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FEMA bailouts

Discussion in 'Off-Topic' started by Tellafriend, Aug 18, 2016.

  1. Tellafriend

    Tellafriend
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    If you have been watching the news lately you have seen where Louisiana has received too much rain which has caused flooding. Most of the homeowners there (80%) did not have flood insurance-- just like the folks affected by super storm Sandy up north. So, the federal government, through FEMA, comes in and give grants which is just a fancy word for handouts to those folks who don't have insurance.

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    Makes sense, doesn't it? (Rhetorical query).

    Those folks who purchase flood insurance to protect their property are now being forced to subsidize those who chose not to. Meanwhile, FEMA - which is broke- annually raises premiums to cover the difference on the people who make the responsible choice to purchase insurance.

    At its core this is just another forced redistribution of wealth.

    Carry on.
     
  2. Breeze147

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  3. Hard4

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    Damn Glen. Bet you're glad you talked to the colonial and signed that paper. From reading about your other experiences, it very well could have ended up the other way around.

    Hell of a business deal.
     
  4. dvandentop

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    Thanks for sharing the story Glen very interesting
     
  5. dahammer

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    Re: Sandy up North, are you sure about 80% uninsured?

    Living in a shotgun shack in flood prone New Orleans vs. having a $500k condo as a second home at the Jersey Shore. You can't get a mortgage without flood Insurance.
     
  6. VEGASBJ

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    old FEMA story -

    so we were living in Northridge, Ca. when the big 1994 quake struck. Felt like someone had planted bombs under our house and set them off. Our house flexed so much that all the windows in the house blew out, our slab foundation had huge cracks running through it, all of our good china, crystal glasses, etc were all gone, etc. Since we lived at the end of a cul-de-sac, we had this huge pie shaped yard, with about 500' of cinder block walls that came down on all sides of the property line.

    A big rumor at the time was that the quake was actually much stronger than the eventual 6.7 they reported. Mind you, Caltech that reports the quakes is in our vicinity. First news of the morning on local radio said 7.1, then next day they said 6.9, then finally drifted down to 6.7. The big "reason" the quake was "rumored" to be finally calculated at 6.7 was that any quake over 7.0 called for mandatory disaster relief, and under 7.0 it was relief that was available, but had to be paid back. (This is nothing that I looked up, just recalling the stories that were going around the neighborhood at the time). We took a FEMA loan that was offered at a very low interest rate (I recall about 2-3%, which was low for that time period) for about $58k to fix all the damage to the house, and this was a loan that had to be repaid. All docs official, notarized, and recorded as a loan against the house. Nowadays, it seems that all this disaster relief is free money?? I don't know but would be interesting to see from someone that had Katrina or Sandy disaster relief.

    I guess the whole point is that previously this relief $$ was to be repaid, and now it seems like it's not??
     
  7. Nevyn

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    My understanding from the article is that the FEMA grant money is available to the insured and the uninsured alike, but only for expenses that the insurance would not cover.
     
  8. Mrs. K.

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    Glen, you are one interesting guy!

    Lots of people had to pay back Katrina money. I'm not talking about just the debit cards. Money they thought they would not have to pay back. But if you are a homeowner in a disaster prone area you should get insurance. Earthquake, flood, whatever. But I know how it is to have to choose carefully how you spend your money and I truly feel terrible for everyone in this horrible flood.
     
  9. Valgal

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    About 20 years or so parts of San Antonio had a 100 year flood. We knew a family that lived in that area. It was not in a flood plain so no one had flood insurance. They had their house completely paid for so they carried no loan on it. Their house was washed totally washed away. FEMA gave them a few nights in a hotel and that was it. Nothing Nada to rebuild. Everyone else around them that carried a loan got their houses rebuilt. They said FEMA told them since they owed nothing on the house- they got nothing.
     
  10. bigalbr

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    The scam is the people who live in the flood plains and have insurance. If they didn't live in places where they shouldn't, many of the uninsured would have been protected. I've never lived inside a flood zone, so I haven't had flood insurance. If FEMA would stay out of it, I would have flood insurance as a $50 rider on my homeowners. Instead my premium would be around $420.
     

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