[stargazer]

More info of the rising cost of waterfront property insurance

http://news.galvestondailynews.com/story.lasso?ewcd=33e3e3469b4fa107

 

[speckle-catcher]

I think everyone needs to read that article very carefully.

 

[troy merrill]

Interesting, no doubt. If it passed, I wonder what it would do to West End demand? The properties I see going up don't look the owners are too worried about the cost of insurance.

The rest of us, barely hanging on.....not good.

 

[ShadMan]

Sounds like a plan to me. Government subsidy of flood insurance premiums for people who choose to build in harm's way is BS. If you choose to build in a stupid location, you pay the price.

 

[Syncerus]

I'm with you, Shad.

Let's build a multi-million dollar structure below sea level.

Not.

Syncerus

 

[speckle-catcher]

The proposed bill affects much more than beachfront property owners.

 

[Argo]

sounds good to me. why should someones vacation home soak up all of the gov tax dollars that joe schmoe pays into?

 

[stargazer]

Yea it does SC. Alot of folks will feel this one. Lakes, creeks, rivers to say the least.

 

[speckle-catcher]

I think there a few good points to the bill listed at the end of the article - specifically were it refers to repeat floodees and removing subsidies from those properties...but all in all I think it's a poor attempt at fixing a broken system.

 

[word-doctor]

My new hero

is Richard Shelby. It bothers me a whole lot when people assault publicly funded work (such as schools), claiming that private enterprise is always more efficient. Yet those same folks either are not aware (as was noted of one real estate person in the article) or are addicted to, government subsidies. Sure, houses are cheaper the further you drive, but you're driving on roads that we all pay for, using subsidized gas; and if your car is a "Big Three" it's been subsidized through repeated government help (or bailouts, in the case of Chrysler)...

I know this thread is supposed to be politics free, but I'll hopefully not have to cut my own peach switch because I didn't mention political affiliations--this cuts across everyone.

 

[Bobby]

sounds good to me. why should someones vacation home soak up all of the gov tax dollars that joe schmoe pays into?

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.

 

[InfamousJ]

I think it is a bunch of you know what an they have still yet to figure out a common sense way to solve it. They said businesses are also included... more power to them. Lets not have anything within 100 miles of the coast then. How about that? No marinas, no boat ramps, no bait stands, no hospitals, nothing. These idiots need to look at Social Security, border security, and government mismanagement of our lives (taxes, spending, etc.) before they should try to glorify themselves with a flood insurance plan. Give me a break.


LOL

 

[stargazer]

Im not sure I follow ya Word Doctor...as for the Realtor mentioned in the article it all about money. His livleyhood is whether houses sell or not. So no home sales...no income, and I think if this bill is put into effect, the home sales in all of the areas of the 100 year flood plain, not only beachfront will be affected.

I am not for my tax money going to rebuild someones home that has been repeatily flooded.

Thinking out loud here, but If your home is flooded and you file a claim, that is the last time you are elgible to recieve a gov sub. If you rebuild there again...its on your own nickle, and yes where I live falls into the criteria. If I flood and have to rebuild, It should be on my nickle.

 

[Argo]

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.

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?

 

[MsAddicted]

I agree Bobby. Granted we (Thomas and I) havent been here very long but we know we arent going to flood excepting during a storm surge. Lots of rain - nope, just drains into the bay. Doesnt matter how much rain. Now a big storm, sure. But then like you said Bobby, that affects people 200 miles inland. All of the elevated houses are essentially uninsurable for the ground level portion anyway.

Its these folks that are going to be hit hardest I bet. "Properties near dams and levees and within a 100-year floodplain would have to have flood insurance." How much of Texas does that cover?

And yes, you are correct Argo, according to the wording of the article. However, its just a matter of time wouldnt you think?

 

[Bobby]

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?

Your right. It wouldn't effect me at this time. But it will in the future.

 

[manintheboat]

Bobby,

did I read your posts correctly that you have tropical windstorm, but not flood insurance?

 

[manintheboat]

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.

 

[ShadMan]

I don't feel like I have soaked up any Gov tax money that joe schmoe has paid in.

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.

 

[InfamousJ]

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.

I quit reading at the sentence... "Causing a stir is a proposed bill by Sen. Richard Shelby that would dramatically increase the cost of federal flood insurance for owners of second homes, investment properties and businesses."

Price is no big deal, question is what are they going to do with the extra money? Deduct some off Shaddy's bill? I doubt it.