It’s called “selection against the insurer” or “adverse selection” and anyone with any knowledge of insurance could see this coming a long time ago.
And if they ever get enough money that becomes a surplus, that will be diverted to some other fed mismanaged program.
Wow, 30 million people don’t know their flood insurance is going to go up? I live in Arizona where it’s dry as a bone, and I knew their premium was going to go up. If they don’t like it, move. Someone with a lot of money, and there are people with a lot of money, will buy up the property and pay the taxes and fees. And if you don’t want to buy the insurance, then you pay to fix your house after it being in 8 feet of water. Why is that my problem or anyone else’s?
My fema insurance went up 400% last year. I am not in a flood zone but live near a creek. It flooded twice in 5 years. They did not change me to a flood zone so I am not eligible for help with my payment. Wells Fargo will not include my flood insurance in my escrow account because I am not required to have flood insurance. I had to reduce my amount of coverage significantly in order to pay the lump sum payment.
Why do they get to increase payment by 400%if they are under a law that says 18% per year.
To say that NFIP is a troubled program is putting it very mildly.
It’s called “selection against the insurer” or “adverse selection” and anyone with any knowledge of insurance could see this coming a long time ago.
And if they ever get enough money that becomes a surplus, that will be diverted to some other fed mismanaged program.
Wow, 30 million people don’t know their flood insurance is going to go up? I live in Arizona where it’s dry as a bone, and I knew their premium was going to go up. If they don’t like it, move. Someone with a lot of money, and there are people with a lot of money, will buy up the property and pay the taxes and fees. And if you don’t want to buy the insurance, then you pay to fix your house after it being in 8 feet of water. Why is that my problem or anyone else’s?
My fema insurance went up 400% last year. I am not in a flood zone but live near a creek. It flooded twice in 5 years. They did not change me to a flood zone so I am not eligible for help with my payment. Wells Fargo will not include my flood insurance in my escrow account because I am not required to have flood insurance. I had to reduce my amount of coverage significantly in order to pay the lump sum payment.
Why do they get to increase payment by 400%if they are under a law that says 18% per year.