Insurance Adjusters have their hands full with Katrina. I am confident they will pay for the damages that are covered under their policies. However, not all of the damage was done by Katrina. Flooding was a major cause of damage to this area. While my heart goes out to everyone living in her path, anyone can purchase flood insurance and those that did not should not expect the insurance industry to pick up the tab. My rates are high enough thank you.
Had you really been quoted and paid a premium for flood insurance; and by that I mean a real premium, not a tax-payer subsidized premium on the limited coverage NFIP offers, you’d know it. You wouldn’t be making such assinine statements about insurers collecting premiums for thirty years.
Sounds like you are either one of, or represent, the three out of four people who decided to not buy flood insurance, despite the fact that every agent offers it, the news media and the insurance commissioner always talk about having it after each and every storm, and the NFIP runs commercials on TV and Radio all the time about the need for it.
In my mind, you, and/or your clients, chose to be self-insured. You got what you paid for: nada.
Jay,
I find it interesting that so many people feel like paying insurance premiums is the same as making deposits into a savings account. Let’s see… my home is worth approximately $185,000. My annual homeowner’s premium is $530. If I were to cancel my insurance, and save that money in a cookie jar, after 30 years I would only have $15,900! It would take 350 years for me to save up the $185,000 that my house is worth. What would I do if I had a total loss? That’s why I have insurance. If my house burns to the ground tomorrow (a covered loss), I am fully protected by the big, bad insurance company. Oh, and I’ve only been paying premiums for 2 1/2 years!
Now for another lesson… Say you hire a contractor to build a sunroom on the back of your house for $10,000. You sign a contract for this, and he gets started. About halfway through the job, you tell the contractor that you expect him to build you a pool at no extra charge. Do you really think he will do it for free? I don’t think so. Oh but wait, maybe you can get your neighbors to pay for the pool! After all, just like insurance, you haven’t paid the full amount for what you expect, a sunroom AND a pool/wind damage AND flood damage. And your neighbors, like the other policyholders, can pay the difference!
Enjoy your new pool, but your neighbors won’t be around to enjoy it with you. They all moved to a new state, where the cost of a sunroom is reasonable and their neighbors don’t mooch off of them.
They will pay! These guy’s will only pay those that stand and fight. My only question is this….Why do most insurance policy’s on the coast have a 2% hurricane deductable. When one looks back at the damage Katrina did to mississippi’s gulf coast, one will not remember the great flood of 2005.
chris…don’t sound so bitter. My agent sold me a golden umbrella policy , which included a 2% hurricane deductable. He also informed that my policy would cover everything. My premium was already at 6000.00 a year when Katrina hit my house and left nothing behind. I also have eye witnesses, and feel confident that in the end… THEY WILL PAY!!!!!!
I agreed, the Insurance Companies should not have to pay for flood or water damages
on Homeowner policies.. my home was located on Fowler Street in Biloxi, I have neighbors that stated that my home was off of its foundation before the water came on shore, the water line in my home is angled in the position that the house is now lying, My Insurance Company says that the water knock my home off of the foundation, I disagree.. If they were honest in my particular case they would have to pay for the home, not its contents, they have offered to pay for the cost of replacing the roof, the company\’s engineer, stated that the wind was not strong enough to move the home from its foundation.They have also informed me that a court battle could take ten years or better. So, you guys are right, I didn\’t have flood Insurance, when I purchased 12 years ago, that was a selling point, I even received a flood certificate stating that my home was not in a flood area, therefore I do not expect to be paid for flood damages, I do however, expect the Insurance company to be fair and honest.. call a spade a spade.
On the hurricane deductible policy it clearly states \”Please read the following
very carefully this changes your original policy.\” It says it twice. Then about 3/4s
down it says an insured loss is covered, or
any (object)s driven by a windstorm. The last I looked water is an object. A storm surge is wind pushing against the oceans surface is the primary cause of a storm surge. Ask your insurance agent or company about that and they will tell you your claim is due to flooding and is not covered. What this changes your original policy.
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Insurance Adjusters have their hands full with Katrina. I am confident they will pay for the damages that are covered under their policies. However, not all of the damage was done by Katrina. Flooding was a major cause of damage to this area. While my heart goes out to everyone living in her path, anyone can purchase flood insurance and those that did not should not expect the insurance industry to pick up the tab. My rates are high enough thank you.
Jay,
Had you really been quoted and paid a premium for flood insurance; and by that I mean a real premium, not a tax-payer subsidized premium on the limited coverage NFIP offers, you’d know it. You wouldn’t be making such assinine statements about insurers collecting premiums for thirty years.
Sounds like you are either one of, or represent, the three out of four people who decided to not buy flood insurance, despite the fact that every agent offers it, the news media and the insurance commissioner always talk about having it after each and every storm, and the NFIP runs commercials on TV and Radio all the time about the need for it.
In my mind, you, and/or your clients, chose to be self-insured. You got what you paid for: nada.
Jay,
I find it interesting that so many people feel like paying insurance premiums is the same as making deposits into a savings account. Let’s see… my home is worth approximately $185,000. My annual homeowner’s premium is $530. If I were to cancel my insurance, and save that money in a cookie jar, after 30 years I would only have $15,900! It would take 350 years for me to save up the $185,000 that my house is worth. What would I do if I had a total loss? That’s why I have insurance. If my house burns to the ground tomorrow (a covered loss), I am fully protected by the big, bad insurance company. Oh, and I’ve only been paying premiums for 2 1/2 years!
Now for another lesson… Say you hire a contractor to build a sunroom on the back of your house for $10,000. You sign a contract for this, and he gets started. About halfway through the job, you tell the contractor that you expect him to build you a pool at no extra charge. Do you really think he will do it for free? I don’t think so. Oh but wait, maybe you can get your neighbors to pay for the pool! After all, just like insurance, you haven’t paid the full amount for what you expect, a sunroom AND a pool/wind damage AND flood damage. And your neighbors, like the other policyholders, can pay the difference!
Enjoy your new pool, but your neighbors won’t be around to enjoy it with you. They all moved to a new state, where the cost of a sunroom is reasonable and their neighbors don’t mooch off of them.
By the way, don’t paste into the comment window from Word. The â?? is supposed to be ‘
Thanks for clearing that up. For a long time I thought some people were using a Spanish keyboard.
http://www.insurancescrawl.com/archives/2005/09/tragedy_and_fai.html
They will pay! These guy’s will only pay those that stand and fight. My only question is this….Why do most insurance policy’s on the coast have a 2% hurricane deductable. When one looks back at the damage Katrina did to mississippi’s gulf coast, one will not remember the great flood of 2005.
chris…don’t sound so bitter. My agent sold me a golden umbrella policy , which included a 2% hurricane deductable. He also informed that my policy would cover everything. My premium was already at 6000.00 a year when Katrina hit my house and left nothing behind. I also have eye witnesses, and feel confident that in the end… THEY WILL PAY!!!!!!
I agreed, the Insurance Companies should not have to pay for flood or water damages
on Homeowner policies.. my home was located on Fowler Street in Biloxi, I have neighbors that stated that my home was off of its foundation before the water came on shore, the water line in my home is angled in the position that the house is now lying, My Insurance Company says that the water knock my home off of the foundation, I disagree.. If they were honest in my particular case they would have to pay for the home, not its contents, they have offered to pay for the cost of replacing the roof, the company\’s engineer, stated that the wind was not strong enough to move the home from its foundation.They have also informed me that a court battle could take ten years or better. So, you guys are right, I didn\’t have flood Insurance, when I purchased 12 years ago, that was a selling point, I even received a flood certificate stating that my home was not in a flood area, therefore I do not expect to be paid for flood damages, I do however, expect the Insurance company to be fair and honest.. call a spade a spade.
On the hurricane deductible policy it clearly states \”Please read the following
very carefully this changes your original policy.\” It says it twice. Then about 3/4s
down it says an insured loss is covered, or
any (object)s driven by a windstorm. The last I looked water is an object. A storm surge is wind pushing against the oceans surface is the primary cause of a storm surge. Ask your insurance agent or company about that and they will tell you your claim is due to flooding and is not covered. What this changes your original policy.