Discussion in 'Current Events' started by Zhukov, Sep 6, 2005.
http://www.nytimes.com/2005/09/03/o...rials and Op-Ed/Op-Ed/Columnists/John Tierney
Good post. I appreciate it
Many thanks to ur post. I love it.
Hi there, Would a new one like me be welcome here?
Thanks so much in deed.
New Orleans suffered because the dykes forgot how to lick the water.
I blame Christian fundementalism.
USATODAY.com - Flood insurance available if you're rich
For the first time, a handful of insurance companies are rolling out comprehensive flood insurance in the USA — but only to a limited population of people with expensive homes who don't live in the highest-risk flood areas.
If you're a homeowner who lives along the coast or you don't have deep pockets, don't expect to get this coverage.
Fireman's Fund and Chubb have begun offering the flood coverage to upscale homeowners to cover the cost of replacing a home. AIG has been selling a similar policy to wealthy customers since 2004.
Sales of flood insurance have been picking up since Hurricanes Katrina, Rita and Wilma swept through the Gulf Coast last year, causing devastating wind and water damage. Flood insurance, for decades offered only by the federal government, covers water damage that seeps in from the bottom of a house; general homeowner policies typically cover only wind and rain damage that comes in through other parts of a house.
Until recently, private companies have shied away from flood insurance. When they did offer it, it was only after the government's policy had kicked in. (The government's insurance provides only up to $250,000 in flood damage to the structure and $100,000 in damage to its contents.) But some private insurers are now betting they'll be able to profit by offering higher-priced policies in areas less prone to floods.
Insurance Advice-Flood Insurance
MOST FLOOD INSURANCE IS SOLD THROUGH A FEDERAL PROGRAM
Almost all flood insurance written for homes in this country is part of the National Flood Insurance Program ("NFIP"). This program was created by the U.S. Congress and is administered and regulated by the Federal Emergency Management Agency ("FEMA").
The national flood insurance policy can be purchased either directly from FEMA or from private insurers such as State Farm, Farmers, Allstate, Aetna, and many others. Premiums collected by these companies are divided among them for the administration of the claims expenses with the rest turned over to FEMA and deposited into the U.S Treasury. Benefits paid by the private insurance companies on flood claims under the flood policy are reimbursed by FEMA from the U.S. Treasury.
Many insurers subcontract all policy administration and claims handling to outside companies. It is not uncommon for the private insurer whose name appears on the policy, and from whom the insured purchased the insurance, to have nothing whatsoever to do with the policy or the claim handling. As such, tremendous authority for the administration of the policies and the handling of claims has been delegated to obscure companies, some of whom are merely data processing businesses.
CAN I BUY FLOOD INSURANCE FROM A PRIVATE INSURER?
Probably not, unless you are buying it to cover a business. Such policies have nothing to do with the NFIP, FEMA, or the federal government. Like earthquakes, floods are generally excluded under most property policies. So if a business wants flood coverage it must be purchased separately.
[ame=http://www.youtube.com/watch?v=-T35WXFOmwI]YouTube - James Taylor - Fire and Rain (Beacon Theatre)[/ame]
My ex b/f (and current stalker) looks just like Taylor. And he sings/plays guitar. Ruined his music for me... forever. Dammit.
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