The Insurance Hurricane; Or Was it Wind or Water Damage?

Most standard homeowner insurance policies cover loss from wind but not loss from flood damage. There is specific flood insurance offered by the federal government, but if you do not reside in the flood plain, you do not qualify. Much of the damage from Katrina was beyond the flood plain. Besides, the flood insurance is expensive and some cannot afford it.

The bottom line is that insurance adjusters have been blanket denying much of the claims from Katrina. It just takes a short visit and the conclusion of the adjuster that the damage was from flood. Homeowners are outraged. The solvency of insurance companies is on the line here.

Click on the post to read an article on this issue.

This is going to be an issue to watch. This is also an issue that local homewoners need to review with their insurance company. If you have damage from water in your home, not wind, and you do not reside in a flood plain, are you covered? You might check with your insurance carrier. Now not later is the time to know.