NO homeowners are screwed......

[icemeister]

The major homeowners insurance companies are already lined up with a defensive line that the recent losses in that city were actually two separate events......ie Katrina and then the Flood.

Only some 40% of properties had flood insurance in addition to standard homeowner policies that only covers wind-related damage. The difference to these major insurers is measured in the billions of dollars.

The difference to hundreds of many thousands of NO residents is unthinkable.

There are going to be some heavy lawsuits coming from all of this, but not in time to help the average person like you and me if we were in their boat (bad pun, sorry ).

http://www.businessweek.com/ap/finan...e_down&chan=db

[RoBoTeq]

There is already a counterattack to this claim. There is evidence that the storm caused waves that directly broke down the levi in the area of New Orleans that was most devastated. If this is registered as fact, it is the storm that caused the flood and therefore the insurance companies must pay up on storm coverage.

Insurance companies pulled this crap in my area after Hurricane Isabel hit. A friend of mine lost everything due to the rise of water, which was considered flooding, so the insurance did not pay him because it was not the winds or rains from Isabel that directly destroyed his home.

To make matters worse, the government would not give my friend a low cost loan to rebuild based on the insurance companies findings.

On the bright side though, FEMA provided my friend with an apartment while his house was being torn down and his property cleaned up and then provided a house trailer for him to live in during the contstruction of his new home.

During all of this, my friends 83 year old wife died and my friends health plummeted drastically. Now in his new home, my friend is just waiting to die himself.

[Edited by RoBoTeq on 09-10-2005 at 06:21 PM]

[sline-dawg]

All any insurance company ever wants is money.... NOT payments out.

If there is a "legal" way out of this , they will find it.

Scum suckers could care less how tough your life is .

[icemeister]

Here in Florida after Hurricane Andrew in '92 the insurance companies set up separate corporations like Allstate of Florida, State Farm Florida and Nationwide of Florida to get themselves off the hook if the big one hit. The state insurance regulatory commission allowed this to happen and all involved will claim innocence and ignorance when forced against the wall. As a result, I am no longer insured by the major insurance corporation I signed up with so many years ago.

I predict that in the near future a bunch of new companies will come on the scene called Allstate of Louisiana, State Farm LA, ........you get the drift.

Those Bastards.

[Edited by icemeister on 09-10-2005 at 07:38 PM]

[bootlen]

Ya mean that in a town that was 12 feet BELOW SEA LEVEL, 40% had no flood insurance?

Some people just ain't right.

[condenseddave]

Originally posted by bootlen
Ya mean that in a town that was 12 feet BELOW SEA LEVEL, 40% had no flood insurance?

Some people just ain't right.

Yup. Now there is a registered fact.

What motivates the thought process that decides that one doesn't need flood insurance when the Lost City of Atlantis is a short swim down the road??????

[Jultzya]

Originally posted by bootlen
Ya mean that in a town that was 12 feet BELOW SEA LEVEL, 40% had no flood insurance?

Some people just ain't right.

He said 40% had flood insurance, which makes it 60% for not being insured.

[icemeister]

Originally posted by condenseddave
What motivates the thought process that decides that one doesn't need flood insurance when the Lost City of Atlantis is a short swim down the road??????

According to the guidelines of our federal government-sponsored flood insurance program headed up by FEMA, the insurance isn't required in New Orleans because the Army Corps of Engineers have approved the levee system so even though they're technically below sea level the city is not technically a flood-prone area.

[bootlen]

Originally posted by jultzya

Originally posted by bootlen
Ya mean that in a town that was 12 feet BELOW SEA LEVEL, 40% had no flood insurance?

Some people just ain't right.

He said 40% had flood insurance, which makes it 60% for not being insured.

================================================== ========

Good grief, jultz! Yer right.

No wonder the people in elected positions were able to win those elections.

Ya'll know what Mama always says..."Stupid is as ..."