Hurricane Sandy homeowners being screwed

[piasabird]

I still remember the photos of people who had actual houses that were situated literally on an island that looked exactly like a sand bar in the middle of the Mississippi River. It is really hard to feel bad about such a fool.

http://en.wikipedia.org/wiki/Hurric...Hurricane_Sandy_to_house_in_Brooklyn,_NY.jpeg

http://en.wikipedia.org/wiki/Hurric...dy_to_the_New_Jersey_coast,_Oct._30,_2012.jpg

Do you really think these people were very smart?

I don't care how much you pay for insurance. You cant fix stupid.

 

[Subyman]

I pay x premium for y coverage. If my house is a complete loss they have to pay up to y. They cannot collect premiums for y then decide to prorate my structure for a lesser amount than my policy. Do you have homeowners insurance that works the way you described? What you describe sounds more like auto insurance.

Flood insurance is not home owner's insurance. Home owner's insurance pays in full in the event of a total loss. This is not the case with flood insurance:

A valued policy pays the limit of liability in the event of a total loss.
For example:Your home is totally destroyed by a fire and it costs $150,000 to rebuild. If your homeowners insurance policy is a valued policy with a $200,000 limit of liability on the building, you would receive $200,000. Flood insurance pays just the replacement cost or ACV of actual damages, up to the policy limit.

You do not get a guaranteed amount. You get only the replacement cost of your exact item. Flood insurance does not have a guaranteed replacement cost, so it is up to the limit as you say.

What I am talking about is someone buys a 3BR 2 bath 1500sqft house for $90k. They get $100k in flood insurance. To rebuild their house on the lot, it would cost $150k+. They only get $100k, not the complete replacement cost. Depends on what your coverage is.

 

[Fern]

Hurricane Sandy homeowners being screwed

So because they're just a bunch of White people Obama is ignoring them and not helping?

Am I doing it correctly?

Fern

 

[Genx87]

I still remember the photos of people who had actual houses that were situated literally on an island that looked exactly like a sand bar in the middle of the Mississippi River. It is really hard to feel bad about such a fool.

http://en.wikipedia.org/wiki/Hurric...Hurricane_Sandy_to_house_in_Brooklyn,_NY.jpeg

http://en.wikipedia.org/wiki/Hurric...dy_to_the_New_Jersey_coast,_Oct._30,_2012.jpg

Do you really think these people were very smart?

I don't care how much you pay for insurance. You cant fix stupid.

What does any of what you posted have to do with an insurance company altering reports and sending in people who aren't licensed

 

[Texashiker]

Committing fraud is not capitalism.

Really?

The united states has some of the most expensive healthcare in the world, but we have some of the lowest life expectancies of the developed nations.

We also have some of the highest infant mortality rates of the developed nations.

We also have some of the lowest internet speed in the developed world.

But there is no fraud being committed?

This insurance issue is just one ingredient in the big pie.