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RegieRocker Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Feb-06-11 08:32 AM
Original message
Government Flood Insurance cost vs Private
Government cost: $350.00 a year
Private cost: $3500.00 a year

What is it with people that don't get the fact that government provided insurance (insuring ourselves) is the only way to go? Do you people have investments in these insurance companies or something? Do you have a job there? I don't get it. What is your motive? Is it greed? Is the American people the problem and not the government? Isn't this a democracy? Are we not the government?
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NNN0LHI Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Feb-06-11 08:35 AM
Response to Original message
1. I wasn't aware that any private companies even offer flood insurance
Where does the cost for private flood insurance you cite come from?

Don
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RegieRocker Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Feb-06-11 08:36 AM
Response to Reply #1
2. Call a insurance broker the person will inform you what the cost
Edited on Sun Feb-06-11 08:37 AM by RegieRocker
would be.
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NNN0LHI Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Feb-06-11 09:03 AM
Response to Reply #2
6. You want me to call an insurance broker to get the numbers you cited?
How old are you?

Don
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RegieRocker Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Feb-06-11 09:20 AM
Response to Reply #6
7. Ok little one, you asked where it came from and I told you to call a insurance
broker. Do you know what they are? Much older and wiser than you. Afraid to find out the truth and resort to insisting I am young. What a immature response.
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Statistical Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Feb-06-11 08:38 AM
Response to Original message
3. What private insurance company offers flood insurance?
The govt flood insurance system exists because the private insurers WON'T offer flood insurance.
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RegieRocker Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Feb-06-11 08:45 AM
Response to Reply #3
4. Read my above response
you can get any type of insurance for anything. Be prepared to pay for it though. Do you understand the meaning of your statement?
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melm00se Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Feb-06-11 08:59 AM
Response to Original message
5. there are advantages of buying private
the federal policies have maximums. if your property is worth more than the maximum benefit (IIRC $250K?) then buying an add-on policy may be in the cards.
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RegieRocker Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Feb-06-11 09:27 AM
Response to Reply #5
9. Although your stated correct information the post is about
government flood insurance being cheaper than private insurance not that tokyo might need more. Do you agree it's cheaper or not?
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melm00se Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Feb-06-11 02:47 PM
Response to Reply #9
15. without knowing details?
insurance is all about coverages...

if the coverages are 100% identical then yes
but without knowing for sure i can't say yes or no
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katnapped Donating Member (938 posts) Send PM | Profile | Ignore Sun Feb-06-11 09:28 AM
Response to Reply #5
10. Of course what happens with the private policy
Edited on Sun Feb-06-11 09:28 AM by katnapped
The insurance company finds every loophole they can as to why they won't pay the claim, and even if they do pay out, expect your policy to be cancelled because you're now a high risk.
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RegieRocker Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Feb-06-11 09:39 AM
Response to Reply #10
12. So true!
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elehhhhna Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Feb-06-11 09:24 AM
Response to Original message
8. Yeah, the gov takes the unprofitable business lines and leaves the good customers to
private industry.

We do this for health insurance and banking as well.
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RegieRocker Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Feb-06-11 09:38 AM
Response to Reply #8
11. This would be risk not customers. That is such a good approach!
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TreasonousBastard Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Feb-06-11 10:49 AM
Response to Original message
13. Why not tell the whole story...
As much as I would like to avoid interfering with your hatred of insurance companies with a few facts, some of the facts are...

http://privateflood.com /

"As you may know, most property insurance policies do not cover your home or business for the peril of flood. With the increasing occurrence of flood events over the past few years, this protection has never been more vital. At SFI Group, Inc, we have a full staff of insurance agents with extensive experience writing private flood insurance packages for many types of properties. We have full access to the National Flood Insurance Program (NFIP).

For those properties located in a Coastal Barrier Resource area, we have worked with companies to be able to write flood insurance on the private market. We can obtain private flood insurance for you when it is not available from NFIP. Coastal Barrier Resource or CBRA zones are not eligible for federal flood insurance. Additionally, there are some areas which are designated as "Otherwise Protected Areas" or OPA's where federal flood insurance is not available. Finally, there are some communities which do not participate in the NFIP.

At SFI Group, Inc, we can write private flood insurance for you in many cases when your property is not eligible for federal flood insurance. Click below to learn more about what SFI Group can do for you."

http://online.wsj.com/article/SB10001424052748703685404...

<...>

The average flood-insurance premium is about $570 a year for a $217,000 policy, according to FEMA, but it rises to $2,000 for $187,500 of coverage in areas of high storm-surge risk. (For more information, go to www.floodsmart.gov .)

People with high-end homesgenerally those valued at more than $500,000often have an easier time finding insurance, but usually must pay handsomely for it. Privilege Underwriters Reciprocal Exchange, or PURE, sells so-called high-value coverage in 14 states. ACE Ltd., Chubb Corp., Allianz SE's Fireman's Fund Insurance Co. unit and the Private Client Group at Chartis, the property-casualty unit of American International Group Inc., offer it too, though some sharply limit policies in high-risk areas, or insure only recently built or second homes.

Such firms offer special coverage not generally available elsewhere. Many carriers sell excess flood insurance above the NFIP's $250,000 limit. Some also sell personal flood policies with high loss limits like $15 million, though generally outside of high-risk zones.

<...>


And, you might note that Federal flood insurance was held up by Congress, which refused to vote on continuing the program-- do you prefer congresscritters to determine your fate?

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RegieRocker Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Feb-06-11 11:09 AM
Response to Reply #13
14. I prefer to determine my own fate through democratic representation
in the government by and for the people. Not by greedy leeches who make horrendous profits and salaries. Does that explain?
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