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National Flood Insurance Program

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I can't speak for condos, but for a single-family home not in a flood zone, 100 yards from the beach, and about 35 feet higher than beach level, it costs $348 a year for the maximum coverage allowed through NFIP ($250,000 building/$100,000 contents). Just got the statement yesterday. We purchased flood insurance after hearing about Katrina victims who were not reimbursed by their insurance companies because they were told that their homes were damaged by a flood, not a hurricane.
 
Beach Runner said:
I can't speak for condos, but for a single-family home not in a flood zone, 100 yards from the beach, and about 35 feet higher than beach level, it costs $348 a year for the maximum coverage allowed through NFIP ($250,000 building/$100,000 contents). Just got the statement yesterday. We purchased flood insurance after hearing about Katrina victims who were not reimbursed by their insurance companies because they were told that their homes were damaged by a flood, not a hurricane.
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A lot of that was insurance companies (State Farm was one major example) weaseling out of claims.
 
Beach Runner said:
I know. But I just didn't want to take a chance.
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I don't blame you, just wait until you are the homeowner in the middle. Flood insurance claiming it's wind damage and home owners insurance claiming it's flood damage. Some friends of ours gave up and moved to Atlanta after Katrina.
 
Beach Runner said:
Don't tell me that dispute could be a possibility. I thought we had it covered. :bang:
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I had a friend of mine, Ph, D. in Coastal Engineering, hired to decide that fact for many properties in Mississippi. Was it the flood from the Gulf or because the structure was damaged and it was rained into? A qualified person can make that call fairly easily. Typically it was the flood and not wind/rain and these properties were located in flood zone X so they had never purchased the optional insurance and lost everything. Needless to say, I don't trust the flood maps in many areas.
 
BeachSiO2 said:
I had a friend of mine, Ph, D. in Coastal Engineering, hired to decide that fact for many properties in Mississippi. Was it the flood from the Gulf or because the structure was damaged and it was rained into? A qualified person can make that call fairly easily. Typically it was the flood and not wind/rain and these properties were located in flood zone X so they had never purchased the optional insurance and lost everything. Needless to say, I don't trust the flood maps in many areas.
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If you're religious you shouldn't trust any flood map. ;-)
 
So basically every 100 years, the condo in a VE zone was given a 100% chance of being destroyed with a flood and wind.
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Incorrect. 100 year flood risk means that in any given one year, there is a 1% chance of a 100 year flood. You could have two of them in a row - if there was one last year, the risk for this year does not change. You could go two hundred years without one, and likewise, the risk this year does not change.
 
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