductible for this policy. 150K in building coverage, 60K in contents coverage.
Next level is 200K in building coverage and 80K in contents coverage for 467.00/year.
I guess this question is pretty much the same as the 1st, except I'm personalizing it for myself. If I didn't purchase the flood insurance, & next summer we had 20 inches of rain in one day, and for whatever reason my basement flooded, would I be covered in any way ?
Thanks
