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Re: OT-- N. Orleans insurance
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Posted by Matt from CT on September 17, 2005 at 16:59:55 from (66.181.93.142):
In Reply to: Re: OT-- N. Orleans insurance posted by Stum on September 17, 2005 at 14:50:49:
I think it may be a while before "all the numbers" come out. If you take an urban city like New Orleans, how many people actually own their own homes and thus subject to mortgage requirements for carrying Flood Insurance? I'm certain it's a lot less than 65%! Now, did they look at just property owners w/ Flood Insurance, or did they also look at renters w/ FI, too? That's just my general observation...those raw numbers alone don't paint a whole picture. Of the people who owned property to rent, then you get into whether it was financed property or owned outright, and if owned outright if they took the risk of not paying for the insurance. Most places it's the land that's most valuable, not the actual structure. So you're a slum lord. So you own a building outright that's only going to cost $50-75k to rebuild. Land under it is worth $100k. That'll still be there afterwards. So you take the risk, say screw it, I make more money now, and if the storm knocks it down, I rebuild, the rents cover the rebuild cost easily, I'm out a some equity but within 15 years I'll have it all back. As to Buickanddeere's point, I'm a bit more nuanced. I have a *big* problem with using flood insurance to allow new development in very risky areas. Used to be the typical example was the 2nd homes on the ocean front -- although they've become more strict on that, I still don't see a lot of social value in subsidizing the wealthy to have seaside retreats. For existing communities located decades and centuries though, it is a way to continue with life without undue economic disruption. Think of New Orleans if Flood Insurance wasn't available -- what bank would loan money to buy homes there? The people who already owned property wouldn't be able to sell; property prices would spiral down; and you'd see an existing community completely collapse. -------------- BTW...one story I listened to NPR was from a middle class Black family from the 9th Ward -- the radio person jokingly asked that it sounds like you need a MBA to fill out the forms, and the woman laughed -- her sister has one, and she's three classes away from earning hers and they both had agreed the forms where tough! Anyway, of her extended family they had lost 9 homes, but everyone except one uncle had Flood Insurance.
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