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More info of the rising cost of waterfront property insurance
http://news.galvestondailynews.com/story.lasso?ewcd=33e3e3469b4fa107
http://news.galvestondailynews.com/story.lasso?ewcd=33e3e3469b4fa107
I live here on Bolivar and have for 8 years. I have set here and watched more homes in Houston flood than I have seen here on Bolivar. Of course this was on TV so I can't say for sure it is true. Just last week there was a lot of homes that got water in them. I didn't have a drop in my house. We had almost 8 inches of rain. I have never filed a claim for flood. I have on windstorm. But then so have people with houses 200 miles from the coast. I don't feel like I have soaked up any Gov tax money that joe schmoe has paid in.Argo said:sounds good to me. why should someones vacation home soak up all of the gov tax dollars that joe schmoe pays into?
From what I understand that is your home, not your vacation home or your second home and it is not a rental property that you make money on. It seems to me that it wouldnt effect you?Bobby said:I live here on Bolivar and have for 8 years. I have set here and watched more homes in Houston flood than I have seen here on Bolivar. Of course this was on TV so I can't say for sure it is true. Just last week there was a lot of homes that got water in them. I didn't have a drop in my house. We had almost 8 inches of rain. I have never filed a claim for flood. I have on windstorm. But then so have people with houses 200 miles from the coast. I don't feel like I have soaked up any Gov tax money that joe schmoe has paid in.
Your right. It wouldn't effect me at this time. But it will in the future.Argo said:From what I understand that is your home, not your vacation home or your second home and it is not a rental property that you make money on. It seems to me that it wouldnt effect you?
Sure you have. 2/3 of your flood insurance is paid by me. It's not your fault, but that's the way it is. I'm tired of my tax money paying for the flood insurance subsidies of the very peeople trying to keep me off "their" beach. Again, not directed at you personally, Bobby...just the way it is set up in general. The proposed new law would simply stop government subsidies for flood insurance premiums. If you choose to build on the beach, your flood and windstorm insurance should cost about 20 times what mine does 90 miles inland, not the same amount I pay.Bobby said:I don't feel like I have soaked up any Gov tax money that joe schmoe has paid in.
manintheboat said:If I read the article correctly, it is only talking about the Federal flood insurance that is subsidized, right? One thing that stood out is that the average annual premium is $400 but the homeowners are only assuming 35% of the real risk. If this goes through, then the average premium will go up to about $1100 for flood insurance. Seems to be not that big of a deal.