I am curious- why no criticism of the people in the Midwest who live in flood plains?

[BigFatMeanie]

Originally Posted by Cali Coug

There is no chance the cost of flood insurance (from the government for one policy and from private insurance for the other) plus earthquake insurance costs you only $250 a month. The fact that you don't even know your own economic cost reinforces my point. Either you earn so much money that it doesn't matter to you or you don't actually have all of the insurance you claim to have.

Dude, you have your head so far up your ass. I already quoted above what earthquake insurance in Utah costs for a house. I think it's completely reasonable to get earthquake and flood and probably hurricane insurance for less than $250 a month.

Is there any subject that you aren't the world's greatest living expert on? What an ass.

[MikeWaters]

Hurricane insurance in Utah would be cheap I think.

Like flood insurance on the moon.

[myboynoah]

Originally Posted by MikeWaters

Hurricane insurance in Utah would be cheap I think.

Like flood insurance on the moon.

You're finally making some sense in this thread.

[BigFatMeanie]

Originally Posted by MikeWaters

Hurricane insurance in Utah would be cheap I think.

Like flood insurance on the moon.

Hey man, where do you think the town of Hurricane, Ut got its name from?

Hurricane was probably a bad example but the point stands. Earthquake+flood insurance in Utah is less than $250/mo.

[creekster]

IT's not just the premium for EQ insurance that needs to be conisdered, it is also the fact that it has a separate sub-limit, that it typically carries a very large deductible or self-insured retention and that, depending on the market, there may not be enough in reserve in the whole market to pay out on a very large EQ even if you have the insurance. EQ insurance is a very different beast than Federally guaranteed flood isnurance.

[MikeWaters]

Originally Posted by BigFatMeanie

Hey man, where do you think the town of Hurricane, Ut got its name from?

Hurricane was probably a bad example but the point stands. Earthquake+flood insurance in Utah is less than $250/mo.

and you are saying that that is cheap?

You are saying for someone that lives in a 50,000 dollar home and has an income of 10,000 per year, that that is cheap?

[myboynoah]

Originally Posted by creekster

IT's not just the premium for EQ insurance that needs to be conisdered, it is also the fact that it has a separate sub-limit, that it typically carries a very large deductible or self-insured retention and that, depending on the market, there may not be enough in reserve in the whole market to pay out on a very large EQ even if you have the insurance. EQ insurance is a very different beast than Federally guaranteed flood isnurance.

So, am I a fool for buying it? Should I just depend on the good people of the US of A to provide my insurance?

[creekster]

Originally Posted by myboynoah

So, am I a fool for buying it? Should I just depend on the good people of the US of A to provide my insurance?

It all depends. In California it is highly regulated and the state underwrites part of the market. It is not simply a matter of "is it affordable" you also have to look very closely at what it is you are buying.. My guess is that in Memphis the underwirters ahve decided the chance of another New Madrid super-quake is so unlikely that thye are offering ti cheap and it probably looks good. The question may be (and I don't really know your market) if the quake was big enough to wipe out all the unreinforced masonry structure in the midwest, would the market even be abel to pay for it?


It may also come down to how does it make you feel abotu your family's circumstances?

[MikeWaters]

Originally Posted by myboynoah

So, am I a fool for buying it? Should I just depend on the good people of the US of A to provide my insurance?

if youare the only one buying it, then yes, you are a fool.

[myboynoah]

Originally Posted by creekster

It all depends. In California it is highly regulated and the state underwrites part of the market. It is not simply a matter of "is it affordable" you also have to look very closely at what it is you are buying.. My guess is that in Memphis the underwirters ahve decided the chance of another New Madrid super-quake is so unlikely that thye are offering ti cheap and it probably looks good. The question may be (and I don't really know your market) if the quake was big enough to wipe out all the unreinforced masonry structure in the midwest, would the market even be abel to pay for it?


It may also come down to how does it make you feel abotu your family's circumstances?

I'll have to look again at the details. I remember when we bought the house, adding EQ insurance nearly doubled our premium, so it's not cheap. I'm not an expert, but I think they expect any action along the New Madrid fault is more likely to be rare, but very dramatic.

Maybe Obama will institute a national disaster insurance program that will solve all my problems.