Many Homeowners in Flooded Midwest Lack Insurance

[red states rule]

Get ready folks. It is only a matter of time before the Dems say the taxpayers need to bail these people out

They know they live in a flood area yet they lack insurance. Yet it will not be their problem - it will be ours


Many Homeowners in Flooded Midwest Lack Insurance
June 16, 2008

Recent flooding that swamped parts of the Midwest, including Indiana, Wisconsin and Iowa, caught many property owners unprotected. Only 1 percent of all Indiana homeowners have flood insurance. Wisconsin reports even less than that. People generally pass on federally backed flood coverage because they don't realize it falls outside standard home insurance or they underestimate the risk.

"I think there is a perception among people that if they don't live right near a body of water that their home can't flood,'' said Julie Rochman, CEO of the Institute for Business and Home Safety, an insurance industry funded research organization. "You can find flooding anywhere in the United States. Mountaintops flood.''

One homeowner in Indiana passed on coverage because he doesn't live in a flood plain, and the bank didn't require it. But the creek near his house rose quickly last weekend, filling his basement and taking out his family room and entertainment center. Then it saturated the first floor with mud, prompting the mass clean-out.


http://www.insurancejournal.com/news/midwest/2008/06/16/91016.htm

[Trigg]

I'm waiting for them to get their FEMA money like those folks down in New Orleans.

waiting......


waiting.......


waiting......


waiting.......


Bush hasn't even been their yet......why does Bush hate midwesterners??????????

Where's Geraldo??????

[namvet]

your just asking for if you live in flood area's. many insurance co's refuse to write these policies anyway. when Katrina hit NO many had no insurance there either. my agent told me my company refused most costal states anyway. to big a risk. the answer for cains' is concrete reinforced homes.

[red states rule]

your just asking for if you live in flood area's. many insurance co's refuse to write these policies anyway. when Katrina hit NO many had no insurance there either. my agent told me my company refused most costal states anyway. to big a risk. the answer for cains' is concrete reinforced homes.

If you look hard enough. you can get flood ins. It will cost you, but you can get it

[namvet]

If you look hard enough. you can get flood ins. It will cost youo, but you can get it

yeah an arm and a leg. and most can't afford it anyway. when i was home hunting back in 94 i told the realtor no where near rivers, streams. no flood area's period. I bought one up on top of a hill !!!!

[red states rule]

yeah an arm and a leg. and most can't afford it anyway. when i was home hunting back in 94 i told the realtor no where near rivers, streams. no flood area's period. I bought one up on top of a hill !!!!

If you have a mortage, the bank (or servicer) normally requires you to have it. Why these idiots did not have it is a damn good question

[namvet]

If you have a mortage, the bank (or servicer) normally requires you to have it. Why these idiots did not have it is a damn good question

im not sure of that. but you may be right. a lot a that sutff is mortgage options.

[red states rule]

im not sure of that. but you may be right. a lot a that sutff is mortgage options.

I work for a mortgage company. If you are in a flood zone, and you do not have flood coverage the mortgage will put lender placed flood ins on the property

Your escrow account will be charged, and your monthly payment goes up to cover the cost of the ins and the shortage on the escrow account

[namvet]

I work for a mortgage company. If you are in a flood zone, and you do not have flood coverage the mortgage will put lender placed flood ins on the property

Your escrow account will be charged, and your monthly payment goes up to cover the cost of the ins and the shortage on the escrow account

and then the HOMO sells out, won't pay or takes a hike. I believe ya man.

[red states rule]

and then the HOMO sells out, won't pay or takes a hike. I believe ya man.

Any shortage on the escrow account is added to the payoff amount when the H/O goes to settlement

[namvet]

Any shortage on the escrow account is added to the payoff amount when the H/O goes to settlement

so if these flood victims have a mortgage then they should be covered. but. if they file a claim their premimums skyrocket. right????

[red states rule]

so if these flood victims have a mortgage then they should be covered. but. if they file a claim their premimums skyrocket. right????

They are the ones who decided to live in a flood zone - they should pay the price

[namvet]

They are the ones who decided to live in a flood zone - they should pay the price

agreed !!!!! of all the places to live........jez

[red states rule]

agreed !!!!! of all the places to live........jez

Personal responsibility is no longer even considered these days

[namvet]

Personal responsibility is no longer even considered these days

I expect river front property is for sale dirt cheap anyway?????

[red states rule]

I expect river front property is for sale dirt cheap anyway?????

I will bet you dinner, sooner or later, some liberal do gooder will say taxpayers need to bail these idiots who went without flood ins out

Or the banks will be blamed for not making sure they carried flood ins

Either way, the h/o's will not be blamed

[namvet]

I will bet you dinner, sooner or later, some liberal do gooder will say taxpayers need to bail these idiots who went without flood ins out

Or the banks will be blamed for not making sure they carried flood ins

Either way, the h/o's will not be blamed

not only bail em out but build a little closer to the river.............:laugh2:

[red states rule]

not only bail em out but build a little closer to the river.............:laugh2:

Libs are so generous with our money - why not get them a new car as well?

[namvet]

Libs are so generous with our money - why not get them a new car as well?

they already have. in NO. new car, new home, new HDTV and still bitchin' !!!

[red states rule]

they already have. in NO. new car, new home, new HDTV and still bitchin' !!!

When you are getting free goodies, it is never enough

[Gaffer]

The floods will all be blamed on Bush and global warming. Many of these areas are flooded every spring. Most of the residence are use to dealing with floods there. This one is the worst in 12 years but still not unusual. Being played up by the media as usual.

This is not NO or any major city with the usual urban population. These are midwesterners who will rebuild and go about their business. They will accept what aid they get with a thank you. Most of the aid will be in the form of loans not grants and give aways. Most of the homes along the river are build on stilts because of flooding. About every ten to fifteen years there is a flood like this in this area.

If you live on a flood plain you can't get flood insurance. When you can find it it's so expensive the average person can't afford it.

[red states rule]

I've watched the news and already seen some people screaming about the insurance companies advising them they didn't have flood coverage...like it's the insurance company's fault.