Congress better get their act together for new flood policies before there is a hurricane in the Gulf. I pity those that need new flood coverage and will not be able to obtain it.
Sadly, congress’s laidback approach to settling this flood insurance issue may be sending more individuals to the streets. The extension needed has left hundreds of thousands in limbo while trying to close on a home. With move out dates rapidly approaching we may be forced to be homeless,my self included. Within hurricain session this could be a fatal time to be so slow to find an agreement. As a teacher, mother of a toddler, and wife trying to keep a child unaware of the fear we are faced with. Congress you need to get on the ball.
this is not all bad. there needs to be a serious wake up call on the gross ineptitude of the FEMA program. the rates are not adequate, nor is the underwriting. they need to really fix it’s problems before it continued, and it should be required to be self sustaing.
I understand that there is an immense amount of gross ineptitude going on in Washington DC right now, however these people don’t know the first thing about common sense. Democrats are still trying to maintain the partisan atmosphere, by drafting bills that they know will be shut down to a majority opposition. Why not make a bill/extension/etc for the flood insurance program BY ITSELF?!?! It doesn’t need to include all the other bells and whistles that are adding to the debt and further destroying this nation. Doing this and knowing the outcome is not doing the people of America any justice. I’m 24 and I can recognize when people are acting foolish, apparently the fools are running rampant on our lives.
It is past time to turn flood insurance over to the private sector. There are plenty of insurance companies that would write flood risks, and be a lot more efficient than the Federal Government. Most industries are handled better by the private sector of our society. I can’t think of one that the private sector wouldn’t do a better job than our huge government. Our government is way too big and inefficient, and it is evident in so many programs. Flood insurance is a perfect example of not being efficint and cost effective. If private insurers handled flood insurance people would realize that they couldn’t continue to build in the same spot where every few years it floods, and it wouldn’t be such a political football.
….from the FEMA bulletin dated May 28th, 2010, to the WYO companies, certain renewals can be issued. Here is the wording from the bulletin “If the renewal offer was issued prior to authorization expiration, and the renewal premium is received before or within the 30-day grace period, the policy can be renewed even if the premium was received after authorization expiration.” Here is the web address for the bulletin: http://www.nfipiservice.com/stakeholder/pdf/bulletin/W-10063
“There are plenty of insurance companies that would write flood risks.”
What mountain-top do you live and work on? Down here in the valley, I cannot get my standard carriers to go primary on Flood Zone A.
Maybe the private sector can do Flood more effectively, but I certainly don’t see them writing the exposure without some sort of support.
I think it would be more successful to tell the folks in their nice beach houses to get off the dunes and go inland than it would be to expect any market to rebuild their house on the cheap after it drifts away.
And I see even fewer States having the funds for beach replenishment. I think a relocation program would be cheaper; perhaps not acceptable to many, but it would make Mother Nature happy.
Another way to redistribute the wealth. Dont enable flood insurance funding and give the $$ to the people who dont own homes, dont work, and dont contribute to the revenue of the USA!
The bigger issue here is that the Dems are using the NFIP extension as a tool to get additional benefits extended to the unemployed (with other tax measures built in) and the GOP will not give in and I don’t blame them one bit. Mind you, I am left leaning, but find it entirely reprehensible that the Left is trying to create a public opinion divide by using the Flood program to get us employed folk to offer additional benefits to the unemployed (at last read the Dems would not accept the GOP offer to pull out the NFIP extension and hold a seperate vote). It would be interesting to see how many home closings, Flood quotes, force-placed flood insurance have been impacting “real” people this time around. Finally, keep in mind that if you do have flood insurance and this “blackout” extends beyond 60 days, policies will stop renewing. I’d hate to be the guy with an August 1 or later renewal date and living on the Gulf Coast right or Eastern Sea Board right now. I’d also be screaming at my Senators. *end rant*
The good news is that BP may have solved our Flood Insurance Problem for good.
At the rate oil is pumping into the gulf and moving to the surrounding beach areas pretty soon we will be paying for people to live in these flood zones.
Amazing what Congress does. I agree that we would need private carriers to take care of the Flood Insurance; however, I don’t see many of them taking a risk to write Flood Insurance in Coastal Areas without the Government’s help. What a shame for Congress three lapses this year WOW and State Farm is pulling out of the program. Seem to me that there is not light at the end of the tunnel for the NFIP.
I am very disappointed that some in congress are using this to further other interests and tying flood into other bills. However, Christina, you are reaching a bit far in saying this will cause homelessness. Buy flood on the private market if you must for a closing, or move into an apartment, but to say it is going to affect 100,000+ with homelessness is far reaching, to say the least.
the flood insurance should not be included in with other things. vote for flood insurance alone. if some of the senate lived in flood areas i bet something would be done. please do the right thing.
Let’s stop putting all these things together. Let’s break it down and pick and choose what hould o through. I can believe that Flood Insurance isn’t being passed. NO ONE benefits by this. Please pass this so those in need can be paid.
Those idiots in Washington DC are useless! Sheik Obama can appropriate $400 million of taxpayer money to rebuild Gaza (last week) and spend $10 million on entertainment in the White House. But Congress cannot draft a STAND ALONE Flood Bill and pass the damn thing. They are absolutely Useless in Washington. It’s an absolute disgrace, home mortgages on hold, current policyholders non-renewed at the start of hurricane season, it’s plain and simple STUPID!
Why do we have to have all of this stuff in one bill. None of it has to do with the other. Thats the problem with Washington. They keep putting different pork items with good items and it holds up the items we really need to pass. I dont think any politician would vote against it by itself. It is just the tax breaks or extension of unemployment or some other non related items being voted on. Washington has lost its mind!
we need flood insurance and no to extending unemployement benefits. The unemployed should be back to work once you cut them off. Most are just milking it while they work off the books somewhere else.
How hard can it be so review the program and approve it? Just have it as a stand-alone bill instead of tagging it along other bills? it is hurricane season just in case Congress/Senate do not realize it! We need the program re-instated now. It expired on 05/31/10 – people can not close on home loans, can not renew their policies, can not increase coverages……..
Actually I am not on a mountain top when I say there are insurance companies that would add flood insurance to their portfolios. Without a doubt insurance companies would do a far superior job than our Federal Government has done, or will do. Now if you are asking me if underwriting would be involved the answer is yes. If the goverment wants to be a nanny state and take care of everyone regardless of their level of responsibility (continue to build year after year in highly flooded areas at the expense of the taxpayers that won’t happen if the private sector took it over).
Maybe a phasing in process would be a solution similar to the way TRIA was handled where it was started as a joint effort with the government and insurance companies with the government doing most of the heavy lifting for the first few years, but now it is where the insurance companies have the heavy expense up to the first 100 Billion if we are attacked by terrorists. Flood insurance could and should be phased into the private sector, and let’s get rid of this non-profit, loss to the taxpayers, political football. Responsible people need to be paid when they suffer a flood loss, but the flood program has now become an inefficient bureaucracy that will continue on its cuurrent path and suck the taxpayers dry.
Many people need flood insurance NOW! There are at least 1,400 real estate transactions daily, which are getting delayed or canceled because people cannot get flood insurance. Our real estate industry is so important to our economy, so please vote to reinstate the National Flood Insurance program IMMEDIATELY! People are very anxious and should not have to wait any longer.
If home buying has not been in your years exper. let me inform you that you can not rent without your credit checked and home buying at this time has allowed the banks to go over board with requirements from credit checks, to purchases, and using any savings. Therefore, No it is not an over board statement, this is a reality and maybe you need to get out of the cloud you live in.
Turn it over to private companies that will compete for it and run it like a business. Instead of deciding that dragging more unsuspecting property owners into the program through “map changes” for additional premium is a good idea. This program is the red headed step child of the insurance industry and should be taken out of government control. Every time the government gets involved in the insurance business they screw it up. Give it up !!
We were supposed to close on the sale of my house on June 18. Couldn’t happen because the buyer cannot purchase flood insurance. If she backs out of this contract because she cannot get financing without flood insurance I will also lose the house I am buying. This bill needs to be passed and QUICKLY!
Let me clear your own comment on “move into an apartment” this requires a credit check Ms. txlady. Now that you look stupid let me state that yes trighter guidelines where needed in morgage world but if you are aware morgages where givin for the pure idea of good credit and thats all. This is why we are where we are.
We had our funding ready and were set to close on a HUD home last week that we had gone through the bidding process on and won. HUD only gives you 60 days to close. Now, that it’s been determined that we need a flood insurance certificate to close on the loan, we are literally waiting on an act of congress to buy this house from the government. They are cutting their own noses off to spite their faces by not passing a flood insurance bill. If this bill isn’t passed soon, we will have to go through the bureaucracy of filing an extension with HUD so they won’t put this home back on the auction block when had the government just approved a simple flood insurance bill weeks ago, they would already have our money in their pockets! What a strange world we live in…Makes no sense!
I think everyone would agree there are serious problems that need to be examined and corrected…however, holding up the extension of the flood insurance bill, literally bringing the selling of homes that require flood insurance to a screaching halt is not the way to fix anyone’s problems. I need to close on this home and be out of an apartment very very soon. I’m not really sure where I’m going to be living a month from now, because my apartment will no longer be mine, and I’m not sure I will have been able to close on a home I really want to move into NOW! Try sleeping at night with that worry over your head. They should have an interim plan in place, so that tax paying citizens like me are not put in the position. At least I am trying to clear one foreclosure off of the government books, but the government can’t agree about a flood insurance plan. They must extend the current plan so everyone trying to close on loans don’t lose the houses they want to buy, as well as, being able to sell their homes. This is really the craziest thing I’ve ever heard.
Guess again. A stand alone bill was introduced and Harry Reid shot it down. Just proves that these idoits don’t care or just plain do not understand the program.
KGB, every Nevadan should be aware of this and every voter should keep this mind for the next election. It doesn’t matter what your party affiliation is, a measure was put forth to have the Flood Insurance issue stand on it’s own and it was shot down by the Senate PResident. This is an outrage and purely political!
I myself am also waiting to close on a home, but can’t due to the fact I need flood insurance also. Thou I’m not going to sweat it, because if I can’t get the insurance, then I will just chalk it up as it wasn’t meant to be. Something better may come along.
I should hope that a credit check is required to buy a home. It should be required. This country got in a massive mess by giving homeloans to those with poor credit who could not afford the homes to begin with. Yes, banks have tightened lending, too bad they didn’t do some underwriting years back and we would not be in this mess. You need to get your head out of the clouds if you think a credit check to buy a home is going too far.
yes, the illustrious Harry Reid shot down a stand alone bill for the NFIP to be extended. He should be voted out of office. he obviously cares nothing about the american people, only his special interest agenda.
The government shouldn’t be in the flood insurance anyway.
Let private insurers establish appropriate rates and underwrite the flood peril based upon the specific risks presented by each property. Flood could then be endorsed on existing Homeowners and Business package forms in similar manner to earthquake coverage.
Let market forces determine the true costs of the flood insurance risks, and property usages will self correct.
Sounds good in theory, but I see a few problems with endorsing it on a HO policy.
1. From what I have heard, the NFIP was way underfunded. Insurers that wanted to cover flood would have to charge the correct premium, and there is a good possibility of the rates being higher then what NFIP was charging. Insured’s have gotten used to paying the NFIP rates, and would see paying more for it as “another way for insurance companies to rip us off”.
2. If HO companies were forced to cover flood, there would be MASSIVE non-rewnewals for the areas that are at much higher risk of flooding.
Now, I am not saying that the NFIP is perfect (as I stated, I have heard that it is massivly underfunded), but i think it should be renewed for a little while, until there can be another solution.
Why are they playing God with peoples lives! You can’t buy or sell your home with out flood insurance, people will loose everything because they can’t make up there minds and Vote.
When will they vote again? I read an artical that Senate votes Monday 28, 2010 but has limited time to speak so the vote will move quickly. Does any one know for sure? Funny, I was to close Monday now I can not due to no flood insurance.
Congress better get their act together for new flood policies before there is a hurricane in the Gulf. I pity those that need new flood coverage and will not be able to obtain it.
Sadly, congress’s laidback approach to settling this flood insurance issue may be sending more individuals to the streets. The extension needed has left hundreds of thousands in limbo while trying to close on a home. With move out dates rapidly approaching we may be forced to be homeless,my self included. Within hurricain session this could be a fatal time to be so slow to find an agreement. As a teacher, mother of a toddler, and wife trying to keep a child unaware of the fear we are faced with. Congress you need to get on the ball.
this is not all bad. there needs to be a serious wake up call on the gross ineptitude of the FEMA program. the rates are not adequate, nor is the underwriting. they need to really fix it’s problems before it continued, and it should be required to be self sustaing.
I understand that there is an immense amount of gross ineptitude going on in Washington DC right now, however these people don’t know the first thing about common sense. Democrats are still trying to maintain the partisan atmosphere, by drafting bills that they know will be shut down to a majority opposition. Why not make a bill/extension/etc for the flood insurance program BY ITSELF?!?! It doesn’t need to include all the other bells and whistles that are adding to the debt and further destroying this nation. Doing this and knowing the outcome is not doing the people of America any justice. I’m 24 and I can recognize when people are acting foolish, apparently the fools are running rampant on our lives.
It is past time to turn flood insurance over to the private sector. There are plenty of insurance companies that would write flood risks, and be a lot more efficient than the Federal Government. Most industries are handled better by the private sector of our society. I can’t think of one that the private sector wouldn’t do a better job than our huge government. Our government is way too big and inefficient, and it is evident in so many programs. Flood insurance is a perfect example of not being efficint and cost effective. If private insurers handled flood insurance people would realize that they couldn’t continue to build in the same spot where every few years it floods, and it wouldn’t be such a political football.
….from the FEMA bulletin dated May 28th, 2010, to the WYO companies, certain renewals can be issued. Here is the wording from the bulletin “If the renewal offer was issued prior to authorization expiration, and the renewal premium is received before or within the 30-day grace period, the policy can be renewed even if the premium was received after authorization expiration.” Here is the web address for the bulletin: http://www.nfipiservice.com/stakeholder/pdf/bulletin/W-10063
“There are plenty of insurance companies that would write flood risks.”
What mountain-top do you live and work on? Down here in the valley, I cannot get my standard carriers to go primary on Flood Zone A.
Maybe the private sector can do Flood more effectively, but I certainly don’t see them writing the exposure without some sort of support.
I think it would be more successful to tell the folks in their nice beach houses to get off the dunes and go inland than it would be to expect any market to rebuild their house on the cheap after it drifts away.
And I see even fewer States having the funds for beach replenishment. I think a relocation program would be cheaper; perhaps not acceptable to many, but it would make Mother Nature happy.
Another way to redistribute the wealth. Dont enable flood insurance funding and give the $$ to the people who dont own homes, dont work, and dont contribute to the revenue of the USA!
The bigger issue here is that the Dems are using the NFIP extension as a tool to get additional benefits extended to the unemployed (with other tax measures built in) and the GOP will not give in and I don’t blame them one bit. Mind you, I am left leaning, but find it entirely reprehensible that the Left is trying to create a public opinion divide by using the Flood program to get us employed folk to offer additional benefits to the unemployed (at last read the Dems would not accept the GOP offer to pull out the NFIP extension and hold a seperate vote). It would be interesting to see how many home closings, Flood quotes, force-placed flood insurance have been impacting “real” people this time around. Finally, keep in mind that if you do have flood insurance and this “blackout” extends beyond 60 days, policies will stop renewing. I’d hate to be the guy with an August 1 or later renewal date and living on the Gulf Coast right or Eastern Sea Board right now. I’d also be screaming at my Senators. *end rant*
The good news is that BP may have solved our Flood Insurance Problem for good.
At the rate oil is pumping into the gulf and moving to the surrounding beach areas pretty soon we will be paying for people to live in these flood zones.
Amazing what Congress does. I agree that we would need private carriers to take care of the Flood Insurance; however, I don’t see many of them taking a risk to write Flood Insurance in Coastal Areas without the Government’s help. What a shame for Congress three lapses this year WOW and State Farm is pulling out of the program. Seem to me that there is not light at the end of the tunnel for the NFIP.
I am very disappointed that some in congress are using this to further other interests and tying flood into other bills. However, Christina, you are reaching a bit far in saying this will cause homelessness. Buy flood on the private market if you must for a closing, or move into an apartment, but to say it is going to affect 100,000+ with homelessness is far reaching, to say the least.
the flood insurance should not be included in with other things. vote for flood insurance alone. if some of the senate lived in flood areas i bet something would be done. please do the right thing.
Let’s stop putting all these things together. Let’s break it down and pick and choose what hould o through. I can believe that Flood Insurance isn’t being passed. NO ONE benefits by this. Please pass this so those in need can be paid.
Those idiots in Washington DC are useless! Sheik Obama can appropriate $400 million of taxpayer money to rebuild Gaza (last week) and spend $10 million on entertainment in the White House. But Congress cannot draft a STAND ALONE Flood Bill and pass the damn thing. They are absolutely Useless in Washington. It’s an absolute disgrace, home mortgages on hold, current policyholders non-renewed at the start of hurricane season, it’s plain and simple STUPID!
Why do we have to have all of this stuff in one bill. None of it has to do with the other. Thats the problem with Washington. They keep putting different pork items with good items and it holds up the items we really need to pass. I dont think any politician would vote against it by itself. It is just the tax breaks or extension of unemployment or some other non related items being voted on. Washington has lost its mind!
VOTE THEM ALL OUT IN NOV!
Hope for 2010 and Change in 2012!
we need flood insurance and no to extending unemployement benefits. The unemployed should be back to work once you cut them off. Most are just milking it while they work off the books somewhere else.
How hard can it be so review the program and approve it? Just have it as a stand-alone bill instead of tagging it along other bills? it is hurricane season just in case Congress/Senate do not realize it! We need the program re-instated now. It expired on 05/31/10 – people can not close on home loans, can not renew their policies, can not increase coverages……..
Actually I am not on a mountain top when I say there are insurance companies that would add flood insurance to their portfolios. Without a doubt insurance companies would do a far superior job than our Federal Government has done, or will do. Now if you are asking me if underwriting would be involved the answer is yes. If the goverment wants to be a nanny state and take care of everyone regardless of their level of responsibility (continue to build year after year in highly flooded areas at the expense of the taxpayers that won’t happen if the private sector took it over).
Maybe a phasing in process would be a solution similar to the way TRIA was handled where it was started as a joint effort with the government and insurance companies with the government doing most of the heavy lifting for the first few years, but now it is where the insurance companies have the heavy expense up to the first 100 Billion if we are attacked by terrorists. Flood insurance could and should be phased into the private sector, and let’s get rid of this non-profit, loss to the taxpayers, political football. Responsible people need to be paid when they suffer a flood loss, but the flood program has now become an inefficient bureaucracy that will continue on its cuurrent path and suck the taxpayers dry.
Many people need flood insurance NOW! There are at least 1,400 real estate transactions daily, which are getting delayed or canceled because people cannot get flood insurance. Our real estate industry is so important to our economy, so please vote to reinstate the National Flood Insurance program IMMEDIATELY! People are very anxious and should not have to wait any longer.
If home buying has not been in your years exper. let me inform you that you can not rent without your credit checked and home buying at this time has allowed the banks to go over board with requirements from credit checks, to purchases, and using any savings. Therefore, No it is not an over board statement, this is a reality and maybe you need to get out of the cloud you live in.
Turn it over to private companies that will compete for it and run it like a business. Instead of deciding that dragging more unsuspecting property owners into the program through “map changes” for additional premium is a good idea. This program is the red headed step child of the insurance industry and should be taken out of government control. Every time the government gets involved in the insurance business they screw it up. Give it up !!
We were supposed to close on the sale of my house on June 18. Couldn’t happen because the buyer cannot purchase flood insurance. If she backs out of this contract because she cannot get financing without flood insurance I will also lose the house I am buying. This bill needs to be passed and QUICKLY!
Let me clear your own comment on “move into an apartment” this requires a credit check Ms. txlady. Now that you look stupid let me state that yes trighter guidelines where needed in morgage world but if you are aware morgages where givin for the pure idea of good credit and thats all. This is why we are where we are.
We had our funding ready and were set to close on a HUD home last week that we had gone through the bidding process on and won. HUD only gives you 60 days to close. Now, that it’s been determined that we need a flood insurance certificate to close on the loan, we are literally waiting on an act of congress to buy this house from the government. They are cutting their own noses off to spite their faces by not passing a flood insurance bill. If this bill isn’t passed soon, we will have to go through the bureaucracy of filing an extension with HUD so they won’t put this home back on the auction block when had the government just approved a simple flood insurance bill weeks ago, they would already have our money in their pockets! What a strange world we live in…Makes no sense!
I think everyone would agree there are serious problems that need to be examined and corrected…however, holding up the extension of the flood insurance bill, literally bringing the selling of homes that require flood insurance to a screaching halt is not the way to fix anyone’s problems. I need to close on this home and be out of an apartment very very soon. I’m not really sure where I’m going to be living a month from now, because my apartment will no longer be mine, and I’m not sure I will have been able to close on a home I really want to move into NOW! Try sleeping at night with that worry over your head. They should have an interim plan in place, so that tax paying citizens like me are not put in the position. At least I am trying to clear one foreclosure off of the government books, but the government can’t agree about a flood insurance plan. They must extend the current plan so everyone trying to close on loans don’t lose the houses they want to buy, as well as, being able to sell their homes. This is really the craziest thing I’ve ever heard.
Guess again. A stand alone bill was introduced and Harry Reid shot it down. Just proves that these idoits don’t care or just plain do not understand the program.
http://ifawebnews.com/2010/05/24/senators-bid-for-standalone-nfip-extension-through-end-of-year-fails/
Have the buyer assume your flood insurance policy.
KGB, every Nevadan should be aware of this and every voter should keep this mind for the next election. It doesn’t matter what your party affiliation is, a measure was put forth to have the Flood Insurance issue stand on it’s own and it was shot down by the Senate PResident. This is an outrage and purely political!
If you have flood insurance, you should be able to transfer the coverage from your name to the buyer’s name.
Ask your insurance agent for help.
I myself am also waiting to close on a home, but can’t due to the fact I need flood insurance also. Thou I’m not going to sweat it, because if I can’t get the insurance, then I will just chalk it up as it wasn’t meant to be. Something better may come along.
I should hope that a credit check is required to buy a home. It should be required. This country got in a massive mess by giving homeloans to those with poor credit who could not afford the homes to begin with. Yes, banks have tightened lending, too bad they didn’t do some underwriting years back and we would not be in this mess. You need to get your head out of the clouds if you think a credit check to buy a home is going too far.
yes, the illustrious Harry Reid shot down a stand alone bill for the NFIP to be extended. He should be voted out of office. he obviously cares nothing about the american people, only his special interest agenda.
Can’t close on house because of this delay. We are in limbo. We have contacted our U. S. representative and senator.
The government shouldn’t be in the flood insurance anyway.
Let private insurers establish appropriate rates and underwrite the flood peril based upon the specific risks presented by each property. Flood could then be endorsed on existing Homeowners and Business package forms in similar manner to earthquake coverage.
Let market forces determine the true costs of the flood insurance risks, and property usages will self correct.
Sounds good in theory, but I see a few problems with endorsing it on a HO policy.
1. From what I have heard, the NFIP was way underfunded. Insurers that wanted to cover flood would have to charge the correct premium, and there is a good possibility of the rates being higher then what NFIP was charging. Insured’s have gotten used to paying the NFIP rates, and would see paying more for it as “another way for insurance companies to rip us off”.
2. If HO companies were forced to cover flood, there would be MASSIVE non-rewnewals for the areas that are at much higher risk of flooding.
Now, I am not saying that the NFIP is perfect (as I stated, I have heard that it is massivly underfunded), but i think it should be renewed for a little while, until there can be another solution.
Why are they playing God with peoples lives! You can’t buy or sell your home with out flood insurance, people will loose everything because they can’t make up there minds and Vote.
Just Vote already !!!
Does anyone know when the senate is to vote again?
When will they vote again? I read an artical that Senate votes Monday 28, 2010 but has limited time to speak so the vote will move quickly. Does any one know for sure? Funny, I was to close Monday now I can not due to no flood insurance.