Hi there,

Here are some more interesting excerpts collected today. Please review the sectionregarding maximums, three adjustors being required for reviewing multiple aspects of claims, and the deductable.

On a personal note, I have a request:

2.5 years ago I purchased at Parc Fontaine. I acquired Flood insurance as it is necessary for getting a mortgage because the area lies in a flood area (as per the federal and state agencies). While I was negotiating with the banks to get both a commercial loan and a mortgage, the insurance company cancelled my insurance as there was a number of claims from the tail end of huricane that hit Florida. All the companies I tried would not give me Flood insurance as I am living in Canada. The loans and mortgage were approved at the same time all this was happening and approved without Flood insurance, which to this day I do not have and have been unable to get.

Any ideas? Seems that many units in Parc Fontaine may have sustained the dreaded "Subsequent, consequent" damage (water/leaks) that is not covered per the Exclusions section in the standard policy.

Thanks for your help,

Tom

by Trudge, 9/11/05 13:28 ET
Re: flood Versus Homeowners Insurance by ecelis, 9/11/05
Flood covers damage seperately for structure (such as drywall and waterheaters) and also contents (Any personal stuff under the flood waters).
Any damage that was caused by the wind storm is covered under Homeowners. As with flood structure and contents are evaluated seperately.

In LA Flood coverage usually has a 2% deductible, meaning if there is $100,000 in damage you are responsible for $2000.

Limits for structural and contents are determined by your individual policy.
At least 3 adjusters will have to visit your house if you have both coverages. One for Wind Damage assessment, one for Flood damage assessment and one for contents.

If you get in before the adjuster, take some cameras and take lots of pictures. If you do any repairs before they come, take lots of pictures during the work and the end result as well.
If you were not required to have flood at your home, FEMA is supposed to kick in for things not covered by Flood insurance. I am not much help on the FEMA specifics though.

Re: FLOOD INSURANCE MAX AT 250K by motherdoyou, 9/10/05
A house rarely gains value. However, the property the house sits on usually does gain in value. If you are using an apraisal to come up with the 550K figure then that is House and property. Since your property is still there insurance is only going to pay for the house itself.

Under normal conditions that isn't a bad deal. It's the same deal almost ALL of us sign up for. The catch 22 is this: Now that something this horrific has happened that entire neighborhoods have to be bulldozed will your property be worth as much? Before the flood there was a selling point for high dollar property. Now, you have half of a city bulldozed to start new "upper class developments"