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The Housing Market is Teetering and Without Warning FEMA Suspends Issuing Flood Insurance

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posted on Jun, 30 2010 @ 10:16 AM
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I know. What a weird topic. But something is going on here. Getting the housing market kick started is a critical component of any possible economic recovery. Hell, they just extended the deadline for buyer incentives. I just learned that without warning, FEMA has stopped issuing flood insurance. This will prevent a large percentage (50-60% according to a RAND study) of purchases from closing. Does the right hand even know what the left hand is doing??? What a dumb question.




posted on Jun, 30 2010 @ 10:46 AM
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reply to post by jtma508
 


All homeowners policies, Flood Insurance, and many other types of insurance are ALWAYS suspended if there is a named storm in the Gulf.

People in the Real Estate business or banking industry are used to this. If you are about to close on a house and there is a potential storm, you have to either hurry up and close, or you have to wait out the storm.

Insurers do not want added risks from a storm on a brand new policy.



posted on Jun, 30 2010 @ 11:29 AM
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reply to post by getreadyalready
 


You are absolutely correct sir!

There is a hurricane box that insurance companies go by. If you are within that box you can't get insurance until you are out of it.



posted on Jun, 30 2010 @ 11:48 AM
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www.ktul.com...


"Flood coverage isn't a part of standard home insurance offered by large companies and no company can write and back its own flood policy. They only as a sort of middle man between the government and a homeowner. "



Let us analyze this line of utter bullshat.

For starters, the federal government should not be in the private insurance industry. This is a total violation of its constitutional limitations.

Setting aside the total unconstitutionality of this, there is a reason why large insurance companies "can't" offer flood insurance.

Its because they aren't stupid idiots like the federal government.

Of course, insurance agencies could offer flood insurance in any zone, anywhere, for any amount of damages - however the home owners in those zones would have to fork over a small fortune in coverage fees.

So the insurance industry, in collusion with home owners organizations, set about passing flood insurance off to the tax payer. This way people that play it safe by living in non-flood zones can have their labor stolen from them at gun point to pay off the wealthy people who live in beach homes flood insurance.

So there you have it.



posted on Jun, 30 2010 @ 11:52 AM
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Originally posted by mnemeth1
www.ktul.com...


"Flood coverage isn't a part of standard home insurance offered by large companies and no company can write and back its own flood policy. They only as a sort of middle man between the government and a homeowner. "



Let us analyze this line of utter bullshat.

For starters, the federal government should not be in the private insurance industry. This is a total violation of its constitutional limitations.

Setting aside the total unconstitutionality of this, there is a reason why large insurance companies "can't" offer flood insurance.

Its because they aren't stupid idiots like the federal government.

Of course, insurance agencies could offer flood insurance in any zone, anywhere, for any amount of damages - however the home owners in those zones would have to fork over a small fortune in coverage fees.

So the insurance industry, in collusion with home owners organizations, set about passing flood insurance off to the tax payer. This way people that play it safe by living in non-flood zones can have their labor stolen from them at gun point to pay off the wealthy people who live in beach homes flood insurance.

So there you have it.

and fema is usally involved in this??
2 nd line




posted on Jun, 30 2010 @ 11:55 AM
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reply to post by icecold7
 


FEMA administers the looting of tax payers who play it safe to subsidize wealthy home owners who live on the beach.



posted on Jun, 30 2010 @ 11:56 AM
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reply to post by mnemeth1
 


I agree. I can go buy private flood insurance if I want, as long as I am not in a floodzone, but then why would I?

Now, if I am in a floodzone, no private insurer will cover me, because it would be insane, but I can get the government sponsored insurance. The problem? If I have more than 1 or 2 claims in a couple of years, FEMA wants to come in and move you out! They will insure you, but if you have claims, then they want to buy up the property and move you off of it. That isn't always bad, but it seems ludicrous to insure people in a known flood plain and then whine about paying the claims?

BTW, all homeowners policies do cover water damage....the main thing is it has to be "falling water" and not "rising water." As in, a hurricane can take your roof off and fill your house with water like an aquarium and it is covered, but if it rains upstream and the creek rises into your living room, you are on your own.



posted on Jun, 30 2010 @ 12:00 PM
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one word - tsunami



Could they also be fretting the possibilities of a methane bomb that will creat a tsunami 200 miles inland?



posted on Jun, 30 2010 @ 12:01 PM
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reply to post by getreadyalready
 


What is ludicrous is having FEMA administer flood insurance backed by tax dollars.

That is ludicrous.



posted on Jun, 30 2010 @ 01:47 PM
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reply to post by getreadyalready
 


That's completely understandable. But we're in New England. A bit outside the 'hurricane box' no??



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