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#2
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New Orleans storm surge preparations.
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. |
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#3
posted to rec.boats
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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. |
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