FEMA & Appalacia

[Shevlin77]

ugh.

Heartbreaking

Roughly 1 in 200 single-family homes in the region is covered by the National Flood Insurance Program (NFIP), according to a Reuters analysis of federal government data – a far lower level of coverage than can be found in the coastal and riverside neighborhoods the program was designed to serve.

Residents affected by Helene who do not have that flood coverage will be able to apply for up to $30,000 in federal disaster aid, as well as loans from the Small Business Administration - though those can make up only a fraction of the $250,000 worth of coverage available through the federal flood program.

 

[P. Marlowe]

Yeah. Tragic situation. Many won’t be able to rebuild any time soon. A good reminder/PSA - sit down with your agent every year or so to evaluate your coverage. Flood coverage for folks in zone X (many affected in western NC) is incredibly cheap. No one likes buying insurance. I get it. It isn’t fun or even interesting. Until you need it. Don’t cheap out. Quality insurers are so much easier to deal with. Chubb, Cincy, etc. are more expensive. It’s worth it when you need them. I’m not an insurance agent either.

 

[Earle36]

Yeah. Tragic situation. Many won’t be able to rebuild any time soon. A good reminder/PSA - sit down with your agent every year or so to evaluate your coverage. Flood coverage for folks in zone X (many affected in western NC) is incredibly cheap. No one likes buying insurance. I get it. It isn’t fun or even interesting. Until you need it. Don’t cheap out. Quality insurers are so much easier to deal with. Chubb, Cincy, etc. are more expensive. It’s worth it when you need them. I’m not an insurance agent either.

So many people don’t have cheap term life insurance. Then they die and they're family struggles financially

 

[Casa_del_Tigre]

Yeah. Tragic situation. Many won’t be able to rebuild any time soon. A good reminder/PSA - sit down with your agent every year or so to evaluate your coverage. Flood coverage for folks in zone X (many affected in western NC) is incredibly cheap. No one likes buying insurance. I get it. It isn’t fun or even interesting. Until you need it. Don’t cheap out. Quality insurers are so much easier to deal with. Chubb, Cincy, etc. are more expensive. It’s worth it when you need them. I’m not an insurance agent either.

Would you rebuild in a flood area? Many in Canton, NC did a couple years ago and now got washed out again.

 

[P. Marlowe]

Would you rebuild in a flood area? Many in Canton, NC did a couple years ago and now got washed out again.

I don’t know. Probably depends on the individual situation. Most of Canton is probably zone X. It’s the area to the southwest of like 23 and Bridge street along the river that faces elevated flood risk. That’s primarily commercial stuff in there, IIRC. The majority of the residential areas in canton are not in flood zones. This just happened to be a really catastrophic confluence of circumstances. Like I said, probably just depends, and I feel for the folks faced with that decision.

 

[navytiger]

Where do you find what zone you are in?

 

[slingle]

Where do you find what zone you are in?

https://www.fema.gov/flood-maps

 

[b5tiger]

Yeah. Tragic situation. Many won’t be able to rebuild any time soon. A good reminder/PSA - sit down with your agent every year or so to evaluate your coverage. Flood coverage for folks in zone X (many affected in western NC) is incredibly cheap. No one likes buying insurance. I get it. It isn’t fun or even interesting. Until you need it. Don’t cheap out. Quality insurers are so much easier to deal with. Chubb, Cincy, etc. are more expensive. It’s worth it when you need them. I’m not an insurance agent either.

It’s just not that simple. Have to be in a recognized flood zone to buy flood insurance. I’ve been in Hendersonville for 40 yrs and many areas that flooded were outside the 500 yr flood plain and ineligible for flood insurance.

 

[grazhoppa]

“…Very happy across the board.”

 

[MBTiger23]

Yeah. Tragic situation. Many won’t be able to rebuild any time soon. A good reminder/PSA - sit down with your agent every year or so to evaluate your coverage. Flood coverage for folks in zone X (many affected in western NC) is incredibly cheap. No one likes buying insurance. I get it. It isn’t fun or even interesting. Until you need it. Don’t cheap out. Quality insurers are so much easier to deal with. Chubb, Cincy, etc. are more expensive. It’s worth it when you need them. I’m not an insurance agent either.

The max coverage of $250k from FEMA is going to be a big issue for a lot of folks as well. I'm curious what happens to all the mansions that rely on massive rental income. I know thats a microscopic issue compared to the thousands of folks losing their primary home, just a random thought I've had. Many have little to no damage but will obviously not rent for months or years. That's a heavy note to pay with no income. Insurance will not pay for loss of rent unless there's an active claim.

 

[MBTiger23]

It’s just not that simple. Have to be in a recognized flood zone to buy flood insurance. I’ve been in Hendersonville for 40 yrs and many areas that flooded were outside the 500 yr flood plain and ineligible for flood insurance.

I've never heard of this and sell insurance daily. X flood zones are the least likely to flood but eligible for coverage.

 

[5-Star Poster]

Worst part is Kamala can only afford to give family $750 because she’s giving so much of our FEMA money to illegal migrants. It’s a disgrace.

 

[fatpiggy]

I've never heard of this and sell insurance daily. X flood zones are the least likely to flood but eligible for coverage.

Is it true that flood policies are limited to $250k?

Every flood policy i have every purchased is limited to 250k of coverage yet the properties are worth much more than that.

$250k for some of those mountain homes will only cover a tiny fraction of their value.

Honestly, i don't purchase flood insurance anymore as if my house gets destroyed 250k is going to be a drop in the bucket. It's just not worth it, i will self insure that.

 

[scotchtiger]

The max coverage of $250k from FEMA is going to be a big issue for a lot of folks as well. I'm curious what happens to all the mansions that rely on massive rental income. I know thats a microscopic issue compared to the thousands of folks losing their primary home, just a random thought I've had. Many have little to no damage but will obviously not rent for months or years. That's a heavy note to pay with no income. Insurance will not pay for loss of rent unless there's an active claim.

I was thinking about this as well. Obviously not the main concern, but many people who own those multi-million dollar homes are going to face significant financial pressure. Even if unharmed, many will be in an area that they won’t want to visit and renters won’t visit for a long time. I suspect we will see some foreclosures or some screaming deals on mountain mansions.

 

[MBTiger23]

Is it true that flood policies are limited to $250k?

Every flood policy i have every purchased is limited to 250k of coverage yet the properties are worth much more than that.

$250k for some of those mountain homes will only cover a tiny fraction of their value.

Honestly, i don't purchase flood insurance anymore as if my house gets destroyed 250k is going to be a drop in the bucket. It's just not worth it, i will self insure that.

Unless you purchase private flood insurance, you are limited to 250k in dwelling coverage. If you are with State Farm or other national carriers, they don't offer private flood insurance. Mainly independent agents have those options.

 

[P. Marlowe]

It’s just not that simple. Have to be in a recognized flood zone to buy flood insurance. I’ve been in Hendersonville for 40 yrs and many areas that flooded were outside the 500 yr flood plain and ineligible for flood insurance.

That’s not accurate.