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I wonder how many people will simply be unable to get insurance after this. From SPECIAL PROCEDURES FOR TARGETED REPETITIVE LOSS PROPERTIES[1], there are some r
by nvahalik 9y ago
I wonder how many people will simply be unable to get insurance after this. From SPECIAL PROCEDURES FOR TARGETED REPETITIVE LOSS PROPERTIES[1], there are some reasons why a house that could be completely ineligible for flood coverage:
> 1. Four or more paid losses of more than $1,000 each; or
> 2. Two losses within a 10-year period that, in the aggregate, equal or exceed the current value of the insured property; or
> 3. Three or more losses that, in the aggregate, equal or exceed the current value of the insured property.
> The loss history includes all ownership of the property since 1978 or since the building’s construction if built after 1978.
Given the last 2 decades or so, that 20% may be a high water mark (forgive the pun).
[1]: https://www.fema.gov/pdf/nfip/manual200505/20rl.pdf https://www.fema.gov/pdf/nfip/manual200505/20rl.pdf
- Dylan16807 9y agoThose standards are really confusing. Losing the house is okay if it's a single flood, but adding on a couple $1 losses will make you ineligible?? And $4000 is extremely low in comparison. You'd think someone that pays >$500/year for insurance and has a $1000 claim every decade is a great customer.