Flood Insurance Program to Expire Again May 31

May 28, 2010

  • May 28, 2010 at 10:53 am
    MIke says:
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    November can’t get here fast enough. These idiots in charge of Congress are letting the Flood Program lapse again without action because they can’t agree on how to fund it. All they have to do is use the Stimulus money. Right at the start of Hurricane season and they are playing games. Harry Reid should be tarred and feathered and rode out of town on a rail.

  • May 28, 2010 at 10:54 am
    Jess says:
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    Make the coverage part of the homeowners and property forms!!

  • May 28, 2010 at 10:59 am
    Mike says:
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    Jess, So you want Flood to be covered under HO & Property Forms. Can you just imagine what the premiums would be for every policy written nationwide if carriers have to pay those claims? May not go over too well with consumers in this recession.

  • May 28, 2010 at 11:06 am
    Jess says:
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    Understood Mike, but consumers are paying for it with the stimulus funds anyway, no?

    Point is, the property owners who need the flood can’t afford to pay for it anyway. I am sure that spreading the cost is more effective and bailing out those who say-“I don’t need to buy flood, the government will rebuild me anyway!”
    Consumers are tired of hearing and paying for that attitude. I know I am.

  • May 28, 2010 at 11:11 am
    Mr. Solvent says:
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    Where’s Sarah to chime in that we need to add windstorm to this joke of a federal program?

  • May 28, 2010 at 11:12 am
    Bruce says:
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    We wouldn’t have this problem if the Congress actually did their job.

    The mentality that insurance policies should cover everything and the individual bears no responsibility for their decisions jumped to the illogical with the recent national health care scheme.

    Therefore, to extend that lunacy to flood insurance makes perfect sense to people who feel they are entitled to a perfect outcome in life.

  • May 28, 2010 at 11:14 am
    caffiend says:
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    Go government posturing and incompetentcy!!! :P

    Really though… what are these fools doing? Is it not enough that it lapsed 3 times before?

    Jess, I understand what you’re saying, but in this case the law of large numbers doesn’t really help. Rates that are correct for the risk posed will be unaffordable by pretty much everyone. It’s like someone living in the mountains of NC paying for wind/hail coverage for someone living on the beach.

  • May 28, 2010 at 11:47 am
    Mike says:
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    I really don’t think people in dry West Texas want a flood surcharge put on their HO policy to pay for someone living in Galveston or Houston. Why should people in non flood prone areas pick up the tab for those living in flood prone areas? This is like Obama’s spread the wealth theory.

  • May 28, 2010 at 12:12 pm
    Nerd of Insurance says:
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    You hit the nail on the head Mike.

    But I do think there needs to be a better option then the NFIP, just for this reason alone. The problem is that I beleive that the NFIP has set the rates too low, and insured’s have gotten used to the rate being set too low, so now anything higher then that is “just trying to take my money and is over priced”.

    Thats one reason why I am stocking up on my asprin for when the soft market ends, and I start getting insureds calling and complaining on how “the insurance companies are just trying to rip me off and are over charging me”.

  • May 28, 2010 at 12:30 pm
    Brokette says:
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    I’ll pay for your hurricanes on the Gulf Coast as soon as you start paying for my earthquakes here in Cali. Fair trade?



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