NSab Posted October 10, 2011 Share Posted October 10, 2011 This sucks, Homeowners policies don't cover flooding from outside water. I make sure my customers understand this. If they are worried about flooding, they need to obtain Flood Insurance. Unfortunately, no private company could profitably offer flood insurance. The government took over the program and now it is priced so high no one can afford it. I wish I could offer you some solution, but this is one of those things that just plain suck about insurance. This is a new thing during Hurricane Floyd my basement flooded and it was covered, 12 years later and a different company and now it's not covered. I don't live in a flood zone either. Quote Link to comment Share on other sites More sharing options...
Beaumont Posted October 10, 2011 Share Posted October 10, 2011 I would ask for a check for $125K. Then I would build something that cost $125K to build. Seems pretty straightforward. Underinsuring your house keeps an artificially low deductible and premium. That is why they insure to minimum value and there is a coinsurance penalty. Its really hard to underwrite if you dont make people insure to a certain level of their value (usually 80%). Quote Link to comment Share on other sites More sharing options...
Beaumont Posted October 10, 2011 Share Posted October 10, 2011 This is a new thing during Hurricane Floyd my basement flooded and it was covered, 12 years later and a different company and now it's not covered. I don't live in a flood zone either. Some adjusters cover flooding under the guise of water entering through broken windows but I am pretty sure you had a flood and surface water exclusion even back then. Quote Link to comment Share on other sites More sharing options...
Ditkaless Wonders Posted October 10, 2011 Share Posted October 10, 2011 Seems some in here are offended that insurance companies are in business to make money. I would suggest that the opposite business model is not sustainable. Quote Link to comment Share on other sites More sharing options...
lkirc Posted October 10, 2011 Share Posted October 10, 2011 I would ask for a check for $125K. Then I would build something that cost $125K to build. Seems pretty straightforward. Is your mortgage company going to be OK with that? They may end up with a $250,000 loan on a house that has been rebuilt for $125,000 beacuase the property burned down. I am thinking this isn't straight forward at all. Homeowners insurance is there to protect them as well. Most require 100% replacement value. Quote Link to comment Share on other sites More sharing options...
NSab Posted October 10, 2011 Share Posted October 10, 2011 Some adjusters cover flooding under the guise of water entering through broken windows but I am pretty sure you had a flood and surface water exclusion even back then. all i know same exact thing 12 years later and no coverage, 12 years ago different company covered. Quote Link to comment Share on other sites More sharing options...
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