Holy Cow.... after all of this discussion, why was even questioning it?? Mother nature gives each area its own dose of challenges. That's why I asked.... thanks guys!
Homeowner's Insurance
- Thread starter Beach Bound
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Somewhere buried in these threads is a great story about the bay flooding over the 331 causway and the walton county police officer that got caught in it. Anybody remember the thread?
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I am :shock: :shock: :shock:.
It's cheap because it is subsidized with taxpayer dollars.
None dare call it a bailout. ;-)
Floodsmart.gov: Policy Rates
The coverage is to the limit of the policy w/ a max of 250K building and 100K contents.
I strongly recommend consulting with an insurance professional to make sure you understand your policy limits and other restrictions.
What? My Alstate flood insurance is subsidized? How so?
Allstate - Flood Insurance
Unless you're talking a very high value property and went through something like Lloyd's of London, the first part (250K) of the insurance was probably Allstate acting as a salesman for the National Flood Insurance Program.
This has actually been an issue with Florida home sales this year because the program technically lapsed in like March, Congress kept getting blocked by individual Members/Senators when they tried to reauthorize it, and a whole bunch of closings got delayed because they were in a time period when NFIP couldn't legally write new policies because Congress hadn't authorized it.
AFAIK, it's been sorted out at this point.
That was shallowsfuzz that experienced it and shallowsnole that told it.
He was also a Sheriff's deputy at the time.
The story also includes the bay being emptied right before it filled back up.
Sometimes the truth hurts, yes Shopper your flood insurance is subsidized by the federal government.
Time to End The Beach House Bail-Out - CBS MoneyWatch.com
Unbelievable. Does the federal government have a monopoly on flood insurance, or are there private options?