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Flood insurance

January 21, 2014

Please read and understand fully what everyone is saying about flood insurance rates....

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(47)

susquehannaretriever

Feb-01-14 6:39 PM

If you are concerned about the huge flood insurance premium increases, Join us online at Stopfemanow****. We are a very active national group of homeowners fighting for affordable flood insurance, to repeal and delay Biggert Waters Flood Insurance Reform Act of 2012. We have chapters in every state but need you to help us. Get facts, not rumors, come join Stopfemanow****

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fromtheport

Jan-22-14 3:34 PM

And just because we were smart enough to not by a house in a floodzone doesnt mean we live in a great house on top of a hill.

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fromtheport

Jan-22-14 3:29 PM

Well gavin if the home was flooded 2 times in 10 years causeing $30,000 in damage each time then, that is $60,000/10=$6,000/year. Plus an extra 20% for the insurance to take a profit because it is a buisness trying to make money not a charity. So someone living on broad street should pay about $7200/year. Dont like it to bad your an idiot for buying in a floodzone anyways.

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gavinf56

Jan-22-14 8:44 AM

Agreed.

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Steelman

Jan-22-14 8:00 AM

I am not an insurance salesman; I cannot give you a dollar amount. It is the business that is taking the risk of insuring the property that is responsible for that. If it is a $50,000 homes and they only want to charge a $25,000 low risk rate to them that is their issue. By charging lower rates to the low risk homes and slightly higher rates to the high risk, the accounting should balance out if the company is ran properly. The key is to not load up on the high-risk ventures.

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gavinf56

Jan-22-14 7:41 AM

Yea, nice avoidance of the question, I asked how much should they be paying?

I agree, let the insurance companies and free market take care of it. The problem is the same people are still going to be complaining about their flood insurance rates. That's why the Government took it over in the first place.

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Steelman

Jan-22-14 7:22 AM

cont. else where. It is called a free market.

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Steelman

Jan-22-14 7:21 AM

Does gavinf56 have a money tree in the backyard of his house on the hill? Everything is so simple to him. Give up your house in the flood zone take a huge loss and move elsewhere. If there are 10 rentals and 200 people I am sure that the people renting the homes will not raise their rents to try to get the most they can. The value of the homes will certainly go up (supply and demand) but who will have the money to pay for them? It certainly won’t be the ones who just lost their a**es giving up their homes.

gavinf56 I will take the dare of answering the question. The insurance companies will need to pay for it. They are the ones taking the risk of insuring a high-risk home. Just like auto insurance company if you are a high-risk driver you pay a higher premium. If you have a clean driving record there is no need to be put on a high-risk policy until something happens, regardless of the potential for flooding. If the company you are insured by raises your rate then you look e

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gavinf56

Jan-22-14 5:04 AM

It's easy to say who shouldn't pay, it becomes much harder to say who should pay.

Many of these local communities have for decades, put off flood protection measures due to the cost to the community. Perhaps as an alternative to the flood insurance, these local communities now put into motion the effort to build some flood protection.

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gavinf56

Jan-22-14 4:48 AM

I see no one has dared answer my question from last night. I will ask it again, and we should note there are also houses in other local municipalities that mirror this scenario.

The houses along Broad St. in Montoursville, between Loyalsock Ave. and the Loyalsock Creek, have flooded no less than 3 times in less than 20 years, twice in the past 10.

What kind of flood insurance rates should they be paying?

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farmer

Jan-21-14 10:41 PM

"Scott, I think I've still got the 1st Amendment on my side so if I want to say the First Lady has the butt of a cow I can say it" Zook

Oh please drop the ol' "1st Amendment on my side" crap. No one said you "can't" make stupid, crude, childish, hateful, disrespectful to the readers, not to mention the President's wife, did I mention stupid yet? What I believe Scott was trying to say was, maybe you "shouldn't" say it, because of how stupid,crude, and childish it makes you sound. But by all means, it is your right.

Scott, I hope I wasn't putting words in your mouth.

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farmer

Jan-21-14 10:26 PM

"Just because they have to leave the flood area DOES NOT mean they will be leaving the school district/borough/township. This is nothing more than another attempt at "black mail" gavin

Look Gavin, I'll try to keep this simple. Joe Schmuck has a house in the flood plane. Six months ago it was worth $150k and he has a $100k mortgage on it. If Mr. Schmuck can't afford the extra $1000/month insurance, you say,"Schmuck, just move on out of there". Of course ol' Schmuck still owes $100k to the bank on a house that he can't sell for $50k. Most likely Schmuck isn't going to buy a house elsewhere, because he has just filed for bankruptcy. Schmuck losses, bank losses, tax base gone, Gavin losses. As do we all.

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gavinf56

Jan-21-14 9:30 PM

They gotta live somewhere and not every dwelling is in a flood zone, but you can continue to push that fallacy if it makes you feel better.

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johnathan

Jan-21-14 9:00 PM

gavinf56, Not when those rental units raise the price to pay for the flood insurance!

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TenBears

Jan-21-14 8:57 PM

I find it interesting how while I attended a meeting at DEP's central office, they were really pushing forested riparian buffers along streams and rivers. It was all influenced by FEMA and the Bay special interest groups of course. And now this issue presents itself.

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johnathan

Jan-21-14 8:54 PM

enigma "My premium went from $592 annually to $9,096 annually"

"That means that for all these years the rest of us have been covering that $8,500 for you,"

No, this is where a lot of misunderstanding is, flood insurance policy holders were paying preiums that were being subsidized at 60% which means their actual rate should have been in this case of $598 his full rate should have been $1480, that is $598 / .40 = 1480, 7th grade math, I do not know where FEMA get these new rates and no else does either.

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ToTEXASfromPA

Jan-21-14 8:20 PM

Farmer,

The time period is close because I remember that it was several years after Agnes. It believe it was actually Hurricane Eloise and in 1975. I was told that he (I believe the initials were JW) did it and not the federal government...but it was third party information from 38 years ago.

So what insurance rate should Mr. Waltman pay, how should it be determined, and who should pay for it?

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gavinf56

Jan-21-14 6:15 PM

The houses along Broad St. in Montoursville, between Loyalsock Ave. and the Loyalsock Creek, have flooded no less than 3 times in less than 20 years, twice in the past 10.

What kind of flood insurance rates should they be paying?

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gavinf56

Jan-21-14 4:52 PM

...but they will be able to rent. Either way, demand for living units goes up.

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Tgrammiex4

Jan-21-14 4:49 PM

Supply and demand will then drive up property values, which counters the claim you and the letter writer keep falsely making.- Gavin But those that are forced to walk away from thier homes/ mortgages won't be able to get new mortgages.

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gavinf56

Jan-21-14 4:19 PM

Yea Phil, once we found a home was in a flood zone, we moved on no matter how much we liked the property.

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gavinf56

Jan-21-14 4:17 PM

Yeah there are 100's of houses for sale in the district out of the flood zone??? - Steelman

Supply and demand will then drive up property values, which counters the claim you and the letter writer keep falsely making.

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Tgrammiex4

Jan-21-14 3:02 PM

To insinuate that all people who bought homes in flood zones are stupid is unfair.Not all can afford that house on the hill. Many of us bought within our means.22 yrs. ago when we bought our home, we were told it had only flooded once, in the basement only, in 72'. The property was zoned for a 100 yr. flood.We researched it with the borough and talked to several neighbors who had lived on the street 25yrs.+ before we commited to buy.Back then, our mort. co. didn't even require flood ins. Now we pay taxes & Ins.that are more than our princ. & Int. We can still afford our home. but barely. We didn't buy this home out of ignorance, we bought what we could afford.

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Steelman

Jan-21-14 2:51 PM

gavinf56

Daniel C. Berninger, president and CEO of Muncy Bank & Trust Co., said 40 percent of houses in Muncy are in the flood plain, and about 230 mortgages are in the flood plain.

Sounds reasonable.

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Steelman

Jan-21-14 2:43 PM

Just because they have to leave the flood area DOES NOT mean they will be leaving the school district/borough/township. This is nothing more than another attempt at "black mail"......Gavinf56

Yeah there are 100's of houses for sale in the district out of the flood zone???

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