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Author Topic: RW III suing insurance companies  (Read 7251 times)

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Razorbackers

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Re: RW III suing insurance companies
« Reply #250 on: May 08, 2018, 03:30:27 pm »

yes exactly the point.

its fundamentally flawed.  selling flood insurance to millions of homes that are guaranteed to flood on a regular basis is insanity. 

there is no way to run a program like that effectively.

Your options are to A) force insurance companies to cover flooding which would send costs rocketing upward, B ) end the program and don't force insurance companies to cover homes for flood, which would leave homeowners on their own for natural disaster recovery and would lower property value leaving homeowners in debt and unable to sell, or C) keep the NFIP, which hasn't always operated at a deficit btw, and pay for it with tax money.

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PorkSoda

Re: RW III suing insurance companies
« Reply #251 on: May 08, 2018, 10:30:57 pm »

Your options are to A) force insurance companies to cover flooding which would send costs rocketing upward, B ) end the program and don't force insurance companies to cover homes for flood, which would leave homeowners on their own for natural disaster recovery and would lower property value leaving homeowners in debt and unable to sell, or C) keep the NFIP, which hasn't always operated at a deficit btw, and pay for it with tax money.


obviously C) is the only answer, even if it amounts to taxpayer disaster relief.

of course, when it applies to Health Insurance...I probably shouldn't bring that up as it will just get the thread chitcanned
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Ex-Trumpet

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Re: RW III suing insurance companies
« Reply #252 on: May 09, 2018, 01:47:34 pm »

Shyte happens, is it the federal government's responsibility to pay for every act of Mother Nature?

I guess you should have been in Houston to view first hand all the shyte that happened outside of a flood plain.

Many of those homes were total losses with no flood insurance--because it was deemed unnecessary.  Is that the homeowner's fault?  They bought casualty insurance--many for years and years with no claims--and now are stuck with huge repair bills to fix their flooded home.

There's also a lot of foreclosed homes because the homeowners couldn't afford to repair the home--which many times cost more than the home's value.  So, many people walked from their mortgage leaving it with the banks.

Yes, shyte happens.
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mhsbc59

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Re: RW III suing insurance companies
« Reply #253 on: May 09, 2018, 01:53:41 pm »

I guess you should have been in Houston to view first hand all the shyte that happened outside of a flood plain.

Many of those homes were total losses with no flood insurance--because it was deemed unnecessary.  Is that the homeowner's fault?  They bought casualty insurance--many for years and years with no claims--and now are stuck with huge repair bills to fix their flooded home.

There's also a lot of foreclosed homes because the homeowners couldn't afford to repair the home--which many times cost more than the home's value.  So, many people walked from their mortgage leaving it with the banks.

Yes, shyte happens.

Dont argue with rice he blames middle class and working class folks for not having money.  Never mind that there are millions of people in this country with college degrees making less than 80 grand a year.  Rice cant understand why everyone doenst have at least a quarter mill in the bank.
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colbs

Re: RW III suing insurance companies
« Reply #254 on: May 09, 2018, 02:20:57 pm »

I guess you should have been in Houston to view first hand all the shyte that happened outside of a flood plain.

Many of those homes were total losses with no flood insurance--because it was deemed unnecessary.  Is that the homeowner's fault?  They bought casualty insurance--many for years and years with no claims--and now are stuck with huge repair bills to fix their flooded home.

There's also a lot of foreclosed homes because the homeowners couldn't afford to repair the home--which many times cost more than the home's value.  So, many people walked from their mortgage leaving it with the banks.

Yes, shyte happens.
I think depending the disaster the government should step in and help.  As far as flood insurance you can still purchase that coverage even if not in a flood plain.  Probably pretty reasonable price since not in flood plain.  It kind of comes down to do you want to pay for it even though the chances of flooding is slim. 
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ricepig

Re: RW III suing insurance companies
« Reply #255 on: May 09, 2018, 02:30:48 pm »

I guess you should have been in Houston to view first hand all the shyte that happened outside of a flood plain.

Many of those homes were total losses with no flood insurance--because it was deemed unnecessary.  Is that the homeowner's fault?  They bought casualty insurance--many for years and years with no claims--and now are stuck with huge repair bills to fix their flooded home.

There's also a lot of foreclosed homes because the homeowners couldn't afford to repair the home--which many times cost more than the home's value.  So, many people walked from their mortgage leaving it with the banks.

Yes, shyte happens.
Is it the government's or insurance industry's fault? Just because flood insurance wasn't required, does that exonerate the homeowner?
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ricepig

Re: RW III suing insurance companies
« Reply #256 on: May 09, 2018, 02:32:18 pm »

Dont argue with rice he blames middle class and working class folks for not having money.  Never mind that there are millions of people in this country with college degrees making less than 80 grand a year.  Rice cant understand why everyone doenst have at least a quarter mill in the bank.

$80k should be able to afford flood insurance, correct?
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PorkSoda

Re: RW III suing insurance companies
« Reply #257 on: May 09, 2018, 03:02:35 pm »

I guess you should have been in Houston to view first hand all the shyte that happened outside of a flood plain.

3 500 year floods in 3 years.

I'm thinking their flood prediction models need to be updated.

also city planners likely rely on those predictions to determine how much storm drainage is necessary.


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ricepig

Re: RW III suing insurance companies
« Reply #258 on: May 09, 2018, 03:26:30 pm »

3 500 year floods in 3 years.

I'm thinking their flood prediction models need to be updated.

also city planners likely rely on those predictions to determine how much storm drainage is necessary.




Most 100/300/500 floods didn't factor in asphalt and concrete, but contributor in urban areas for runoff.
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hoglady

Re: RW III suing insurance companies
« Reply #259 on: May 09, 2018, 04:15:19 pm »

Most 100/300/500 floods didn't factor in asphalt and concrete, but contributor in urban areas for runoff.

I don't know why they wouldn't factor that in as the Corps of Engineers revamps the maps every 6 to 10 years or so.
In Little Rock and North Little Rock every time the maps are revamped - we'll have homes that now require flood insurance that never have before and houses that come out of the flood plain.
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Grizzlyfan

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Re: RW III suing insurance companies
« Reply #260 on: May 09, 2018, 04:41:54 pm »

I just hope RWIII is able to get a good flood insurance policy.

99toLife

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Re: RW III suing insurance companies
« Reply #261 on: May 09, 2018, 07:51:41 pm »

3 500 year floods in 3 years.

I'm thinking their flood prediction models need to be updated.

also city planners likely rely on those predictions to determine how much storm drainage is necessary.

You do understand that is possible , and the numbers can be 100% correct. Right. please tell me yes.
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PorkSoda

Re: RW III suing insurance companies
« Reply #262 on: May 09, 2018, 07:56:03 pm »

You do understand that is possible , and the numbers can be 100% correct. Right. please tell me yes.
obviously its possible, it happened.

a 500 year flood only means that there is a 0.002% chance of it occurring in any given year.

my comment was that model they used to give it a 0.002% chance is probably off since it happened 3 times in a 3 year period.

the chances of that happening are 0.000000008%
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99toLife

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Re: RW III suing insurance companies
« Reply #263 on: May 09, 2018, 07:57:23 pm »

obviously its possible, it happened.

a 500 year flood only means that there is a 0.002% chance of it occurring in any given year.

my comment was that model they used to give it a 0.002% chance is probably off since it happened 3 times in a 3 year period.

and it may not happen again for 5000 years.  I do know what you are saying though.  The Models may be wrong.
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PorkSoda

Re: RW III suing insurance companies
« Reply #264 on: May 09, 2018, 08:03:34 pm »

and it may not happen again for 5000 years.  I do know what you are saying though.  The Models may be wrong.
closer to 12.5 million years but yeah, I read somewhere that the models had not been updated in decades, and that they are now in the process of using new information to do so.

hopefully also as they are rebuilding, the build up the foundations where possible to give homes a few extra feet of leeway.

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99toLife

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Re: RW III suing insurance companies
« Reply #265 on: May 09, 2018, 08:13:05 pm »

closer to 12.5 million years but yeah, I read somewhere that the models had not been updated in decades, and that they are now in the process of using new information to do so.

hopefully also as they are rebuilding, the build up the foundations where possible to give homes a few extra feet of leeway.

One problem is many models don't take into account the development around these areas mainly to the north or higher elevations. Sometimes these can create massive flood zones that didn't exist before after a major rain event.
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vandybuff

Re: RW III suing insurance companies
« Reply #266 on: May 09, 2018, 08:55:31 pm »

I just hope RWIII is able to get a good flood insurance policy.

LOL!!!!! with all the water talk I was kinda wondering if RWIII was denied a hydrocephalus claim. 
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Ex-Trumpet

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Re: RW III suing insurance companies
« Reply #267 on: May 10, 2018, 08:55:40 am »

3 500 year floods in 3 years.

I'm thinking their flood prediction models need to be updated.

also city planners likely rely on those predictions to determine how much storm drainage is necessary.




They definitely need to be updated, for sure. 

As I stated earlier, many of the flooded homes were not in any flood plain.
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(notOM)Rebel123

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Re: RW III suing insurance companies
« Reply #268 on: May 10, 2018, 09:34:41 am »

I just hope RWIII is able to get a good flood insurance policy.
...not to mention a good home warranty.
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Inhogswetrust

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Re: RW III suing insurance companies
« Reply #269 on: May 10, 2018, 09:38:47 am »

Your options are to A) force insurance companies to cover flooding which would send costs rocketing upward, B ) end the program and don't force insurance companies to cover homes for flood, which would leave homeowners on their own for natural disaster recovery and would lower property value leaving homeowners in debt and unable to sell, or C) keep the NFIP, which hasn't always operated at a deficit btw, and pay for it with tax money.



My tax money should not have to pay for someone elseís problem. I donít expect anyone else to pay for mine.
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Inhogswetrust

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Re: RW III suing insurance companies
« Reply #270 on: May 10, 2018, 09:44:34 am »

I think depending the disaster the government should step in and help.  As far as flood insurance you can still purchase that coverage even if not in a flood plain.  Probably pretty reasonable price since not in flood plain.  It kind of comes down to do you want to pay for it even though the chances of flooding is slim. 

One house floods the government doesnít care.......1,000 houses flood and the government wants to pay for it all. Ask yourself why that is when the government is politically based.................
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Inhogswetrust

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Re: RW III suing insurance companies
« Reply #271 on: May 10, 2018, 09:50:37 am »

You do understand that is possible , and the numbers can be 100% correct. Right. please tell me yes.

Correct. Itís also possible to win the lottery but itís not likely. Yet stupid people keep buying lottery tickets.
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Inhogswetrust

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Re: RW III suing insurance companies
« Reply #272 on: May 10, 2018, 09:52:57 am »

They definitely need to be updated, for sure. 

As I stated earlier, many of the flooded homes were not in any flood plain.

Yet when flood plain are updated if someone then gets higher insurance rates they go ballistic. Iíve actually heard of politics getting involved with it. People up in Riceís part of the state know about that.
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WorfHog

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Re: RW III suing insurance companies
« Reply #273 on: May 10, 2018, 12:47:43 pm »

I guess you should have been in Houston to view first hand all the shyte that happened outside of a flood plain.

Many of those homes were total losses with no flood insurance--because it was deemed unnecessary.  Is that the homeowner's fault?  They bought casualty insurance--many for years and years with no claims--and now are stuck with huge repair bills to fix their flooded home.

There's also a lot of foreclosed homes because the homeowners couldn't afford to repair the home--which many times cost more than the home's value.  So, many people walked from their mortgage leaving it with the banks.

Yes, shyte happens.

Now that the banks own them the government will gladly hand out taxpayer money. Too big to fail and all that.
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(notOM)Rebel123

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Re: RW III suing insurance companies
« Reply #274 on: May 10, 2018, 01:13:53 pm »

My tax money should not have to pay for someone elseís problem. I donít expect anyone else to pay for mine.

...yeah, compassion sucks. geez.
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Razorbackers

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Re: RW III suing insurance companies
« Reply #275 on: May 10, 2018, 03:00:28 pm »

...yeah, compassion sucks. geez.

Everyone is fiscal af until their home is under 30 feet of water, or they're laid off, or insert bad thing that happens.


Jim Harris

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Re: RW III suing insurance companies
« Reply #276 on: May 10, 2018, 03:44:15 pm »

Correct. Itís also possible to win the lottery but itís not likely. Yet stupid people keep buying lottery tickets.

Somebody wins eventually.
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PorkSoda

Re: RW III suing insurance companies
« Reply #277 on: May 10, 2018, 03:48:14 pm »

One problem is many models don't take into account the development around these areas mainly to the north or higher elevations. Sometimes these can create massive flood zones that didn't exist before after a major rain event.
yeah, they use historical data going back over a hundred years, but you have to take into account the last 50 years have increasingly more developed ground coverage than the prior fifty years.

I think there is going to need to be a lot more "best practices" developed to account for urban sprawl.

The problem is of course, that property developers generally don't like environmentalists or city planners telling them what to they can and can't do.
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vandybuff

Re: RW III suing insurance companies
« Reply #278 on: May 10, 2018, 06:18:53 pm »

My tax money should not have to pay for someone elseís problem. I donít expect anyone else to pay for mine.

With that attitude kiss your chance of being a lobbyist goodbye!
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Hoggish1

Re: RW III suing insurance companies
« Reply #279 on: May 10, 2018, 07:11:03 pm »

Dismiss Long again.
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DeltaBoy

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Re: RW III suing insurance companies
« Reply #280 on: May 15, 2018, 10:57:48 am »

I hope he wins cause he did what he was supposed to do.
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