Flood Insurance Uptake Rates Rise in Texas Following Harvey

By and | July 31, 2018

  • July 31, 2018 at 2:46 pm
    Jimbo says:
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    It’s a tough sell for consumers. You pay for insurance in case something happens. You don’t know that it will. The flood information talks about 50 year and 100 year floods unless you live in certain areas where flooding is annual. Often times the cost of flood insurance doubles their insurance costs and that hits them in their mortgage payment and thus their day to day living expenses.

    Then you have the large scale events that insurance carriers, FEMA, NFIP and state and local governments respond to which seem to be getting bigger and more frequent each year. How do you pay for it?
    I wonder if lowering the costs of flood insurance would entice people to keep it. Long term this would put more money back into the NFIP. Charge a slightly higher rate to repetitive loss property as they do now. Change local and state building and zoning to strengthen flood and hurricane preparation and mitigation.

    It won’t be perfect, nothing is. Maybe it will make for a better program though.

    • July 31, 2018 at 4:34 pm
      Agent says:
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      Duh, think rates would go up after Harvey. By the way, there is no assurance this will happen again anytime soon.

  • March 16, 2019 at 5:07 pm
    John says:
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    I’m surprised so many could not have flood insurance. If you have a mortgage you have to have it. Or did Harvey hit areas not considered flood prone zones. I’m in Louisiana. I think it’s required across the southern half of the state. Katrina and other storms have driven up FI rates and caused exposed areas to be abandoned by all but the self insured. Below the flood wall at Belle Chase, all you have is a few fishing camps where there used to be towns. This year could see another big storm, it’s a crap shoot. The end result is FI requirements are moving people out of flood prone areas. The only ones on the beach will be those who can really afford to rebuild every few years.

    Another thing, those 100 year storms seem to be happening every year.

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