Why Flood Policy Should Not Include Wind Coverage

By | September 19, 2008

  • September 19, 2008 at 1:52 am
    Not a Frank Fan says:
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    Barney Frank’s oversight, or lack thereof, led to the downfall of Fannie Mae and Freddie Mac. Maybe someone should tell Barney that regulating financial services really isn’t his thing.

  • September 19, 2008 at 2:02 am
    Joe Harrington says:
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    Early proposals by House members to add windstorm coverage to the federal flood program also included proposals to add loss of use coverage. Were the loss of use proposals voted down?

  • September 19, 2008 at 2:53 am
    Chris Boggs says:
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    Joe,

    It does not appear that this provision (wind coverage or the loss of use) has made it through to H.R. 3121.

    I think it died with the Senate vote in May. However, congress keeps mentioning it as part of their continued talks.

    With rates as inadequate as they are and the necessary increase to cover wind AND loss of use, I hate to guess what premiums would look like.

    HR 920 was the last House bill I saw that involved wind coverage and that never made it past introduction.

    Thanks.

  • September 19, 2008 at 3:04 am
    Boomer says:
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    No carrier writes wind along the coast, I’m in the beach plan at $3,000 just for wind.



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