I understand the problem with cost, but to say this law will give better protection when someone could be VERY underinsured, I just picture the agent E&O claims coming in when people say it must have been the agents fault that they underinsured.
I look at it this way…I’m not a gambling woman, but if my home didn’t take water in ’78, it probably won’t barring Kilimanjaro falling into the sea. Secondly, I’m relieved as hell to know I am not going to be blackmailed into “filling” my cellar with 1 1/2 feet of gravel, install flood vents (which are expensive), and buying an overpriced heating system for wall installation. Oh please…all to be FEMA compliant, keeping my insurance just under 5 grand a year? This doesn’t include homeowners insurance either! Thank you AG Coakley and Speaker DeLeo
We lost our home to a tsunami – it completely swept away. We had to pay to hire an attorney to sue in Federal court (as FEMA is Federal). The bank got the $250,000, as the home had a loan of 1 Million dollars on it and we got zippo except our contents insurance – only because they weren’t allowed to take that too! NFIP is only worth it for lower cost homes, which basically excludes Hawaii, California and other expensive real estate markets. Now the bank wants the land too!! Nothing like adding salt to those wounds.
Flood insurance is no joke, and we here at Puritanflood.com take interest in any law or regulation that involves flood insurance. We want to make it as easy as possible for an individual to recover from all sorts of damages that may result from a flood. If this bill helps people then we are happy!
I understand the problem with cost, but to say this law will give better protection when someone could be VERY underinsured, I just picture the agent E&O claims coming in when people say it must have been the agents fault that they underinsured.
I look at it this way…I’m not a gambling woman, but if my home didn’t take water in ’78, it probably won’t barring Kilimanjaro falling into the sea. Secondly, I’m relieved as hell to know I am not going to be blackmailed into “filling” my cellar with 1 1/2 feet of gravel, install flood vents (which are expensive), and buying an overpriced heating system for wall installation. Oh please…all to be FEMA compliant, keeping my insurance just under 5 grand a year? This doesn’t include homeowners insurance either! Thank you AG Coakley and Speaker DeLeo
another consideration is what the flood insurance company may require as far as insurance to value, replacement, coinsurance, etc.
We lost our home to a tsunami – it completely swept away. We had to pay to hire an attorney to sue in Federal court (as FEMA is Federal). The bank got the $250,000, as the home had a loan of 1 Million dollars on it and we got zippo except our contents insurance – only because they weren’t allowed to take that too! NFIP is only worth it for lower cost homes, which basically excludes Hawaii, California and other expensive real estate markets. Now the bank wants the land too!! Nothing like adding salt to those wounds.
Flood insurance is no joke, and we here at Puritanflood.com take interest in any law or regulation that involves flood insurance. We want to make it as easy as possible for an individual to recover from all sorts of damages that may result from a flood. If this bill helps people then we are happy!