(7) comments Back to story

Gary Scoggin

I've gotta disagree here, Michael. Flood insurance needs to be priced based on actual risk. Look at what windstorm rates have done since Ike. It hurts me to pay it every year, but that's part of the price I pay living in a high risk area. How long will those not living with a flood risk be content to subsidize those that do. The lesson from Irma is that flood risk is higher than we imagined. I'm sure many mortgage holders are now fully aware of these risks and will now be requiring flood insurance. The bigger question is how NFIP encourages building in high risk areas. From a public policy standpoint, we need to declare some areas as "build at your own risk" areas with the implication that there are not federally underwritten programs to backstop against catastrophic loss. (If private insurers want to step into that market, fine.)

Gary Scoggin

Harvey, not Irma. Oops.

PD Hyatt

What also should be mandated is that if you took FEMA money because you didn't carry flood insurance then that property should have to carry flood insurance from that point forward.... We were rated in a good zone, but Harvey still came up and bit us in the butt and I am thankful that we had NFIP insurance. Many in our area didn't have it and have been hit hard because of it. If everyone in this area had insurance then the cost would have been more spread out.... We have to have auto insurance to drive I don't really see much difference, just like we had to have health insurance of pay hefty fines....

Gary Scoggin

Good suggestion!

Carol Dean

I like this idea! Pure Common Sense!

Ken Hufstetler

I have carried flood insurance since the first day it became available and I have never had water in my home. But, who knows when the storm drains in my neighborhood may plug up during a storm and I end up with several feet of water.
I don't understand how FEMA works. If I am flooded FMA pays me for damages and I understand the Gov. has to subsidize my claims. If I don't have flood insurance and I am flooded FEMA will pay for damages and the Gov picks up the full cost? I think a better way is for all who live along the coast susceptible to flooding be required to have flood insurance and adjust the rates based on risk. If you are willing to self-insure and take the risk, then that is your choice. For me, I will continue paying for flood insurance and pray that I never need to file a claim.

Chuck DiFalco

Mr. Smith has a valid point. Jack up flood insurance rates, and property owners in Texas will drop out. I was never required to have flood insurance. Have never flooded. But if the feds jack up my rate from 400 something to 2000 something per year (5 fold – yes I believe the feds would do something like that) because some homes in my neighborhood flooded, I would drop insurance and put the money in the bank. After a few years I’d have a pile of emergency cash. Others would just drop and take on risk. Still others would just walk away, unable to pay insurance or sell their homes. Vacant buildings would increase. A good bit of the uninsured losses would be picked up by FEMA. All that defeats the purpose flood insurance program. Those with the power to increase flood insurance rates should take that into consideration.

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