...and the insurance "fiasco" continues!!

[Lindaloo]

Okay, so that means, according to FEMA, that the deserts are flood zones? Unbelievable.

[Alladin]

The National Weather Service too:
http://www.wrh.noaa.gov/vef/projects/De ... Survey.php

[Lindaloo]

I had no idea. lol. Thanks.

[Ixolib]

And for the record, let me just state (my opinion) again that flooding from rain and river or stream over-run is NOT the same as wind driven saltwater tidal/strom surge emerging from a gulf, ocean, bay, or inlet as the result of a landfalling hurricane. In fact, it is my opinion that the current flood "definition" is far away from, and does not truly take into consideration, the reality of storm surge. They are, in fact, two different animals caused by completely different circumstances...

[Alladin]

And for the record, let me just state (my opinion) again that flooding from rain and river or stream over-run is NOT the same as wind driven saltwater tidal/strom surge emerging from a gulf, ocean, bay, or inlet as the result of a landfalling hurricane. In fact, it is my opinion that the current flood "definition" is far away from, and does not truly take into consideration, the reality of storm surge. They are, in fact, two different animals caused by completely different circumstances...

Regardless, I desire to stay away from both in any and all circumstances.

[Lindaloo]

I agree with you on that Ixolib.

[timNms]

And for the record, let me just state (my opinion) again that flooding from rain and river or stream over-run is NOT the same as wind driven saltwater tidal/strom surge emerging from a gulf, ocean, bay, or inlet as the result of a landfalling hurricane. In fact, it is my opinion that the current flood "definition" is far away from, and does not truly take into consideration, the reality of storm surge. They are, in fact, two different animals caused by completely different circumstances...

According to dictionary.com, you are correct, Ixolib.

[HurriCat]

I hear 'ya, and yes, I agree that the opulent-minded folks on whom this story was written are significantly more invested than most of us. However, the point remains in that they invested $300K in improvements to better weather a hurricane and then received only $400 in discounts - or about .13% of their investment.

So, relatively speaking, if us "poor" folks invest, say, $10,000, our discount would amount to about only $13.00 - give or take a few cents.

Therefore, the fiasco is alive and well.....

If by "fiasco" we are saying that the insurance companies are being expected to cover everyone regardless of risk and at rates deemed acceptable by the insured rather than the insurer. Their own profits and payrolls do not matter in this mentality of "we are OWED cheap replacement money for OUR stuff". That's what it boils down to. We are at the point at which the sheer volume of customers at risk is making it hard for a company to cover them as cheaply as in the past. And the point still valid here is that the folks in the example are having their $2,000,000 + property covered for less than $12,000 a year. This at a location less than ten miles inland from the Gulf coast. Multiplied by tens if not hundreds of thousands of homes and properties in all of the value ranges, it looks like people are still getting a good deal. Yes, the numbers stink when comparing upgrades versus discounts, but I think the companies have reached a sort of economic reality-point at which the prices just have to be in the ranges that they are.

[simplykristi]

My parents and I were sitting at dinner this past Friday. We were talking about the insurance issues with Hurricane Katrina. Let's say that if we had our way, everyone would have been covered. The water was driven in by the wind.. not a soaking. I feel really bad for everyone along the MS and AL gulf coast.

Kristi

[Downdraft]

I don't care what kind of a rebate they offer you if the big one hits they are gonna go bankrupt and leave the policy holders holding the bag. Every major insurance company has created a florida clone to take the hit without dragging the major company down. The insurance industry is as crooked as the politicans that own stock in them. I'll believe the insurance companies when Secretary Chernoff is down here making box lunches.

[Ixolib]

I don't care what kind of a rebate they offer you if the big one hits they are gonna go bankrupt and leave the policy holders holding the bag. Every major insurance company has created a florida clone to take the hit without dragging the major company down. The insurance industry is as crooked as the politicans that own stock in them. I'll believe the insurance companies when Secretary Chernoff is down here making box lunches.

[Lindaloo]

I don't care what kind of a rebate they offer you if the big one hits they are gonna go bankrupt and leave the policy holders holding the bag. Every major insurance company has created a florida clone to take the hit without dragging the major company down. The insurance industry is as crooked as the politicans that own stock in them. I'll believe the insurance companies when Secretary Chernoff is down here making box lunches.

[alicia-w]

I continue to be stunned by folks who dont buy the flood insurance. There are 10 houses on our cul-de-sac. Half of us are technically in a medium to high risk flood zone. We are the only ones who bought flood insurance. There are only two other families on the street who board up their homes for a hurricane (one of those just moved to Massachusetts); the others say that's what they pay insurance for, to repair storm damage. Wonder if they have good health insurance to pay for when I crack 'em up side the head with a broom handle....

[Aquawind]

Wonder if they have good health insurance to pay for when I crack 'em up side the head with a broom handle....

No doubt.. Tellem thats for raising everyones homeowners rates a bit! In fact whackem from the other direction for me.

[timNms]

I continue to be stunned by folks who dont buy the flood insurance. There are 10 houses on our cul-de-sac. Half of us are technically in a medium to high risk flood zone. We are the only ones who bought flood insurance. There are only two other families on the street who board up their homes for a hurricane (one of those just moved to Massachusetts); the others say that's what they pay insurance for, to repair storm damage. Wonder if they have good health insurance to pay for when I crack 'em up side the head with a broom handle....

Maybe they're expecting the surge to do the damage so there is no need to board up? LOL. Our friends in Waveland boarded up tight....not that it mattered There was nothing left after the surge.