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Thursday, August 31, 2017
Insurance Won’t Cover Damage To 80% Of Homes Flooded By Hurricane Harvey
When the flood waters left behind by Hurricane Harvey eventually recede, they will leave behind billions of dollars in property damage. However, a large majority of homeowners will likely have to spend their own money to make their homes livable again.
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8 comments:
Imagine that, insurance companies don't pay.
Not so much that they don't pay, it's that they don't offer a comprehensive plan with the standard homeowners' insurance policies. For that, you have to pay extra, sometimes a lot extra. Some can't afford it, some don't know about it, others are willing to gamble.
I was reading Houston's mayor's FB page and someone said in their development of 42 houses only one had flood insurance.
The cost is what keeps people from purchasing it. I know someone in Selbyville whose mortgage required it. Over $8000/yr and this is a small, modest home valued at less then $100,000.
Floods have never been part of regular home owner insurance.. again no one reads their policies. Flood insurance is through the Fed gov. and it is minimal in coverage. Sometimes it is mandatory to obtain a mortgage..if you live in flood plain.
"Act of God"
Insurance is a scam and tax on poor people.
Why buy flood insurance for a once in a thousand year flood? It would be a waste of money. You can fix, or replace everything damaged or destroyed by the flood with what you would have paid for the insurance over the 30 years that it took to pay off your house.
They aren't responsible for acts of war.
Everybody knows that if you read the insurance rider.
Geez
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