Flood Insurance

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pmconusa
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Joined: 04/20/2000 - 12:01am
Flood Insurance

Listed below are items not covered in the government’s flood insurance program. The government manages this program because private insurers do not want to undertake the risk of loss. For other forms of insurance, probability statistics make it possible for insurers to calculate the probability of occurrence so that what they have to pay out is always less than what they take in in the way of premiums. It is why many insurers dropped out of the market under Obamacare, because they could not accurately predict the number of claims by those who had preexisting conditions. For those who took the risk, it was only after they raised the premiums on existing policy holders and raised the deductible that many of them were willing to take the risk.

Health insurance does not affect the availability or cost of healthcare, only the ability to pay for it. The healthcare industry, including their insurers are a protected monopoly which is why the cost of healthcare continues to rise.

"Property coverage: Damage caused by moisture, mildew, or mold that could have been avoided by the property owner. Currency, precious metals, and valuable papers such as stock certificates. Property and belongings outside of a building such as trees, plants, wells, septic systems, walks, decks, patios, fences, seawalls, hot tubs, and swimming pools. Living expenses such as temporary housing. Financial losses caused by business interruption or loss of use of insured property. Most self-propelled vehicles such as cars, including their parts (see Section IV.5 in your policy)."

The premiums charged by the government for flood insurance depends on the flood probability in various areas. These are qualified in zones of probability from 1% up. Anyone who borrows to build a home in these areas must obtain and pay for flood insurance. If you are not in these areas or own your home or rental property, this insurance is optional, meaning and loss due to flood would not be covered.

You will note from the exclusions that temporary living expenses are not covered nor are automobiles on the assumption anyone fearing flooding has had time to move their vehicles to higher ground.

The government will soon begin the program of paying those who obtained flood insurance and loaning money to those who didn’t. Neither of these methods is covered by the responsibilities of government in the original Constitution or the constitutions of any of the states. Like the money taken in to provide Social Security payments to those over 65, it is not put in trust to cover payments but to cover other government spending, the majority of which is also an unconstitutional incursion into the pockets of the taxpayers or worse, the perennial printing of money in the form of government borrowing from itself through the private banks.
Private charity through organizations such as the Red Cross and Salvation Army will provide clothing and food for a time until the people affected get on their feet and the towns will provide temporary shelter in public buildings until people can return to their homes.

Unfortunately, no money will be loaned to anyone unemployed and the hardest hit will be those unemployed living on the retirement income of their parents and not eligible for other government welfare programs. These will add to the ranks of the homeless and be unable to qualify for the numerous unconstitutional benefit programs provided by the government.

The above scenario is a characteristic of the economic system employed by every government in history where it is the government who determines who gets how much of what through the tax code. Where this leads is manifest in the mass migration of humanity now rampant in many parts of the world which is exacerbated by the continual increase of population. God encouraged His people to “go forth and multiply”. He should have qualified it by insisting that the multiplication stop at replacement when the production of food to fuel life is equal to its consumption. What we are seeing is not only multiplication beyond replacement but addition (legal and illegal immigration) and it is unsustainable.

Robert Reed
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Last seen: 4 days 3 hours ago
Joined: 11/08/2007 - 1:53pm
Looking at a camp on spring

Looking at a camp on spring fed pond and was told in addition to homeowners $437 a year, I would be required to but flood insurance based on some Texas company deciding that the front steps were in the flood zone they designated...$1,077 a year was the quote for the insurance...ridiculous! Camp up on 2 foot risers, no basement and a small spring fed pond that cannot possibly flood given its location..what a scam!

PressMan247
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Joined: 10/08/2008 - 7:59pm
We have a small camp, on

We have a small camp, on posts, next to a lake in Maine and used it as collateral to purchase a small business. The government forces us to carry flood insurance. (SBA Loan) It's a crock. The property has flooded before, but it doesn't effect the cabin or the land. The whole cabin could be rebuilt in a 3 day weekend for less than $10,000 in materials, yet we're forced to carry $1500 year after year. The policy has a $10,000 deductible. Such a crock.

anonymous_coward
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Last seen: 4 days 23 hours ago
Joined: 10/21/2016 - 12:18pm
"We have a small camp, on

"We have a small camp, on posts, next to a lake in Maine and used it as collateral to purchase a small business. The government forces us to carry flood insurance. (SBA Loan) It's a crock. The property has flooded before, but it doesn't effect the cabin or the land. The whole cabin could be rebuilt in a 3 day weekend for less than $10,000 in materials, yet we're forced to carry $1500 year after year. The policy has a $10,000 deductible. Such a crock."

Huh the math doesn't work out on that. Unless the valuation on the rebuild is inflated, there's no way a $10,000 policy costs $1500. How much rebuild does the policy cover?

PressMan247
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Last seen: 1 hour 1 min ago
Joined: 10/08/2008 - 7:59pm
The tax assessed value of

The tax assessed value of the property... Around $140K
But the value is in the land, not the cabin.

Matt
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Last seen: 1 hour 11 min ago
Joined: 01/21/2008 - 6:21pm
I guess when you borrow money

I guess when you borrow money through a gummint program you can't really complain about how they secure the loan. There's always a regular bank loan.

anonymous_coward
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Last seen: 4 days 23 hours ago
Joined: 10/21/2016 - 12:18pm
"The tax assessed value of

"The tax assessed value of the property... Around $140K
But the value is in the land, not the cabin."

The policy is overinsured. Have you brought this up with the insurer? Or do you just like to keep it that way so you can complain about it on AMG?

pmconusa
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Last seen: 2 days 10 hours ago
Joined: 04/20/2000 - 12:01am
The government doesn't force

The government doesn't force you to buy flood insurance, the bank does. It does that to protect its investment until you pay the mortgage. If you own the land with nothing on it insurance is a waste of money unless it stays flooded and you would have to look elsewhere if you wanted to replace your ownership in another location. With any insurance on property you are continually having to increase coverage and premiums due to inflation because the insurance buys you a similar product but at higher cost than the original. Or, you could get the government to switch to the type of economy described in my book The Real Economy and then there would be no inflation.

pmconusa
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Last seen: 2 days 10 hours ago
Joined: 04/20/2000 - 12:01am
The government doesn't force

oops

Robert Reed
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Last seen: 4 days 3 hours ago
Joined: 11/08/2007 - 1:53pm
Just found out about fllod

Just found out about fllod insurance when inquiring about a camp..on a pond,,, significantly aobut the water lebels, flooding not possible given where water would move to..but yep some company from Texas that the state hired to review says the cabin is in a flood plain...$100,000 coverage $1,000 deductible....$1242 a year...the homeowners is only $437....this is ridiculous...

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