Related Posts
Coach
Conversation Starter
Pro
Thoughts on Transfix? Anyone invested?
Bowl Leader
Canadian 🐠 Which ETFs are you buying right now?
More Posts
Bain & Company Hey there,
Anyone have any idea about Associate consultant pay at Bain in Riyadh?
In the last reound and I have an offer from OW. (apart from money, which one is better? in terms of culture, WLB, and less public segtor work)
wondering if it's worth it to do the next round or not.
+ any idea about signing bonus & relocation benifit? Bain & Company Oliver Wyman
I'm new to investing :
2 questions
1 - where should I invest my Deloitte 401k in ? Is the vanguard institutional 500 index trust a good place to just put my 401k and forget about it.
2 - I recently opened a fidelity account and have savings I want to invest and want to invest a small percentage every paycheck without worrying about trading it . What's the safest place to invest in and not worry about it for the next 10 years ? VOO? QQQ?
Deloitte KPMG PwC
Additional Posts in The Real Estate Bowl
Mentor
Visual Storyteller
New to Fishbowl?
unlock all discussions on Fishbowl.
Coach
I lived in a very very high risk flood zone so have experience with this.
Here’s what I learned:
(1) If the house is built right (e.g., right materials, elevated to the level needed), then you can get the risk of a loss to be very very low.
(2) If you do end up filing a claim and insure through Fed government, then it can drastically reduce the value of the home. A person in my neighborhood (who owned a home worth $500K) had a $80K claim. Her flood insurance went from $1,500 per year to $8K per year. And that premium stays with the property after selling.
(3) The Fed flood insurance is funded through congressional budget process. Literally every year, the political parties were holding out on making a deal. It was very nerve racking because you end up having gaps in your coverage.
(4) Fed flood insurance is absurd. People who purchased it long enough ago are grandfathered in to their premium. One home near me kept getting taken out and their annual premium was $400 vs. mine at $2,300 with no claim history. So, newer home owners subsidize older folks.
(5) If your insurance agent does not sell flood insurance (which many don’t), then they will BS you on how much it’ll cost because they are worried you’ll get all your insurance elsewhere.
In sum, if you can get affordable private insurance (through Lloyd’s of London) and the home is constructed in a way that mitigates risk of a claim, then buy. Otherwise, it’d be a hard pass for me.
Subject Expert
I own a rental house in a zone AE flood zone. The house was built in 1962 and has never been flooded. My insurance through the Federal Flood Insurance program is around $1000. Flood insurance rates are based on elevation surveys. So if the house is elevated above grade it’s cheaper than if you have a finished basement. I wouldn’t walk away just because it’s in a flood zone. If there’s been flooding in the past stay away. Otherwise just get insurance. Ask the seller to see a copy of their policy so you know the cost. If it’s a policy under the federal flood insurance program, you can just have that policy transferred to you.
Saw the house in person and it’s 15-20 feet up from the floodway. No history of flooding. I guess it’s in a flood zone because of the proximity to the floodway, but the chance of flooding is slim given the elevation
Yup, the estimate I received was $1,500/year
Hard pass
First time looking at one of these, what’s the solid blue and brown? The potential for where it could rise? If that’s the case then hell to the no. That would be solid flood territory. You could find out how many times and to where it was at it’s highest point in the past but too much risk.
My mom lives near Orlando and they deal with hurricane damage nearly every year, around $50k. Weather is becoming quite extreme.
Build the house on 20 foot stilts?