Having been inundated with Hurricane Irene flood claims, the resulting complaints from insureds regarding the inadequacy of coverage for their losses, and the and terminology on the NFIP forms, this Lloyd’s report is on point. Unfortunately, the subsidized flood premiums are so low, that no insurer could write the present coverage, though limited in scope, and survive. If NFIP was eliminated, flood coverage could be handled in the same manner as earthquake coverage. It could be rated by actuaries and added by endorsement to existing homeowner products. Yes the premiums would be more expensive for those at risk, but the coverage would likely be more comprehensive.
Hi anyone
Our disastrous natural disaster planning/preparation is truly a non-partisan operation involving all levels of government from local planning and zoning boards that grant building permits in flood areas to US Army Corps of Engineers to FEMA to NFIP to the individuals who build in a flood zone and won’t even buy subsidized flood coverage.
Local politics runs the gamut from extremely “nanny state” to extreme laissez-faire, the NFIP has been around since 1968 which means a lot of swings in national politics, and the Corps of Engineers has been “protecting” us from floods for well over a century.
Reformers of the current mess who have deeply analyzed all out natural disaster related spending with the objective of making the individual and private enterprise responsible for almost everything will be called heartless by political opponents and probably the general public even if they allow for Federal funding for emergency disaster relief services.
The fact that the current system exists/has existed for decades makes me doubt a simple change of administration will do anything more than stir up storms of hot air.
Better to wait until Obama out of office to have those talks.
Having been inundated with Hurricane Irene flood claims, the resulting complaints from insureds regarding the inadequacy of coverage for their losses, and the and terminology on the NFIP forms, this Lloyd’s report is on point. Unfortunately, the subsidized flood premiums are so low, that no insurer could write the present coverage, though limited in scope, and survive. If NFIP was eliminated, flood coverage could be handled in the same manner as earthquake coverage. It could be rated by actuaries and added by endorsement to existing homeowner products. Yes the premiums would be more expensive for those at risk, but the coverage would likely be more comprehensive.
We need a foreign operation to advise us how to run our nation and emergency response programs? Please keep your opionions north of the Dover cliffs
Hi anyone
Our disastrous natural disaster planning/preparation is truly a non-partisan operation involving all levels of government from local planning and zoning boards that grant building permits in flood areas to US Army Corps of Engineers to FEMA to NFIP to the individuals who build in a flood zone and won’t even buy subsidized flood coverage.
Local politics runs the gamut from extremely “nanny state” to extreme laissez-faire, the NFIP has been around since 1968 which means a lot of swings in national politics, and the Corps of Engineers has been “protecting” us from floods for well over a century.
Reformers of the current mess who have deeply analyzed all out natural disaster related spending with the objective of making the individual and private enterprise responsible for almost everything will be called heartless by political opponents and probably the general public even if they allow for Federal funding for emergency disaster relief services.
The fact that the current system exists/has existed for decades makes me doubt a simple change of administration will do anything more than stir up storms of hot air.