BoatBanter.com - New Orleans storm surge preparations.

On Wed, 06 Apr 2011 08:43:06 -0600, Canuck57
wrote:

On 05/04/2011 6:13 PM, wrote:
On Tue, 05 Apr 2011 17:11:08 -0600,
wrote:

On 05/04/2011 2:01 PM, Wayne B wrote:
On Tue, 05 Apr 2011 14:48:28 -0400,
wrote:

wrote:
On Tue, 05 Apr 2011 10:28:41 -0600,
wrote:

Agreed, be it 3 years or a 100. But the land was cheap. Isn't just New
Orleans either, all over the world with more and more people, more
people live it flood areas, volcanoes and fault lines.

I live in a FEMA flood area, although we have not had a flood here for
the 150 year recorded history (and who knows when it was just indians)
FEMA will still require that if I do anything to my house that is more
than 50% of the appraised building price, I need to tear it down and
build 4 feet higher than I am now.
This has shocked more than a few of my neighbors since the houses are
appraised unrealistically low. Most houses have an effective cap of
around $30,000-40,000 on any additions or repairs.

Well, then, insist the assessors re-appraise your house at market value.

The problem is land value vs house value. In many waterfront areas
around here a vacant lot will sell for about the same price as a lot
with an older but quite livable house. Some people prefer a vacant
lot because they don't need to start with a tear down.

So people buy them, wait for the weather to trash it and get federal
moneys for bailout.

That looked like a bad bet to me. Flood and windstorm will cost you
about $4,000 a year for $100,000 in coverage and there will still be a
several thousand dollar deductible for a storm that might not happen
that often or cause that much damage.

Insurance is about amortization of risk.

Wow. insightful. I bet you went to high school.