[Michael G.]

Originally Posted by islandtiempo

These catastrophic rain storms, that only happen every 100 years haha...,could potentially flood your house and you would not be covered. You need to weigh the cost.

Hmmm
Average cost $500.00 per year
X 100 years = $600000.00

[BobnBev]

Originally Posted by Michael G.

Hmmm
Average cost $500.00 per year
X 100 years = $600000.00

We don't live in a flood zone, but for $505 a year, I wouldn't be without it. Who cares what happens in 100 years anyhow, we won't be around to see it.

[Altavia]

Originally Posted by Michael G.

Hmmm
Average cost $500.00 per year
X 100 years = $600000.00

A 100 year event has a 10% chance of occurance every ten years.

Florida experienced two 1,000 year floods the past six months. It took three months for the St John's to return below flood stage.

[jrref]

If you live in the Villages especially south of 466 your chances of getting flood water are very low because of our sophisticated storm water management system. The system is designed to flood specified golf courses as a last resort. In the past hurricanes no homes south of 466 had any water eventhough we got about 17 inches of rain in 24 hours. A couple of homes north of 466 had some minor water. This doesn't mean it can't happen just that it's very unlikley since we are not near any coast you won't get tital surge just have to worry about the storm water management system which we have one of the best.

[kkingston57]

Originally Posted by Michael G.

Hmmm
Average cost $500.00 per year
X 100 years = $600000.00

Did not show what would be paid out in a claim. In Central FLorida potential flood claims will be significantly lower than in areas like places on the coast or near rivers.

[zg1000]

Originally Posted by Altavia

A 100 year event has a 10% chance of occurance every ten years.

No. The chance of a 100 year event occurring IN ten years is
1 - (1- .01)^10 or about 9.56%.

The chance of a 100 year event occurring EVERY ten years (as stated) is
(0.0956)^10 or about 6 in a billion.

Math is funny, isn't it?

[Altavia]

Originally Posted by zg1000

No. The chance of a 100 year event occurring IN ten years is
1 - (1- .01)^10 or about 9.56%.

The chance of a 100 year event occurring EVERY ten years (as stated) is
(0.0956)^10 or about 6 in a billion.

Math is funny, isn't it?

"There are three kinds of lies: lies, damned lies, and statistics.”

These events are currently happening more frequently than when the initial data was analyzed...

[petsetc]

FWIW - As I recall, Flood insurance has a 5K to 10K deductible and a max payout of 250K.

[charlieo1126@gmail.com]

There was a long article in the Boston Globe about the 2010 rainstorm that caused lots of flooding . 37, 000 people were able to file claims because the president declared it a disaster all these people were not in a flood zone , it goes on that many lived near wetlands some that had actually been filled in , or small streams or even just low elevation , 97% of claims were outside flood zones it goes on to say nothing much has changed , I’ve had flood insurance sometimes but not now , but every time I see one of these massive rainstorms I think about it . I have also seen how good the flood control in villages is , after that hurricane a few years ago dropped all that rain ,I came out on lanai in morning and it looked like I was lake side ,my gold course was filled with water all the way to the far street , the villas were set about 4 ft above course it was great view for a couple of days .

[retiredguy123]

Originally Posted by charlieo1126@gmail.com

There was a long article in the Boston Globe about the 2010 rainstorm that caused lots of flooding . 37, 000 people were able to file claims because the president declared it a disaster all these people were not in a flood zone , it goes on that many lived near wetlands some that had actually been filled in , or small streams or even just low elevation , 97% of claims were outside flood zones it goes on to say nothing much has changed , I’ve had flood insurance sometimes but not now , but every time I see one of these massive rainstorms I think about it . I have also seen how good the flood control in villages is , after that hurricane a few years ago dropped all that rain ,I came out on lanai in morning and it looked like I was lake side ,my gold course was filled with water all the way to the far street , the villas were set about 4 ft above course it was great view for a couple of days .

I didn't read the article, but, typically, the Federal Government does not reimburse homeowners for damage to their house, unless they have a flood insurance policy. If the Government allows claims, those claims are usually for a loan, temporary housing, or other assistance, such as temporary roof covering, debris removal, etc. But, I have never seen the Government reimburse a homeowner to replace or repair a private house. They do reimburse local Governments for damage to public buildings and public facilities.

[andercat]

Two years ago, I got a quote for flood insurance. It was roughly $500/year. I requested a quote a month ago from my insurance broker at The Villages insurance. She gave me two different quotes. One was from the federal government and the other was a private insurer. One was roughly double and the other triple the quote from 2 years ago. I also went to an online site that listed various companies and the cheapest about $800. So the cost was not the same. The cost has gone up a great deal. If you currently have flood insurance, they (I assume the feds) set a limit as to how much they can raise your premium each year. Regardless it is going to increase to pay for all the flooding that is occurring.

[retiredguy123]

Originally Posted by andercat

Two years ago, I got a quote for flood insurance. It was roughly $500/year. I requested a quote a month ago from my insurance broker at The Villages insurance. She gave me two different quotes. One was from the federal government and the other was a private insurer. One was roughly double and the other triple the quote from 2 years ago. I also went to an online site that listed various companies and the cheapest about $800. So the cost was not the same. The cost has gone up a great deal. If you currently have flood insurance, they (I assume the feds) set a limit as to how much they can raise your premium each year. Regardless it is going to increase to pay for all the flooding that is occurring.

The Federal insurance benefit limit is $250K for the structure. Private insurers can offer higher limits of coverage.

[Spartan86]

Ah, yes, that’s it. My estimate is for a private underwriter with a higher dwelling limit.