Maybe if the wind was blowing hard enough they could try and have it covered under their home policy, because, afterall, the wind help the water leak through the weep holes in the bricks. hah.
I agree with the manditory idea. And I get so sick of real estate agents pretending they know how the water is going to drain for every single house in the city.
I think it is time to make a flood insurance a mandatory purchase regardless of the flood zone, when your purchase is secured by a mortgage. Despite the devastation by recent flooding and recent
reminders to my clients, I still have only
60% w/ flood insurance. At least with the mandatory purchase, agents will no longer
be blamed for the lack of flood.
Agents: Your biggest E&O eposure is NOT offering, advising your clients to consider purchasing flood insurance, and NOT having a signed rejection in their file when they decline the coverage.
It’s your word against the insured’s, and who do you think the jury will side with?
Unfortunately, “I never read my policy” is good grounds for siding with the plaintiff, as far as a jury goes. That sounds better than “my realtor told me I will never get flooded” I guess.
Taxpayer bailouts of flood victims encourage rejection of flood insurance. The insurance should be mandatory, and if the govt must, help the financially qualified pay their premiums. It would be a lot cheaper than disaster grants.
But if its mandatory and you dont live in a flood plain – Chances are you are paying for NOTHING – THen you are just suplementing other peoples losses, no thanks. I have a right to take the risk.
Maybe if the wind was blowing hard enough they could try and have it covered under their home policy, because, afterall, the wind help the water leak through the weep holes in the bricks. hah.
I agree with the manditory idea. And I get so sick of real estate agents pretending they know how the water is going to drain for every single house in the city.
I think it is time to make a flood insurance a mandatory purchase regardless of the flood zone, when your purchase is secured by a mortgage. Despite the devastation by recent flooding and recent
reminders to my clients, I still have only
60% w/ flood insurance. At least with the mandatory purchase, agents will no longer
be blamed for the lack of flood.
Agents: Your biggest E&O eposure is NOT offering, advising your clients to consider purchasing flood insurance, and NOT having a signed rejection in their file when they decline the coverage.
It’s your word against the insured’s, and who do you think the jury will side with?
Unfortunately, “I never read my policy” is good grounds for siding with the plaintiff, as far as a jury goes. That sounds better than “my realtor told me I will never get flooded” I guess.
Taxpayer bailouts of flood victims encourage rejection of flood insurance. The insurance should be mandatory, and if the govt must, help the financially qualified pay their premiums. It would be a lot cheaper than disaster grants.
But if its mandatory and you dont live in a flood plain – Chances are you are paying for NOTHING – THen you are just suplementing other peoples losses, no thanks. I have a right to take the risk.