Group Urges Obama to Address Flood Insurance in State of Union Address

By | January 19, 2012

  • January 19, 2012 at 2:15 pm
    jw says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    Insurance companies have to understand that flood insurance is for the banks it guarantees their loans it is not a true insurance program.

  • January 19, 2012 at 2:24 pm
    Amazed says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    In my view, rising waters causing damage to a home or business is a peril and covered subject to a deductible under Flood. It sounds like insurance to me. A mortgagee is listed and their interests are protected the same as if there was a fire or windstorm under a Homeowner or Property Policy.

    • January 19, 2012 at 4:41 pm
      jw says:
      Like or Dislike:
      Thumb up 0
      Thumb down 0

      The program was established by the Gov. in response to the financial industry as no profit making company would provide a market. No insurance, no lending , no develpoment. The Bank needed a program to protect the loans as it was certain losses would follow in these areas. The market could not provide spread of risk as only flood prone areas would purchase. The program use insurance forms but the elements of “fortuitous” & ‘spread of risk” are missing. The only thing fortuitous is WHEN you get flooded not IF you get flooded.



Add a Comment

Your email address will not be published. Required fields are marked *

*