They really do need to do something with the program, especially improve the selling abilities. I’m an insurance agent for Allstate and I absolutely hate writing flood policies because the NFIP has no databases for flood related losses and it’s difficult to even look up a flood zone for properties. The NFIP needs to create a streamlined process for issuing and underwriting flood policies. I lived in Houston through Tropical Storm Allison, and I can assure anyone who asks, it was a nightmare.
The flood policy is complicated and misunderstood by many agents and adjusters unless they specialize in the selling or adjusting of flood insurance. Also, once a mortagage is paid off, policyholders are no longer required to carry flood coverage and many drop the coverage because they “never thought it would happen to them”. If you are in a federal flood plain homeowners should be required to carry adequate flood coverage limits – mortgage or not. Flood claims are paid with taxpayer dollars – not just the paid premiums.
Like all Catastrophe riska, the Flood peril should be handled comprehensively – integreting the risk management (positive steps to mitigate the risk-exposure and control the damage) with indemnity plans such as Flood-Insurance. The Risk management Program must require all concerned parties – Federal, State & municipal as well as the property-owners – to perform their respective part (clearly defined and legislated). Insurance premiums must be differential and reflect both the individual risk and his pastcompliance. Owners will forfeite their right to indemnity (in full or in part) in case of failure to complete their part before an event.
We still had not settled. Signed a contract for a new home. Now trying
to get a loan. More paper work,more
phone calls etc. I still cry alot.
We thought we almost had the house
paid off. Just what good is flood
insurance. We’ll probably be dead before our house is paid for. This whole thing I am sure has taken a few years off my life. Does anyone know if
house bill 3 was passed? Will they require blood to get a loan? I don’t
know if I can fill out another form.
After all of the hoops NFIP made my family jump through, only to be denied and have to go through it all again with the help of a Public Adjuster, NFIP can kiss my hairy white ass!!! They have made my familys life hell for the past six(6) months.
Good news we got our money not what I or my adjuster feel we should of gotten but at lest its more than the 60,000 they wanted to give us before we hired the adjuster.
Here’s hoping the next hundered year flood is twohundered years from know so I’ll be dead and gone and wont have to deal with the NFIP.
SIX MONTHS AFTER THE FLOOD AND MY FAMILY IS STILL LIVING OUT OF A BEDROOM ON THE SECOND FLOOR OF MY HOME!SETTLING WITH THE INSURANCE COMPANY WAS BAD ENOUGH, BUT NOW HAVING TO DEAL WITH MY MORGAGE COMPANY WHO IS NOW THE HANDLER OF WHAT LITTLE MONEY I DID GET HAS TURNED INTO EVEN A BIGGER NIGHTMARE!WHEN WILL IT ALL END?
Laura ,I understand. Will it ever end.
I also feel like my mortgage co. is
holding my insurance money hostage. I
applied to SBA and Wells Fargo to
refinance my mortgage with my new costs
to rebuild my home since insurance pay
off wasn’t enough. On top of that FEMa
every month wants to know if I really
need money for rent. The final insurance money won’t be availble until
the house is finished. It is all confusing.
They really do need to do something with the program, especially improve the selling abilities. I’m an insurance agent for Allstate and I absolutely hate writing flood policies because the NFIP has no databases for flood related losses and it’s difficult to even look up a flood zone for properties. The NFIP needs to create a streamlined process for issuing and underwriting flood policies. I lived in Houston through Tropical Storm Allison, and I can assure anyone who asks, it was a nightmare.
The flood policy is complicated and misunderstood by many agents and adjusters unless they specialize in the selling or adjusting of flood insurance. Also, once a mortagage is paid off, policyholders are no longer required to carry flood coverage and many drop the coverage because they “never thought it would happen to them”. If you are in a federal flood plain homeowners should be required to carry adequate flood coverage limits – mortgage or not. Flood claims are paid with taxpayer dollars – not just the paid premiums.
Like all Catastrophe riska, the Flood peril should be handled comprehensively – integreting the risk management (positive steps to mitigate the risk-exposure and control the damage) with indemnity plans such as Flood-Insurance. The Risk management Program must require all concerned parties – Federal, State & municipal as well as the property-owners – to perform their respective part (clearly defined and legislated). Insurance premiums must be differential and reflect both the individual risk and his pastcompliance. Owners will forfeite their right to indemnity (in full or in part) in case of failure to complete their part before an event.
We still had not settled. Signed a contract for a new home. Now trying
to get a loan. More paper work,more
phone calls etc. I still cry alot.
We thought we almost had the house
paid off. Just what good is flood
insurance. We’ll probably be dead before our house is paid for. This whole thing I am sure has taken a few years off my life. Does anyone know if
house bill 3 was passed? Will they require blood to get a loan? I don’t
know if I can fill out another form.
After all of the hoops NFIP made my family jump through, only to be denied and have to go through it all again with the help of a Public Adjuster, NFIP can kiss my hairy white ass!!! They have made my familys life hell for the past six(6) months.
Good news we got our money not what I or my adjuster feel we should of gotten but at lest its more than the 60,000 they wanted to give us before we hired the adjuster.
Here’s hoping the next hundered year flood is twohundered years from know so I’ll be dead and gone and wont have to deal with the NFIP.
Brian Surguy
SIX MONTHS AFTER THE FLOOD AND MY FAMILY IS STILL LIVING OUT OF A BEDROOM ON THE SECOND FLOOR OF MY HOME!SETTLING WITH THE INSURANCE COMPANY WAS BAD ENOUGH, BUT NOW HAVING TO DEAL WITH MY MORGAGE COMPANY WHO IS NOW THE HANDLER OF WHAT LITTLE MONEY I DID GET HAS TURNED INTO EVEN A BIGGER NIGHTMARE!WHEN WILL IT ALL END?
Laura ,I understand. Will it ever end.
I also feel like my mortgage co. is
holding my insurance money hostage. I
applied to SBA and Wells Fargo to
refinance my mortgage with my new costs
to rebuild my home since insurance pay
off wasn’t enough. On top of that FEMa
every month wants to know if I really
need money for rent. The final insurance money won’t be availble until
the house is finished. It is all confusing.