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        New Message Board Archives >> 2005 General Board Posts >> Flood insurence.......... 
        
(Message started by: cootie on Sep 4^th, 2005, 12:40pm)

Title: Flood insurence..........
Post by cootie on Sep 4^th, 2005, 12:40pm

Do you think any of them people south had flood insurence......or could they even get it considering the risk liveing so far under sea level and levee's controlling your city to stay dry ? Jus wonder'd cuz were not far at all from a river which is across the road but we here can NOT get flood insurence. We also have two creeks and the one runs about 5 foot from the house but has DEEP banks we maintain with cement slabs and block ect best we can. Were in a run off area so water can only get so deep and runs across the road. But across the road those people 'are' consider'd a flood plain. So to get flood ins we would have to take out a special policy and PAY THRU THE NOSE. Our ins co said if our creek flooded we would NOT be cover'd if it did damage. A house up the hill from us dam'd our creek and SOLD water rights to 4 houses up there that could not get wells.We 'had' to take him to court so he didn't sell to more or anyone build up there and hook up like we'd heard was planned. All the houses involved have to share a flood ins policy with payments on our house and neighbor across the road cuz of how they changed the land. (cut all the trees on a steep hill and rain pours down faster and creek goes up quicker and more debri in it also).....so at least were cover'd there. Just wonder'd if people down south had to pay high rates for flood ins and special policy's if they wanted it or can not get any at all.....or afford special policys ? Slid slide away Pam

Title: Re: Flood insurence..........
Post by pattik on Sep 4^th, 2005, 12:54pm

I'm not an insurance person, but I'm pretty certain that you have to prove that you qualify for flood insurance before you can even apply for it, and then it's pretty expensive.

Title: Re: Flood insurence..........
Post by jcmquix on Sep 4^th, 2005, 1:03pm

We live in Florida in what they call a Flood Zone..ok

The last time it flooded here was almost 110 years ago...

We are required to Carry Flood Insurance... The Funny thing is, because we live in a Flood Zone we can not get Flood Insurance...

It drove me Crazy for about 2 years, I finally told my Morgage company that if they could get it I will pay for it... Well nothing has changed in the last 10 years here...

They keep sending me letters telling me I need it, I call them and tell them that I can not get it.... then the proplem goes away for a year, then the next year they mail the same letter....

Go Figure....
Charlie

Title: Re: Flood insurence..........
Post by cootie on Sep 4^th, 2005, 1:35pm

I was just wondering what the case would be for the people in NO and LA in comparison to how it is out here. Did most of those people down south have it....could they get it......was it outragious to have ? My insurence co told me that a creek flowing over the banks and doing flood damage to us no matter where the creek or river 'was' they would not pay cuz it was one of them 'acts of god' or something. I figure with all the more intense storms and tornados in alot of areas and damages you won't be cover'd for that either if ya live in an area they are considering PRONE. That is a scarey thought.....I think it really could happen. We've had an increase in lightening strikes in our area.......big time.......it has ruin'd alot of stuff. Power co said there is NO SURE FIRED way to avoid it. We have lost a furnace computers and messed up my new refrigerator this summer cuz it is computerized. Screw'd up my satillite and phones......blows alot of light bulbs cuz the lighter flicker when storms go past her where there must be alot more poles on the hills that get struck or ground strikes.....whatever. So since I know how our ins co's are out here and how storms have changed and policy's accordingly I jus wonder'd how it went down south. Stay dry and stay safer Pam

Title: Re: Flood insurence..........
Post by jcmquix on Sep 4^th, 2005, 1:50pm

Well my Insurance is supposed to cover in the Case of things like Hurricanes, but I know after Charlie went through here last year that alot of Insurance compinies went Belly Up (Broke)...

I know this latest one is really going to hit them hard in the pocket..

The Government is basically the ones who have to step in a pay if you have a disaster like this one...

Its just that you gotta be willing I guess to lose some of your property if you get hit by one if these things...

I dunno..
Charlie

Title: Re: Flood insurence..........
Post by Jill on Sep 4^th, 2005, 2:55pm

From what I heard on the news the other day, you cant get flood insurance in areas like NO... which makes sense as companies would go broke if they had to re-imburse everyone for what they lost.

I think that places like Mississippi can get money because it was a tornado that caused their damage but I could be wrong.. I just heard about NO.. :-/

I do know that they do get some money from the government but I cant imagine how they are going to pay for the clean-up and the restoration of the cities that were destroyed. The worst part in NO is that it wasnt until the levees broke that the flooding started and that is what is sad.. could have been prevented.

Just some thoughts..

Jill

Title: Re: Flood insurence..........
Post by Jimi on Sep 4^th, 2005, 4:22pm

Could be why so many fires are breaking out. Anyone with a homeowners policy is covered for that.

Title: Re: Flood insurence..........
Post by don on Sep 4^th, 2005, 6:52pm

I would be amazed if any insurance company would touch you living on the coast below sea level.

Title: Re: Flood insurence..........
Post by Kevin_M on Sep 4^th, 2005, 7:23pm

I don't know what would be covered.

LONDON (Sept. 4) - The Lloyd's of London insurance market estimates Hurricane Katrina will cost insurers $40 billion, Britain's Observer newspaper reported on Sunday, citing sources within Lloyd's.

The paper said insurers' customers faced a huge hike in insurance premiums following Katrina, which devastated the Gulf Coast and which some in the industry, such as German reinsurance company Hannover Re, expect to be the most costly natural disaster in history.

The Observer said a document circulating the market's syndicates, written by a secretive department at Lloyd's, predicted destruction had been as bad as its worse-case scenario.

Forecasters produced the study two years ago to model the effect of a major hurricane in the Gulf of Mexico -- where Katrina struck offshore oil and gas platforms in the Gulf of Mexico, property damage and claims from businesses forced to close. It has asked all the insurers to supply claims estimates by Sept. 12.

Title: Re: Flood insurence..........
Post by Roxy on Sep 5^th, 2005, 9:22pm

Hey Coots....how's it going?

All flood policies written by insurance companies are subsidized by the NFIP (National Flood Insurance Plan). So when you file a claim for flooding, the insurance company turns around and files for reimbursement from the NFIP. If you live in a flood plain, you are required to have flood insurance (if you have a mortgage on the home). I know at least in Florida and New Orleans, State Farm writes a ton of policies. There were over 50,000 claims filed this week, for State Farm, and that is just the tip of the iceberg.

There is a big difference in coverage concerning water if you don't have a flood policy. On a regular homeowner’s policy, only wind driven rain is covered. The easiest way to discern the difference is if the water touches the ground first (surface water or ground water) it's not covered.

Flood policies aren't that expensive, I think on a normal policy they are somewhere between $300 to $500. Most companies actually like to write them, because they get a mortgage policy out of the deal. But, just like all the mold insurance and the problems caused by that....some companies won't write them. We went a year or two in Texas where State Farm quit writing homeowner policies....period. Then it opened back up.

Hope this helps some....
T

Title: Re: Flood insurence..........
Post by cootie on Sep 5^th, 2005, 10:41pm

Thanks guys......I am hopein if our creek every was to flood our neighbors would have to cover us up above us that dam'd the creek and changed the flow.....but then I am thinking we'd have to PROVE the dam caused it. Kinda makes me nervous......we were TOLD we can NOT get flood ins where we are at even tho ya walk across the street and there conisder'd a flood zone. And I was curious if MOST of the flood victims down south 'had' flood ins esp since so many lost everything. It's a mad mad world Pam

Hi Rox !!! :)

Title: Re: Flood insurence..........
Post by CHTom on Sep 5^th, 2005, 11:54pm

Another type of flood insurance to consider: in my last house, my basement got flooded due the my neighbor's basement flooding (lived in a townhouse). My insurance company said that there was a different type of flood insurance for incidents like that, so my regular flood insurance didn't cover it.