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Thread: Why do so many homeowners in Houston not have flood insurance?

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    Re: Why do so many homeowners in Houston not have flood insurance?

    Quote Originally Posted by Lord Tammerlain View Post
    As you would expect.

    Just imagine the financial hit if the flood maps get changed to reflect actual probability of flooding (based on recent historical flooding)
    i expect the floodway zone and floodway fringe zones to be revised, placing more properties in a flood hazard area
    and many will require federal financing for their uninsured losses, which loans will require flood insurance - unless the applicant seeks and qualifies for disaster mitigation funds to place the property improvements above the flood zone
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    Re: Why do so many homeowners in Houston not have flood insurance?

    I found a flooding map:

    2017 Flood USA 4510
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    Re: Why do so many homeowners in Houston not have flood insurance?

    Quote Originally Posted by SouthernDemocrat View Post
    My wife is from Houston and almost all of her family is still down there. If you have ever been to Houston then you know that entire metro is at or near sea level (I think its about 50 feet above sea level on the North side of Houston). The area is covered in creeks, bayous, and canals. There are no hills until you get damn near to Huntsville. So even if you don't live in an official floodplain, you would be hard pressed to look at any of it and not think it couldn't potentially flood.

    Only about 2 in 10 of those flooded have flood insurance. I looked up the average cost of flood insurance for Texas, it is $482 dollars or about 40 dollars a month. https://www.valuepenguin.com/average...insurance#nogo

    So in the scheme of things, as a homeowner, its not that expensive. So why do so few home owners down there have it? I can see why folks in 3rd or 5th wards don't have it, those are impoverished areas where another $500 dollars a year might not be doable, but for all these folks in $250k homes and up, it just seems pretty irresponsible.
    In Illinois, lenders require their borrowers to obtain flood insurance if their home is in a designated flood plain. Should be like that everywhere, imo.
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    Re: Why do so many homeowners in Houston not have flood insurance?

    Quote Originally Posted by MaggieD View Post
    In Illinois, lenders require their borrowers to obtain flood insurance if their home is in a designated flood plain. Should be like that everywhere, imo.
    It is like that everywhere as far as I know. The problem is that flood plain maps are way out of date in Houston and you can look at the place and tell that virtually the entire metro is subject to flooding even if its not in a designated flood plain.
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    Re: Why do so many homeowners in Houston not have flood insurance?

    Quote Originally Posted by SouthernDemocrat View Post
    My wife is from Houston and almost all of her family is still down there. If you have ever been to Houston then you know that entire metro is at or near sea level (I think its about 50 feet above sea level on the North side of Houston). The area is covered in creeks, bayous, and canals. There are no hills until you get damn near to Huntsville. So even if you don't live in an official floodplain, you would be hard pressed to look at any of it and not think it couldn't potentially flood.

    Only about 2 in 10 of those flooded have flood insurance. I looked up the average cost of flood insurance for Texas, it is $482 dollars or about 40 dollars a month. https://www.valuepenguin.com/average...insurance#nogo

    So in the scheme of things, as a homeowner, its not that expensive. So why do so few home owners down there have it? I can see why folks in 3rd or 5th wards don't have it, those are impoverished areas where another $500 dollars a year might not be doable, but for all these folks in $250k homes and up, it just seems pretty irresponsible.
    Because we keep handing out so much free money after the damage, paying for insurance is seen as the Chumps Choice.

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    Re: Why do so many homeowners in Houston not have flood insurance?

    Quote Originally Posted by ksu_aviator View Post
    It is not irresponsible. Self insuring is a thing that a lot of people do. We do it. I have a savings account that is specifically for home maintenance, including uninsured damage. The difference is, my account makes money instead of losing it and I don't have to ask for my money. I just withdraw it. To be totally honest, I have to ask my broker to sell the shares of mutual funds it is in and that takes a couple days. But, I have put $1,000 per year into this fund and I can pay for the restoration should my house be hit by a flood. We had a 100 years flood just a couple of years ago, so I'm not at all worried. If I had bought insurance and never used it, I'd be out all of that money. To me, it is irresponsible to buy insurance when you can self insure.

    As for Houston, very very little land is considered to be in the 500 year flood plane. Harris County Flood Education Mapping Tool

    I looked for a satellite image of the entire county to see if I could tell what has and hasn't flooded, but I can't find one. I suspect this is much worse than the 500 year estimates.
    Wait a second though. If your flood insurance premium is an average of 482 dollars a year, then in 10 years it has cost you less than 5,000. You can't self insure against something as expensive as flood damage for that kind of money. I am all for having money set aside for home maintenance issues as you never know when you will need a furnace replaced, appliances replaced and so on. We do that. However, for really expensive things, we also tend to buy insurance, particularly if the insurance is not that expensive. For example, our home still has its original sewer line from 1941. We carry a sewer line policy because of that. It only costs us a few dollars a month, pays for having the line rooted out, and pays for its replacement if needed. A replacement for a sewer line can be anywhere from 5k to over 20k, so it makes financial sense for.

    I am sure you have been to Houston, tell me where in that metro it doesn't look like it could flood?
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    Re: Why do so many homeowners in Houston not have flood insurance?

    Quote Originally Posted by Hawkeye10 View Post
    Because we keep handing out so much free money after the damage, paying for insurance is seen as the Chumps Choice.
    what happens to that afflicted community if the residents are without the means to repair their homes
    and the money is not free. it comes with a 4% interest rate

    We do this to ourselves, and the mistakes start at the very top of the power structure, because the Elite Class Sucks.
    it is sound public policy
    we are negotiating about dividing a pizza and in the meantime israel is eating it
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    Re: Why do so many homeowners in Houston not have flood insurance?

    Quote Originally Posted by SouthernDemocrat View Post
    My wife is from Houston and almost all of her family is still down there. If you have ever been to Houston then you know that entire metro is at or near sea level (I think its about 50 feet above sea level on the North side of Houston). The area is covered in creeks, bayous, and canals. There are no hills until you get damn near to Huntsville. So even if you don't live in an official floodplain, you would be hard pressed to look at any of it and not think it couldn't potentially flood.

    Only about 2 in 10 of those flooded have flood insurance. I looked up the average cost of flood insurance for Texas, it is $482 dollars or about 40 dollars a month. https://www.valuepenguin.com/average...insurance#nogo

    So in the scheme of things, as a homeowner, its not that expensive. So why do so few home owners down there have it? I can see why folks in 3rd or 5th wards don't have it, those are impoverished areas where another $500 dollars a year might not be doable, but for all these folks in $250k homes and up, it just seems pretty irresponsible.
    May be wrong here, but that would only apply to flooding from the gulf/storm surges, not the rain that fell.
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    Re: Why do so many homeowners in Houston not have flood insurance?

    Quote Originally Posted by justabubba View Post
    what happens to that afflicted community if the residents are without the means to repair their homes
    and the money is not free. it comes with a 4% interest rate


    it is sound public policy
    We spent $120 Billion on Katrina recovery, less than $.5 Billion of that was loans, and 95% of them were never collected....so no.

    It was almost all free money.

    And bad policy.


    http://www.nola.com/katrina/index.ss...20_billio.html
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    Re: Why do so many homeowners in Houston not have flood insurance?

    Quote Originally Posted by JANFU View Post
    May be wrong here, but that would only apply to flooding from the gulf/storm surges, not the rain that fell.
    Flood insurance covers you from flooding due to storm surges, flash floods, basement flooding, and flooding due to flooding waterways. The only time homeowners will cover your home due to water damage would be if a storm damaged your roof which then resulted in water damage to your home.
    "You're the only person that decides how far you'll go and what you're capable of." - Ben Saunders (Explorer and Endurance Athlete)

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