Quote:
Originally Posted by UGAalum94
A big part of the problem is not being able to get insurance to rebuild in places that it really doesn't make sense to rebuild if you're an insurance company looking at the flood plane and the land. The stuff that came back fast tended to be self insured.
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You want to know something really stupid, IMO? At the time that Katrina happened, despite being below sea level, New Orleans wasn't in a flood zone that required flood insurance. Why? Because it's behind a levee.
Honestly, property insurance companies don't really care about flood plains to insure a homeowner. Why? Flood insurance rates and claims are ALL set and paid by the federal government. The only difference is the name on the policy and potentially how fast or slow that claim is paid - i.e if you write it through an insurance company vs the federal government you'll probably get a check a lot faster. Your homeowners policy isn't going to provide flood coverage - if you read it, it is most likely specifically excluded. Insurance companies are more concerned about the wind exposure down there.