Can an intelligent source speculate on how many didn't have flood insurance..? Many were above the 100 year flood plain.
The gigantic elephant in the SC room maybe.
- Thread starter IH8FATBRAD
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Saw this on TOS. "2.2 million housing units and less than 200,000 flood insurance policies"
http://www.cnbc.com/2015/10/06/south-carolina-flood-losses-1-billion-and-rising.html
http://www.cnbc.com/2015/10/06/south-carolina-flood-losses-1-billion-and-rising.html
This will be the costliest and most devastating disaster in our state history money-wise when all is settled. Between Columbia, Lexington, Florence and Charleston metropolitan areas even going up the coast, no area was spared the wrath of this flood-maker.
In the Forest Acres area, there are many who did not as they were above the 100 year flood line. I would say at least half did not have it. I spoke to at least 25 home owners who will need 250k min to fix their homes, and only 5 had flood insurance. Remember, these homes are not in scary flood zones. I read about the Hugo surge of 20 feet....these houses were 75 yards from tiny creeks. You talk about a surge.
Since I am one of the lucky few out looking at all of this mess I can tell you that SC Dept of Ins and FEMA which manages the Flood Insurance Program says less than 10% of the policies in this state have flood coverage.
If you don't have it I can tell you if you don't live in a flood zone its pretty realistic but the reason is your likely to never need it.
I hate seeing people in these circumstances but they had a choice and they elected not to have the protection they needed should something like this happen....Doesn't make it any easier I can tell you from a personal standpoint to know the vast majority of what I am looking at is a denial....
To make it worse even if you have it FEMA requires you to first file a claim with your primary carrier because you have to have the denial in order for them to cover it under the flood policy you may have.
This is what really makes me mad is they make you jump though a hoop that serves no purpose!
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True. This disaster has impacted the 'rich' as well as the poor. Many folks will be paying for their homes . . . again. What a terrifying thought!
I've got a prediction. With as much damage this flood has done and how much money it's going to take families to repair everything... season ticket purchases for 2016 are going to go way down... And you are going to have some classless Clemson fans posting the reason is because of the Gamecocks past two seasons...
The pic of WB flooded with the rainbow over Clemson's field yesterday set me off. I had to tell so many people that the pic wasn't taken recently.
The pic of WB flooded with the rainbow over Clemson's field yesterday set me off. I had to tell so many people that the pic wasn't taken recently.
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Not to hide the republican in me but if someone owns a home/possessions that is worth more than 250k, they should probably have been able to afford the appropriate insurance to make them whole.
I purchased my first 250K+ home last year and I spent plenty of time making sure I've got the ends and outs covered for any disaster possibility with my home.
I truly hope that there's some good people on the ground helping those that literally lost everything to help them do the paperwork and help with the proper actions to try to make them whole. The neighborhood I grew up in West Columbia had their 'little creek' turn into a raging river that washed away the center of the neighborhood almost taking 30-40 homes with it.
Floods, earthquakes, and mudslides/landslides.
I've got a drainage creek running through my backyard and my house is on a slope. Gotta be prepared. I hate sudden expenses.
I guess I kind of agree with your original post but floods are so unlikely in many areas that I can understand why someone wouldn't get the necessary insurance. I'm in Charleston and am required to have flood insurance. I don't have a separate policy for earthquakes and to be honest I'm not even sure if I'm covered for one. And I sure as hell don't have insurance for mudslides and landslides, unless it's covered in my normal homeowners insurance. Insurance is such a shady business to begin with.Floods, earthquakes, and mudslides/landslides.
I've got a drainage creek running through my backyard and my house is on a slope. Gotta be prepared. I hate sudden expenses.
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Also, some houses that are in flood zones that do have flood insurance will have to completely rebuild their homes because they (like the homes in Charleston pre hugo) were grand-fathered in and did not meet code but will now be required to do so. No way 250k will cover it.
I am apparently above the 1000 year flood line, and I currently do not have flood insurance. My insurance rep said not to bother. I do not know whether I will get it now or not. The post above in regards to being able to afford flood insurance is not the point. Why would you have flood insurance if you don't think you need it and you are above the 100 year flood line? Just because these are affluent people, does not mean they would be told to buy flood insurance just because they can afford it. Nobody is to blame, it was a freakish event....but maybe more to come...I don't know. Should everyone have flood insurance?
I am sure there are plenty of people who think it is funny and these "rich" people can afford it. Just because you have a house in a nice place does not mean you are wealthy. It is not uncommon for people's wealth to be almost entirely wrapped up in their homes. Its not like everyone has 300k to lose or even available to reconstruct.
Plus, there are plenty of smaller homes below the lakes and throughout the state that are not "wealthy." Some of these are rental properties that may not be rebuilt if it is financially difficult. Either way, when you lose every item you owned, it is impossible to replace. We spent an hour trying to find football cards for a kid who lost everything else....we never did. Everything these kids had is gone. Wrap your mind around how you fix that and tell them that they are safe.
Either way, its a disaster. There are no winners except some looters and those praying off people with fake fundraising. I don't feel less sorry for people just because they had money before they lost it all. But one thing is certain. Columbia and the rest of South Carolina came together and is taking care of each other. Whether the fed govt helps out significantly remains to be seen. I don't think they will have much of a choice in regards to damage from the dam breach on the Fort though. But who knows?
As someone who recently fought FEMA to get out of a supposed 100 year flood zone in Columbia, here are a couple of problems as I see them: 1) FEMA presents these zones as if they are "the gospel", but in my case I realized they didn't even have the local creek in the right location on their map. Even if the maps are factually correct, the zones themselves are just educated guesses, leaving out folks that will be affected (giving them a false sense of security) and over including people that are relatively safe (my house thankfully stayed dry and sits over a garage so it really wouldn't have mattered anyway). 2) From what I can tell, there is very little to no actuarial connection between the premiums paid and the risk. I.e., my house with minimal risk paid the same rates per dollar of coverage as someone right on the water. Moreover, when you look on TV and read about FEMA trailers rotting in Louisiana somewhere you get a strong sense that you are not buying "insurance" at all, but just a forced contribution to governmental ineptitude. In sum, I can see quite clearly why many people brush off this "insurance."
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