Federal Flood Insurance
Thread Starter
Super Moderator
Joined: Jul 2002
Posts: 5,181
From: My BIG ol TURBO-DIESEL
Based on the cost of settling all these claims, I propose the following:
ACCEPTANCE of a settlement from a flood insurance claim is a legally binding contract that any future development of that porperty id at the owners OWN RISK. You and any future owners are no longer eligible for FEDERALY SUBSIDIZED FLOOD INSURANCE PROGRAMS for that tract of property.
ACCEPTANCE of a settlement from a flood insurance claim is a legally binding contract that any future development of that porperty id at the owners OWN RISK. You and any future owners are no longer eligible for FEDERALY SUBSIDIZED FLOOD INSURANCE PROGRAMS for that tract of property.
Administrator
Joined: Jul 2001
Posts: 24,416
From: Stuart, FL
[quote name='banzaitoyota' date='Aug 30 2005, 10:19 PM']Based on the cost of settling all these claims, I propose the following:
ACCEPTANCE of a settlement from a flood insurance claim is a legally binding contract that any future development of that porperty id at the owners OWN RISK. You and any future owners are no longer eligible for FEDERALY SUBSIDIZED FLOOD INSURANCE PROGRAMS for that tract of property.
[/quote]
I dunno how it works in other states, in washington state, that is how it worked, well basically once you had lost a house to flood, you could never get flood insurance again.
It only seems logical to me.
Another thing that bothered me during the hurricanes here. My neighbors had 10 year old roofs, roofs that should have been replaced 3 or 4 years ago, of course the hurricane took those roofs, personally I don't think the insurance company should have to pay for the roof if it's over 7 years old, or prorate it, something like that.
Insurance companies tend to exaggerate their losses, figure on my block there is 30 houses paying $2500 a year, that's $75k per year for my block, they replace 4 roofs, couple of other things figure a total of $100k and that is being generous to them....there prolly hasn't been any other major claims on this block in the last 20 years, so yer telling me that an insurance company that has collected several million, invested that money and gotten a return on it can't afford to pay out 100k? I don't buy it. They paid no claims under $5k, so a lot of people with small damage, such as myself paid out of pocket, now i figure these things are just something you add into the cost of maintaining the house and move on.
They supposedly lost their asses and yet only a couple smaller companies pulled completely out of Florida, i find it hard to believe they would still be writing policies if they were losing that much money.
ACCEPTANCE of a settlement from a flood insurance claim is a legally binding contract that any future development of that porperty id at the owners OWN RISK. You and any future owners are no longer eligible for FEDERALY SUBSIDIZED FLOOD INSURANCE PROGRAMS for that tract of property.
[snapback]753727[/snapback]
[/quote]
I dunno how it works in other states, in washington state, that is how it worked, well basically once you had lost a house to flood, you could never get flood insurance again.
It only seems logical to me.
Another thing that bothered me during the hurricanes here. My neighbors had 10 year old roofs, roofs that should have been replaced 3 or 4 years ago, of course the hurricane took those roofs, personally I don't think the insurance company should have to pay for the roof if it's over 7 years old, or prorate it, something like that.
Insurance companies tend to exaggerate their losses, figure on my block there is 30 houses paying $2500 a year, that's $75k per year for my block, they replace 4 roofs, couple of other things figure a total of $100k and that is being generous to them....there prolly hasn't been any other major claims on this block in the last 20 years, so yer telling me that an insurance company that has collected several million, invested that money and gotten a return on it can't afford to pay out 100k? I don't buy it. They paid no claims under $5k, so a lot of people with small damage, such as myself paid out of pocket, now i figure these things are just something you add into the cost of maintaining the house and move on.
They supposedly lost their asses and yet only a couple smaller companies pulled completely out of Florida, i find it hard to believe they would still be writing policies if they were losing that much money.
Senior Member
Joined: Dec 2002
Posts: 4,837
From: Wayne, NJ
[quote name='DJ Rotor' date='Aug 31 2005, 02:05 PM']Insurance companies = the biggest legal SCAM on earth.
[/quote]
true that.
also if a possibility is that upon rebuilding the home people should show SOME signs of trying to prevent it from happening again. THeyve tested "hurricane proof" houses before, maybe make them build one of those (those like foam bricks with cement inside or whatever.)
kevin.
[snapback]753930[/snapback]
[/quote]
true that.
also if a possibility is that upon rebuilding the home people should show SOME signs of trying to prevent it from happening again. THeyve tested "hurricane proof" houses before, maybe make them build one of those (those like foam bricks with cement inside or whatever.)
kevin.
Thread
Thread Starter
Forum
Replies
Last Post
woundup7
Northwest Regional For Sale Forum
8
May 11, 2006 07:34 PM
vaughnc
2nd Generation Specific
0
Oct 23, 2002 02:28 AM
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)