Aces High Bulletin Board
General Forums => The O' Club => Topic started by: Bodhi on August 15, 2006, 02:52:40 PM
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http://www.cnn.com/2006/LAW/08/15/katrina.insurance.ap/index.html
Really freaking sad.... :mad:
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A policy that covers fire, liability, and theft should pay out in case of fire, liability or theft.
Those concerned about flooding should get flood insurance.
It is available...Flood Insurance (http://www.fema.gov/plan/prevent/floodplain/How_the_NFIP_works.shtm)
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Well, see, that's the thing with insurance companies. You think you're paying premiums for monetary protection from catastrophic events. The insurance company, however, thinks you're paying premiums so they can pay lawyers to go to court to keep the insurance companies from having to pay you in case of catastrophic events. Simple, isn't it? It's just a misunderstanding.
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Yup, Holden is right. Some people got caught with their pants down and now want to get paid for it.
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What kind of idiot owns a home on the gulf coast and doesn't have flood insurance? My parents have a creek going through a floodplain in the backyard and have it in case their finished basement floods. There are commercials on TV... "regular homeowner's insurance doesn't cover floods - buy flood insurance."
Oddly enough, I was just reading this article in Popular Mechanics today:
National Flood Insurance (http://www.popularmechanics.com/science/earth/2315076.html?page=8&c=y)
It seems that people in high risk areas should pay through the nose for insurance, rather than my tax dollars fund their repeated stupidity. It's ok to charge people that live in theft-ridden Detroit astronomical prices for car insurance (no Federal help for them), but people that live below freaking sea level are subsidized by those same suckers getting their cars stolen in Detroit.
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Originally posted by Tarmac
but people that live below freaking sea level
umm mississippi is above sea level. you might be thinking of Atlantis
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yeah, and 55% of New Orleans isn't. I bet some of them are benefitting from my tax dollars though the National Flood Insurance Program.
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Everyone should take time to actually read their insurance policies. This is particularly true for the exclusion clauses.
When I was in Louisiana last Feb through March there was a constant add campaign on broadcast media, papers and billboads about getting flood insurance. My step sons bank also requires a flood plane analysis of any property purchase they fund and flood insurance if the level of the pproperty is below the flood plane level set by the parish office.
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Hell... I live in a desert and we were required to have a flood plane analysis.
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It seems like any lender with half a brain would demand it. They don't want to see your collateral get all soggy and worthless.
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Originally posted by Sandman
Hell... I live in a desert and we were required to have a flood plane analysis.
In PA, any new building has to have a flood plane analysis, and if it's too low, you're not allowed to build at all.
The trick is that a lot of the buildings were grandfathered in. Some want to rebuild. The problem is that they can't just knock down the whole thing and rebuild, they would not be allowed to.
So for example, my old neighbor bypassed the law. He knocked down his entire house (it was a big one) all except for the chimney. He then rebuilt a new house around the chimney.
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Originally posted by Holden McGroin
A policy that covers fire, liability, and theft should pay out in case of fire, liability or theft.
Those concerned about flooding should get flood insurance.
It is available...Flood Insurance (http://www.fema.gov/plan/prevent/floodplain/How_the_NFIP_works.shtm)
Last I checked, storm surges were created by WIND.
This ruling is just a way to protect corporate interests of the insurance companies, and it's BS.
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Originally posted by Sandman
Hell... I live in a desert and we were required to have a flood plane analysis.
It was flooding in El Paso last week. Yes, El Paso.
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Bodhi man, you're stretching.
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Originally posted by Bodhi
Last I checked, storm surges were created by WIND.
It's time to stop bud. That's like saying rain is created by clouds.:)
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Are we talking about your plane engine being flooded, or the hull damaged by being in a flood?
Oh wait, you're talking about "flood plain" insurance.
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What's REALLY great about this ruling is that now the taxpayers will foot the bill that the insurance companies won't. Someone is going to foot the bill, folks, count on it. And it looks a lot like it won't be the insurance companies that collected premiums.
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My brother, who voted for Kerry last election, and I had a discussion about the levies in New Orleans a few months ago. He quoted an Army Corps of Engineer officer who said that the levies in New Orleans were built to withstand level 3 hurricanes only. He intended this as incrimination of the government. When I asked him if he wanted his tax dollars to support building every high rise office or apartment building in LA to withstand earthquakes of 10 on the richter he changed the subject.