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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 SouthernDemocrat View Post
    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.
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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 I expect taking a back dated check and application for life insurance after the person has died, could get you in serious trouble, you are far from a terrible person. Helping a person when it could have potentially got you charged with fraud and at the very least lose your job
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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.
    Some people just do not care until it hits them, Heck I have seen people who drive top end corvette and mercedes who refuse insurance, why I do not know, I guess some people take their gambling habit to every aspect of their life.

    As far as houston, yes it is flood prone, has been as long as I have been in texas. Granted floods like the one now are far from the norm, but usually any tropical storm season they get quite a bit of rain and flooding, and it seems like every other year they are calling in tow truck drivers from all over the state to pull out flooded vehicles.
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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.
    I'm with you here, if you can make the numbers work.

    But in my area a $500 deductible on a $350K property runs around $750/yr.

    It would take an awful lot of years, even if invested well, to provide adequate catastrophic self-insurance in this case. Each case has to be taken individually on it's own merit. If it works for you, good. I'm envious. But it may not work for everybody.

    I also am 100% with you on a house maintenance savings fund. Everyone should have one.
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    Re: Why do so many homeowners in Houston not have flood insurance?

    Quote Originally Posted by KevinKohler View Post
    They likely all have the minimum coverage they're legally allowed to have.

    That, or flood insurance isn't included in the "full coverage" package.


    I mean, you could also ask why all living people in the US don't have life insurance, being as death is certain...
    In most cases, the legally required coverage, like all insurance, is zero.

    Flood insurance is never included in the typical homeowners package.

    There is one source of flood insurance, That's FEMA.

    Lenders may require flood insurance if the property is located in a FEMA 100 year flood plain, and generally do. Otherwise, you are on your own, it's your decision. The consequences of the decision are also the obligation of the homeowner.

    Not wishing to get in an argument. Those are the facts.

    Another slightly off topic fact. Property insurance, if purchased as a condition of a loan, does not always insure the homeowner's position. The lender is interested only in covering their position. It's up to you to cover yourself. That applies to both property insurance and flood insurance.

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

    Quote Originally Posted by Chomsky View Post
    I'm with you here, if you can make the numbers work.

    But in my area a $500 deductible on a $350K property runs around $750/yr.

    It would take an awful lot of years, even if invested well, to provide adequate catastrophic self-insurance in this case. Each case has to be taken individually on it's own merit. If it works for you, good. I'm envious. But it may not work for everybody.

    I also am 100% with you on a house maintenance savings fund. Everyone should have one.
    It would depend on you risk level too. I'm a very low risk level so I self insure. I'm betting we won't flood so much that I can't cover cost of repair with cash and/or loan. I don't have to have the full value of my home. Just the cost of repairs.

    Most repairs are dry wall, insulation, carpet, furniture, cabinets, etc. Where I'd really be hurt is if the foundation shifted and I'd have to get it jacked. That might need a loan. The rest is inexpensive enough.


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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 would depend on you risk level too. I'm a very low risk level so I self insure. I'm betting we won't flood so much that I can't cover cost of repair with cash and/or loan. I don't have to have the full value of my home. Just the cost of repairs.

    Most repairs are dry wall, insulation, carpet, furniture, cabinets, etc. Where I'd really be hurt is if the foundation shifted and I'd have to get it jacked. That might need a loan. The rest is inexpensive enough.


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    Are you speaking specifically of flood insurance, in your earlier post?

    I was speaking of general homeowner's insurance.

    Maybe I misunderstood ... I came in in the middle of the conversation ...
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    Re: Why do so many homeowners in Houston not have flood insurance?

    Quote Originally Posted by jimbo View Post
    In most cases, the legally required coverage, like all insurance, is zero.

    Flood insurance is never included in the typical homeowners package.

    There is one source of flood insurance, That's FEMA.

    Lenders may require flood insurance if the property is located in a FEMA 100 year flood plain, and generally do. Otherwise, you are on your own, it's your decision. The consequences of the decision are also the obligation of the homeowner.

    Not wishing to get in an argument. Those are the facts.


    Another slightly off topic fact. Property insurance, if purchased as a condition of a loan, does not always insure the homeowner's position. The lender is interested only in covering their position. It's up to you to cover yourself. That applies to both property insurance and flood insurance.
    ditto for title insurance
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    Re: Why do so many homeowners in Houston not have flood insurance?

    Quote Originally Posted by Chomsky View Post
    Are you speaking specifically of flood insurance, in your earlier post?

    I was speaking of general homeowner's insurance.

    Maybe I misunderstood ... I came in in the middle of the conversation ...
    Yes, just flood. I wouldn't self insure for something as great of a risk as a whole loss.
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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.


    I live near the ocean front and am 800 ft above see level. The city is built on a mountain, why would I have to have flood insurance? To help pay for the ones who can't afford it?
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