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I don't have a beach house, I did not trade up to a bigger house, I don't have a mortgage and I am not required to have flood insurance. Most folk on my block dont have a mortgage. We have mainly blue collar older folk who bought from 1950s to 1990s. Honestly, most folk never got a drop of water in their life.

I have flood insurance now and I question the whole purpose of it. Flood insurance is not like regular insurance. It is a govt subsidized program. It is welfare for people in flood zones. Now I have flood insurance. I pay peanuts and next flood I will get paid a lot of money. My flood policy is $400 bucks a year. Honestly, if I was Uncle Same I would rather pay me $32k then 250K and skip the $400 bucks.

Quite honestly, when Cuomo said noreaster was coming and we could throw out stuff with out waiting for adjuster to come, my neighbor threw out his whole perfectly good kitchen, all the sheetrock and even gutted the everything and threw out every stick of old furniture. Why, he wanted a new house and he had flood insurance. Guess what he only owns this piece of junk six months, paid $200 in premiums and now he is getting a new everything. I got same water as him.

I saw a ton of fraud with folks with flood insurance going on. I also find it amazing that the 50% of folks with no flood insurance 100% of them are back in their house.

Salvation Army, Red Cross there was vouchers for used furniture, Charities were helping with rip outs, STEP program was available and if you used off the books folks and rolled up your sleeves you could get house done on a 31,900 budget. Remember, the southshore most towns were only put in flood zone in 2009, including mine. All my neighbors paid in only $1,200 in premiums and talking to them they got an average of 150K. The folks without flood insurance paid in zero and got $31,900. Flood Insurance is a misnomer, it is not a for profit insurance company. The federal govt has to either take a loss of 149K on average in my town for folks with flood insurance vs. a loss of 32K for folks with flood insurance.

Bottom line someone who got with flood insurance who got $31,900 payout in excess of premiums paid got exact same handout as someone without flood insurance who got $31,900. I think they should get rid of flood insurance all together, or at least for non-primary residences.

From: Cut the red tape!

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