Today the news (ABC) reported that some 90% of the midwest flood victims don't have flood insurance. Assuming that they have mortgages (they look like they don't own their homes outright - many too young) how is it that they don't have flood insurance? How many times are we, the taxpayers, going to have to bail people out who don't have the basic insurance coverage that they should have? Why do we allow people to continue to rebuild in these areas?
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First, you will not bail us out. We will bail ourselves out like we always do. Second, only people required to buy flood insurance buy flood insurance. It is very very costly. Third, lots of these people live miles away from the river and never dreamed the river would reach them. Finally, tell me one place in this world that doesn’t have natural disasters. Where do you want us to move to? California where there is earthquakes and fires all time. Down south where there is hurricanes all the time. North where there is snow storms all the time. There is no where on this planet where anyone can move to that doesn’t have natural disasters.
Anaise – You sure aren’t a very good insurance expert. Where can you buy flood insurance for $388/year? No where, most policies start at $1000 and thats just a starting price.
so move to another country if you don’t like it, i can’t wait for your house to be destroyed in some natural disaster with out any insurance, then you will have a completely different attitude, grow up
Hello. I’m a central Illinois flood victim. My town has never seen a flood as big as the one that hit my home, but we do have a mandatory flood insurance because we do live in a flood zone. The thing is, with rising gas prices, nobody really wants to pay extra money for something they don’t think will happen to them. Americans as a whole will see something on TV and think ‘too bad for them, but it’s not going to happen to us.’ That’s why they don’t have flood insurance. Another thing is that Flood insurance and Homeowners insurance are two seperate things.
Our flood insurance only covered the basic things that are “supposed’ to be in a basement. Washer, dryer, and furnace. It doesn’t cover anything beyond that. We had to petition our homeowners insurance to get enough money to replace things and rebuild. On top of that, our rates are going up because they decided my home’s risk is higher than it used to be. Pontiac has annual floods, and they’ve been getting worse and worse every year.
Yes, flood insurance does help a little, but not as much as the name causes you to think.
And what’s this about ‘bailing us out?’ I could only dream of having my country support me. It took us MONTHS to get FEMA support, and even that didn’t help.
The inspected: How many TV’s we own. How many telephones we own. How many outlets there are in the basement. How many light fixtures there are in the basement.
Three months later, we got a check for $99.99. a hundred bucks on top of thousands of dollars of repair? Thanks, but no thanks.
This is how it works when someone doesn’t buy a 388.00/yr flood policy: when a flood occurs and wipes out all your belongings, you suffer a loss, the government comes in an “bails” you out. Not really. The bail out is through a “government loan” that you pay back with interests. So you aren’t off the hook. FYI.
One can always try to find higher ground than build on a flood plain.
The ways they don’t have flood insurance:
They don’t have mortgages.
Their house slipped through the cracks and mortgage co didn’t see they were in flood plain.
The owners paid off surveyors to say they weren’t in the flood plain.
The most likely reason is: Flood insurance is only required for 100 yr flood plain and this flood is a much greater magnitude. Some people in this flood actually weren’t in the flood plain. This is one of the greatest floods on record. A flood of this size is mapped or planned for because it isn’t cost effective.
All that said-I AGREE. The tax payers will pay dearly for people without insurance and for public infrastructure that was damaged.
This is not like New Orleans where the government should buy the 9th ward and that area and let NO ONE build ANYTHING there.
You have to blame the flood but also the people who live in the flood plain.
Is basically useless expense.Even if you have it,it only pays under some conditions not all,and this flood has never happened before to this extent.Maybe you should read your policy’s if you have any.I once owned a riding mower covered under a homeowners policy and the insurance I had to carry on it separately until paid off and in a natural disaster it would only pay if it was in the back of my truck when the disaster struck ON TWO SEPARATE policies!What a waste of money and absolutely no coverage.And yes when the tornado did strike it was sitting in my yard,not the truck.Insurance should be outlawed.It is the biggest rip off.You should be thanking your lucky stars you are not one of the victims.
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