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Because, crucially, your mortgage may require you to buy insurance in flood plains. And it can be quite expensive. see also https://qz.com/1063985/hurricane-h
by x0x0 9y ago
Because, crucially, your mortgage may require you to buy insurance in flood plains. And it can be quite expensive.
see also https://qz.com/1063985/hurricane-harvey-why-85-of-homeowners-in-houston-dont-have-federal-flood-insurance/ https://qz.com/1063985/hurricane-harvey-why-85-of-homeowners...
There's gonna be lots of screaming when homeowners in Houston realize how much flood insurance is going to cost them in the future. We all got a preview of this in coastal Florida.
- cat199 9y agoPretty much everyone knows it's a good idea to get flood insurance in Houston.. We still get lots of localized downpours, floodplane or no, which can easily overwhelm local drainage, etc. Whether they actually do it or not is another idea
- mannykannot 9y agoI am aware that flood insurance itself is subject to government influence - e.g. the National Flood Insurance Program, and possibly state regulation (even in Texas) - but I don't know the details. Does it result in premiums being affected by official flood-zone designations? As you appear to be in or near Houston, I hope things are OK with you and your family.
- cat199 9y agonon homeowner, and haven't spoken to many, so no clear inisght. all well here, many people I know or are aware of are affected, thanks.