When we bought our house, we never thought we would be hit by a flood. The 500 year flood line is way outside our property line. No flood insurance; we just couldn’t get it. All the insurance companies told us we couldn’t get it because we weren’t in a 100 year flood plain. After it was all over and we had 3 feet of water in our house, news stations loved to run stories about how cheap you can get flood insurance. Really? No joke. Where? Because we were flat out told it was illegal to sell flood insurance to anyone outside a 100 year flood plain. And that was after heckling three different insurance companies looking for someone to sell us the insurance. Neighbors had the same problem. It is disheartening to hear the news tell everyone how easy it is to get flood insurance when we, and others, spent so much time trying to find flood insurance. So basically you have a lot of folks wanting to pay in to the system; a lot of them that likely won’t get flooded, and FEMA is like no, we don’t want your money. I wish I had enough money I could just refuse people like that. But this is a government run system; so therefore it isn’t fair.
A lot of things aren’t fair about this.
Everyone told me not to buy in a flood plain. Buying in a flood plain is bad. Evil. But guess what, those in a flood plain get to buy flood insurance no hassle. Then they get helped when something like this comes along. They can get contents plus structure insurance with their flood insurance. Then everything could have been replaced. Things like my diploma, pictures, baseball cards. I was good and didn’t buy in a flood plain. A lot of good that did me.
SBA sent us a loan application. If you can get a loan from somewhere other than SBA, then you get a 5.5% interest rate. If your credit score sucks so much that no one will give you a loan, you get an interest rate of 2.75%. We aren’t even going to be applying. What’s the point of giving them the interest? We’ll just take it out of money we already have. Everyone tells me to have good credit, you get better interest rates, what’s the use?