Yes this is very very bad. All the people southwest of Houston near the Brazos river were given an instant evac order because the river is going over its banks. Another thing that happened are our reservoirs have exceeded capacity and started to breach the levies flooding parts of town that have never been flooded before. While the rain is moving out now, the real shitty stuff is starting to emerge.
We have flood insurance but thankfully didn't need it this time around. A lot of these people don't have it. And they are truly fucked.
Flood insurance has been in the news for a while. Its a well known topic. How do so many people lack it?
Just a thought here, but why doesn't Houston announce that all looters and armed robbers will be charged with manslaughter for taking police away from rescue operations? Either that or just turn the National Guard loose with shoot on sight orders. It seems to be getting worse and worse.
Just because you have flood insurance does not mean this event would be a covered "Peril". Flood losses are defined differently as to the exact cause of the flood not just "a flood so my flood policy will cover it". If that exact cause is not a covered condition of a covered peril, there is no coverage. Insurancespeak 101. Many people lack it, just like many lack earthquake coverage, which is another tricky one. Same rules apply.
It's extra money on their most likely already expensive monthly mortgage. The chances of actually needing are slim. And it can be real pricy if you aren't elevated at all. We have 1 foot elevation and it dropped our price over a grand per year. Otherwise flood insurance can cost more than normal house insurance.
Try 3x more depending on the area and like you said, elevation. And for those that opt out of having an escrow account for taxes and insurance it's an annual out of pocket expense that is not tax deductible.
Our mortgage company made us get it. 3000 more houses were flooded due to the county water people opening the floodgates yesterday to relieve the levels in the reservoirs. I wonder if that's considered part of the storm if the flooding occurred due to a different circumstance.
Tornado insurance is the same way if I remember correctly. It all depends on the type of damage you get. If it's water damage and you don't have flood insurance, you're screwed. If it's wind damage it's an Act of God, which is probably not covered.
Shouldn't the fact that its expensive tell you you should buy it? Insurance is purely actuarial, which is why a 70 year old with lung cancer will get charged a lot for life insurance in contrast to a healthy 18 year old. If I lived in a flood prone area I can't say I'd make this decision. The area that flooded in Boulder County, Colorado is a place I knew well, and I heard stories of the previous flood, but its tough cough up the cash for flood coverage when the danger isn't imminent or predictable.
In our flood in 1994, the river went to the 500 year flood level. Some folks who lived on the river who wouldn't have expected to flood did. A guy that I know called his agent, because it was a slow rise and there was some warning it was coming. He called him that morning saying he'd be flooded out by that evening. His agent said it wasn't covered for flood. He called him back and said what about fire? The agent said of course. He said, well my house is now floating down the river . . . but it's on fire. Ultimately, I think he got paid. I only know the story because my friend showed me a picture of the guy's house engulfed literally in the middle of the river.
toytoy is right for the most part. It's not that there is damage, it is what caused the damage that plays into whether or not a claim is covered.
When I first began I really wanted to be on the fraud investigation team. I opted out for agent which is far less exciting I'm sure.
I used to fish with a guy who was on the automotive fraud team for ICBC. The stories he had were incredible.
I had a policyholder that filed a claim recently for theft of jewelry. It threw up a flag because she had had a similar claim not that long (within the last 3 years) and more recently, a very weird auto claim. They uncovered she had filed chapter 11 about a year ago but in doing so she never listed the (now missing) piece of jewelry as an asset, which by law she is required to do. Her claim was denied. People don't realize what they have access to while undergoing the invest.
Back in winter of 1984, my best friend lived next door. They were those affordable 80's new housing back when they built cookie-cutter bungalows. His dad burned down their house on Christmas Eve. RIGHT fucking next door, burned to the foundation. He got a new house built on that spot scot free. He rotted out the old house because my friend's parents were filthy pigs of human beings, so he wanted a new one. Amazing he got away with it, because my parents were infuriated (us being right next door to an inferno) and my dad adamantly told the police that he borrowed two litres of Xylene (super horrible and flammable cleaner chemical) from him two weeks previously. God, he was a piece of shit. A union boss who despite having a wife and kids needed to hit up pervert's row at Famous Flesh Gordon's at least five times a week.
Were they honestly TRYING to make the music score sound like Waterworld? On a serious note, that is just horrific. Like, the worst shit I've seen. I get pissed when the wind knocks over the patio furniture.