4 ms·

>only 20% of homeowners have flood insurance. Whoa. So, what happens? You're up a creek without a paddle or do you sell the land or...? Seems crippling to that

• SoMisanthrope 9y ago
  I for one do not want to have to bale out those whom didn't have a flood rider, unsing my hard earned money via taxes. Flood riders are a readily available insurance product... and generally inexpensive. Shame on them for not having it. Personally, my first house was near a creek and I thought that I was plenty far away from it... no problem. But something told me to add a flood rider, just in case. An extra $88 per year and I was covered. Two years later, biggest storm in 50 year knocked out the power and the creek swelled to historic highs. My finished basement had three feet of water in it, before the power was restored. I got coverage and it paid off. If you don't get the coverage, that's your problem. Go ahead, down-moderate me. I don't care.
• nvahalik 9y ago
  Most people will likely qualify for Disaster Assistance[1]. The issue is that flooding is a hard thing to cover because it's an expensive risk to ensure. Plus unlike things like tornadoes, hail storms, or theft, floods always affect a large number of people. Private insurance pretty much refuse to cover these types of things because it's hard to spread stuff out. That's why stuff like the NFIP[2] and the TWIA[3] exist—because the government can pool it over the entire area (at least, in theory). [1]: https://www.disasterassistance.gov https://www.disasterassistance.gov [2]: https://en.wikipedia.org/wiki/National_Flood_Insurance_Program https://en.wikipedia.org/wiki/National_Flood_Insurance_Progr... [3]: https://www.twia.org https://www.twia.org