Re: OT-- N. Orleans insurance

Posted by bo on September 17, 2005 at 14:31:58 from (12.75.107.47):

In Reply to: OT-- N. Orleans insurance posted by Just Curious on September 17, 2005 at 13:03:35:

Insurance. If you self finance your home, you need no insurance. If you mortgage, the mortgage holder will insist on full insurance coverage to protect their interests. If the area you build in is in a documented flood plain, the mortgage holder will require you to carry flood insurance.
House insurance is through a private company. Flood insurance is through the Federal government but serviced by your house insurance carrier.
If you have a hurricane and your roof blows off and it rains into your house, your house insurance will cover it. If you have a hurricane and your roof blows off and then it floods because of rising water...storm surge...rising creek water, your house insurance will NOT cover you, your flood insurance will to the extent of the policy.

You buy flood insurance on the dwelling and/or contents. If you live in a flood plain and you don't finance, it's up to you whether you get any kind of insurance at all. It would be stupid to live without insurance. At least the house insurance....flood insurance...depends on how much you can stomach risk...if you can't stomach it, get it.

New Orleans..there is some commentary that there were about 85,000 flood policies written for homes there. That's the minority of homes. Most didn't have it. They are flat out of luck. They get nothing. Those that had it will collect to the extent of the policy if the house is totaled and ....most will be.

What do the people do without insurance....nothing,,,,unless the federal government provides something...read this as your taxes.

The only other thing the uninsured can do is claim a capital loss on their income taxes. Remember, they will only reduce their taxable adjusted gross and will only save to the extent of their tax rate.

I hope this is clear and answers some of your questions.

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