There are some limitations in Fed Flood policies that apply to properties that have been previously damaged by flood. I think….I’m writing this without the policy in front of me…..but I think the restriction is that a flood policy will not pay on property that has been damaged by flood twice before. So buying a policy on some properties has no point.
Pah-lease… why is this news? They’re not buying Flood policies, it’s not like they’ll ever need it. Lousiana exists under a protective dome now that diverts any potential disaster… it’s all part of Nagin’s rebuilding plan that he so effectively executed.
I mean really, it’s not as though part of your state exists below sea level, part is on a river delta made up of marsh/swamp, part borders one of the largest rivers in the US, and all of it is in one of the most hurricane prone areas of the country. It’s not as though the Army Corps of Engineers had noted that levees holding back millions of gallons of water are not strong enough to withstand another hurricane like Katrina.
All you insurance folk are just trying to make a buck at the expense of fine, upstanding and responsible people of Louisiana by making up perils that could NEVER happen. It’s probably because of the minority population and you’re all racists, yeah… that’s it. You should be ashamed. Stop your racist, fear-mongering tacticts.
Hal – The restrictions about prior losses only applies to preferred flood policies (which are generally only available to locations NOT within a special flood hazard area anyway). If there has ever been a flood loss on the property, not just under current ownership, the Preferred Flood Policy is not available.
A review of the standard flood policy and the standard flood policy application have no restrictions related to prior flood losses.
There may be a mistaken belief out there that they can’t get coverage if there have been prior losses, but that is just not the case.
Ray, you can get Preferred Risk even if your property floods, you have to be in a designated flood zone not to be able to get Preferred Risk. I know of a case that insured flooded 3 times before they were put in a flood zone.
Prior flood damaged has to be repaired for coverage on future floods and lots of these people have not made repairs.
Mroe about Preferred flood insurance form the FEMA website:
The Preferred Risk Policy will not be issued if a property owner has received:
* Two flood loss payments of more than $1,000 each;
* Three or more loss payments of any amount;
* Two Federal Disaster Relief payments of more than $1,000 each;
* Three Federal Disaster Relief payments of any amount; or
* One flood insurance claim payment and one disaster relief payment of more than $1,000 each including loans and grants.
I was a little too restrictive – but bottom line is that flood insurance is always available, no matter how many losses.
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There are some limitations in Fed Flood policies that apply to properties that have been previously damaged by flood. I think….I’m writing this without the policy in front of me…..but I think the restriction is that a flood policy will not pay on property that has been damaged by flood twice before. So buying a policy on some properties has no point.
Pah-lease… why is this news? They’re not buying Flood policies, it’s not like they’ll ever need it. Lousiana exists under a protective dome now that diverts any potential disaster… it’s all part of Nagin’s rebuilding plan that he so effectively executed.
I mean really, it’s not as though part of your state exists below sea level, part is on a river delta made up of marsh/swamp, part borders one of the largest rivers in the US, and all of it is in one of the most hurricane prone areas of the country. It’s not as though the Army Corps of Engineers had noted that levees holding back millions of gallons of water are not strong enough to withstand another hurricane like Katrina.
All you insurance folk are just trying to make a buck at the expense of fine, upstanding and responsible people of Louisiana by making up perils that could NEVER happen. It’s probably because of the minority population and you’re all racists, yeah… that’s it. You should be ashamed. Stop your racist, fear-mongering tacticts.
*remove tounge from cheek*
Hal – The restrictions about prior losses only applies to preferred flood policies (which are generally only available to locations NOT within a special flood hazard area anyway). If there has ever been a flood loss on the property, not just under current ownership, the Preferred Flood Policy is not available.
A review of the standard flood policy and the standard flood policy application have no restrictions related to prior flood losses.
There may be a mistaken belief out there that they can’t get coverage if there have been prior losses, but that is just not the case.
Ray, you can get Preferred Risk even if your property floods, you have to be in a designated flood zone not to be able to get Preferred Risk. I know of a case that insured flooded 3 times before they were put in a flood zone.
Prior flood damaged has to be repaired for coverage on future floods and lots of these people have not made repairs.
Mroe about Preferred flood insurance form the FEMA website:
The Preferred Risk Policy will not be issued if a property owner has received:
* Two flood loss payments of more than $1,000 each;
* Three or more loss payments of any amount;
* Two Federal Disaster Relief payments of more than $1,000 each;
* Three Federal Disaster Relief payments of any amount; or
* One flood insurance claim payment and one disaster relief payment of more than $1,000 each including loans and grants.
I was a little too restrictive – but bottom line is that flood insurance is always available, no matter how many losses.
Thanks for the clarification. There was an official memo about this a bunch of years ago and I didn’t remember any of the details.