IUBillsFan Posted September 10, 2005 Share Posted September 10, 2005 First off, the insurance comany did say we would not have to worry about our house flooding. Being based on the highest storm surge recorded, it was not possible for our house to flood. To bad nobody ever thought there could be a hurricane that could be more damaging then Camille, which was a level 5 hurricane that hit the MS gulfcoast in 1969. From what I've been told, the flood zone maps were based on recent observations. Second, only 25% of the coast was in a flood zone. And as I stated earlier, the cost of flood insurance, if not in a flood zone, is over 500 dollars on the MS Gulf Coast! And when your told by your insurance company that you have nothing to worry about, what are you going to do? Pay for insurance? Or save a large amount of money? 435584[/snapback] Well I guess that's what I find amazing...If the insurance company is telling you that your house isn't going to flood that usually tranlates to lower rates NOT higher, since insurance rates are based on past experience. What was the cost if you are in a flood zone? Link to comment Share on other sites More sharing options...
thanes05 Posted September 12, 2005 Author Share Posted September 12, 2005 Well I guess that's what I find amazing...If the insurance company is telling you that your house isn't going to flood that usually tranlates to lower rates NOT higher, since insurance rates are based on past experience.What was the cost if you are in a flood zone? 435934[/snapback] Insurance works differently in areas that are prone to flooding. Espcecially in ones that are hit by a hurricane every 5 to 6 years (That is the MS guflcoast average). In theses areas, if your house is not in a flood zone, the insurance company's charge more for insurance. To be honest, I do not understand why they do this. But, I do know the insurance comany's charge over 500 a month if your house is not in a flood zone. This is something 75% of the population on the MS gulfcoast has been complaining about. If in flood zone, I know the cost is MUCH lower. I'll try to look this up, but I know it is at a price where it will not affect some one's decision to buy a house in a flood zone. It is a very low price every month. Link to comment Share on other sites More sharing options...
thanes05 Posted September 12, 2005 Author Share Posted September 12, 2005 Well I guess that's what I find amazing...If the insurance company is telling you that your house isn't going to flood that usually tranlates to lower rates NOT higher, since insurance rates are based on past experience.What was the cost if you are in a flood zone? 435934[/snapback] Actually, I just realized something else. Here is what the insurance comany's must be thinking. Since only 25% of the MS gulfcoast was in a "floodzone", they basically only have to pay for the recovery of 25% of the gulfcoast. Imagine if they entire gulfcoast was insured. Can you imagine how much that would cost them? Now, imagine this. What if everyone, both Flood and nonflood zones, payed a low rate? There is no way the insurance company's would be able to pay for all of the damage. Even if they charged the flood zone areas a high rate, which will not happen, they could not pay for it all. Link to comment Share on other sites More sharing options...
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