By: KelLovesOBX
6/25/2024 12:19 PM
"The U.S. House bill, one of whose two primary sponsors is North Carolina Republican Rep. Greg Murphy and who represents the Outer Banks, would allow homeowners to receive payouts from the National Flood Insurance Program (NFIP) to demolish or relocate condemned structures before they fall into the ocean."
This is good news for at risk homes.
More here:
Like +1QuoteFlag
By: KDHBreeze
6/25/2024 12:35 PM
Probably not.
Publicity stunt.
LikeQuoteFlag
By: xobx
6/25/2024 1:07 PM
Makes sense and a good starting point. Better than leaving the situation as it is.
LikeQuoteFlag
By: Tim-OBX
6/25/2024 1:17 PM
"The U.S. House bill, one of whose two primary sponsors is North Carolina Republican Rep. Greg Murphy and who represents the Outer Banks, would allow homeowners to receive payouts from the National Flood Insurance Program (NFIP) to demolish or relocate condemned structures before they fall into the ocean."This is good news for at risk homes.
More here:
Those owners are probably waiting to let mother nature take them out because then they might get a little money from flood insurance (it's very little too) so with this program the owners don't have to wait and NPS doesn't have to pay to clean it up.
Like +1QuoteFlag
By: GrandpaD
6/25/2024 9:39 PM
I guess this Rodanthe owner could have used the $$$.
LikeQuoteFlag
By: Brian Wilson
6/28/2024 11:06 AM
Isn't a better solution for some level of government to remove at risk homes and charge the cost back to to the owner rather than socializing the cost?
Like +1QuoteFlag
By: Tim-OBX
6/28/2024 11:50 AM
Isn't a better solution for some level of government to remove at risk homes and charge the cost back to to the owner rather than socializing the cost?
The value of the house goes to about zero when it is condemned so the owner looses all interest in paying more, so they just let it fall into the ocean. Then they file for flood insurance.
LikeQuoteFlag
By: oldmember
6/28/2024 12:25 PM
"The U.S. House bill, one of whose two primary sponsors is North Carolina Republican Rep. Greg Murphy and who represents the Outer Banks, would allow homeowners to receive payouts from the National Flood Insurance Program (NFIP) to demolish or relocate condemned structures before they fall into the ocean."This is good news for at risk homes.
More here:
Prior to 1999, there was a similar blil that was called the 'Upton-Jones Act'.
This bill would take effect after the house was condemned, it would be removed by a section of the bill that provide demolition cost.
Similar to flood insurance it would pay the owner the current worth of the HOUSE minus a depreciation rate at 1 -2 / year based on the age of the house.
It only covered the property, not the sand
LikeQuoteFlag
By: mdabul
6/28/2024 12:47 PM
Payout above the current insurance level? If so, what's special about condemned oceanfront houses that allows them to get extra "insurance" money because they didn't think ahead? How about the rest of the country... lot's homes condemned this week due to flooding... why not them?
Like +1QuoteFlag
By: Tim-OBX
6/28/2024 2:02 PM
Payout above the current insurance level? If so, what's special about condemned oceanfront houses that allows them to get extra "insurance" money because they didn't think ahead? How about the rest of the country... lot's homes condemned this week due to flooding... why not them?
You would not believe how little the owner gets if they use the flood insurance. As mentioned above, the flood policy does not use current value, they take the value and depreciate it over the years it has been there. A 30 year old house would get almost nothing. Some houses lost in 2003 in Kitty Hawk got less than $50k and some about half that.
LikeQuoteFlag
By: Greg MD
6/28/2024 2:24 PM
Whatever the insurance amount, it would be best to forfeit it to whomever is stuck with the cleanup of the mess.
LikeQuoteFlag
By: OceanBlue
6/28/2024 2:50 PM
Lest we forget, IIRC, the owners cost of "clean up" is currently limited to the foot print of the property.
LikeQuoteFlag
By: johnbt
6/28/2024 3:04 PM
"Isn't a better solution for some level of government to remove at risk homes and charge the cost back to to the owner rather than socializing the cost?"
isn't the government paying to remove the house socializing the cost? How many owners can afford to pay back the government and/or will pay back the government?
If the owner paid for flood insurance why not have the insurance money remove the house before it falls and washes up and down the beach? It appears to be a more direct method of preventing litter by using funds the homeowner paid for with premiums.
LikeQuoteFlag
By: mdabul
6/28/2024 6:10 PM
Payout above the current insurance level? If so, what's special about condemned oceanfront houses that allows them to get extra "insurance" money because they didn't think ahead? How about the rest of the country... lot's homes condemned this week due to flooding... why not them?You would not believe how little the owner gets if they use the flood insurance. As mentioned above, the flood policy does not use current value, they take the value and depreciate it over the years it has been there. A 30 year old house would get almost nothing. Some houses lost in 2003 in Kitty Hawk got less than $50k and some about half that.
I get that... but anyone who buys oceanfront on the sand spit either accepted the risk... or missed an episode. Happens everywhere all the time in hundreds of other scenarios. Probably the same people who borrowed 100's K for college and want it paid for.... but I digress.
Like +3QuoteFlag
By: johnbt
6/29/2024 5:45 AM
" but I digress"
Yes, it appears you have missed the point of the bill.
LikeQuoteFlag
