If I’m not mistaken, the cc clause was put in originally because courts were interpreting flood to be a covered loss because it was wind driven rain or something like that. Sewer backup is for a localized event, not a flood.
Let the admitted carriers underwrite, rate and cover flood and let the consumer pay for what they want covered. At least then maybe you could buy a flood policy that would make you close to able to repair rather than the flood policy written by FEMA which in many cases doesn’t help a lot.
It might also eliminate some political grandstanding.
That is one of the reasons the companies (ISO) came up with the concurrent causation exclusion. Insurers wil always look for (and find) some reason to deny or reduce the payout on claims. “Let” them charge for and cover flood damage won’t work – they simply won’t sell the peril. Legislation would have to mandate that insurers insure flood damage – and that might be deemed to be unconstitutional. In the long and sometimes the short run, insurers always win. We need a Flood Program that is workable, run by each state, and not the federal government.
If I’m not mistaken, the cc clause was put in originally because courts were interpreting flood to be a covered loss because it was wind driven rain or something like that. Sewer backup is for a localized event, not a flood.
Let the admitted carriers underwrite, rate and cover flood and let the consumer pay for what they want covered. At least then maybe you could buy a flood policy that would make you close to able to repair rather than the flood policy written by FEMA which in many cases doesn’t help a lot.
It might also eliminate some political grandstanding.
That is one of the reasons the companies (ISO) came up with the concurrent causation exclusion. Insurers wil always look for (and find) some reason to deny or reduce the payout on claims. “Let” them charge for and cover flood damage won’t work – they simply won’t sell the peril. Legislation would have to mandate that insurers insure flood damage – and that might be deemed to be unconstitutional. In the long and sometimes the short run, insurers always win. We need a Flood Program that is workable, run by each state, and not the federal government.
Yeah. Because state gov’t is so much more efficient that federal gov’t…hmmm