Katrina victims lost case
- Thread starter renogaw
- Start date
seasalt101
Active Member
Originally Posted by Prk543
Thats so the banks can cover their investment in case you loose your house, basically its the same reasons you have to have full coverage on a car if you have a loan on that.
but the insurance companies still do not pay they have their lawyers weasel out of it or give you 10% of the value...tobin
Thats so the banks can cover their investment in case you loose your house, basically its the same reasons you have to have full coverage on a car if you have a loan on that.
but the insurance companies still do not pay they have their lawyers weasel out of it or give you 10% of the value...tobin
seasalt101
Active Member
i just get a kick how all the aclu's and all the atheist are trying to take god out of everything except act's of god everything is an act of god...tobin
prk543
Member
It all depends on your policy, deductible, coverage, previous claims, and risk for the company. I do a agree that some people do get a raw deal from companies, but in my opinion people are better off having the correct insurance rather than not having it all.
In the case of the Katrina Victims in N.O., its a case of having the incorrect amount/type of coverage. Its been stated before, if you live in a flood plain, you should have coverage that includes rising water.
In the case of the Katrina Victims in N.O., its a case of having the incorrect amount/type of coverage. Its been stated before, if you live in a flood plain, you should have coverage that includes rising water.
shogun323
Active Member
The problem is not with insurance companies. The problem lies in agents who don't explain covered perils as well as insured's who don't care about having coverages such as flood. Katrina was a beast. I did relief work in Waveland Mississippi where the eye hit. We worked at a ladies house that was 3 miles inland and had a watermark 4 feet up the wall throughout the house. Unfortunately she didnt have Flood insurance. Who would have thought to need it 3 miles inland? It was heartbreaking. But as an insurance carrier sad situations do not merit paying claims. Hurricane Katrina wiped out 25 years of insurance premiums paid in the state.
nvmycj
Member
Originally Posted by renogaw
i'm sorry you had nothing for 24 hours. i do though believe they haven't had anything for years... i've not heard of any place in florida getting flooded as badly as what happened with katrina...not to mention take so long to get cleaned up again.
yes, they really should have bucked up and dug in and started rebuilding, but let me ask--if your house is hit by a hurricane and damaged, do you have the money to rebuild or do you have an insurance policy that would cover it? obviously these people had neither. what would you do if you didnt?
MOVE!
i'm sorry you had nothing for 24 hours. i do though believe they haven't had anything for years... i've not heard of any place in florida getting flooded as badly as what happened with katrina...not to mention take so long to get cleaned up again.
yes, they really should have bucked up and dug in and started rebuilding, but let me ask--if your house is hit by a hurricane and damaged, do you have the money to rebuild or do you have an insurance policy that would cover it? obviously these people had neither. what would you do if you didnt?
MOVE!
rylan1
Active Member
Originally Posted by 1journeyman
Then don't get it...
People seem to think Insurance is a "right". It is not. It is a service.
Why in the world should insurance companies pay billions of dollars for claims that were excluded from policies?
I watched a special on the Katrina victims and their fight against the insurance company. These people have valid claims but the insurance co does not want to pay because they would loose billions and go bankrupt. So they intentionally misinterrupt the facts on what actually caused the damage. This is very sad that these people have to go through this. They were let down by our government and the insurance co's. Could you imagine loosing everything and when you turn for help by those that are supposed to give you aid and then you are turned away?
I would say learn about what is really going on down there before you assume that it is the homeowners fault. The insurance co has only paid on a very small % of these claims. Last I heard which was a while ago but it was under 10%. Katrina may be one of Bush's biggest failures while in office.
Then don't get it...
People seem to think Insurance is a "right". It is not. It is a service.
Why in the world should insurance companies pay billions of dollars for claims that were excluded from policies?
I watched a special on the Katrina victims and their fight against the insurance company. These people have valid claims but the insurance co does not want to pay because they would loose billions and go bankrupt. So they intentionally misinterrupt the facts on what actually caused the damage. This is very sad that these people have to go through this. They were let down by our government and the insurance co's. Could you imagine loosing everything and when you turn for help by those that are supposed to give you aid and then you are turned away?
I would say learn about what is really going on down there before you assume that it is the homeowners fault. The insurance co has only paid on a very small % of these claims. Last I heard which was a while ago but it was under 10%. Katrina may be one of Bush's biggest failures while in office.
renogaw
Active Member
insurance companies will NEVER go bankrupt. they must have hedge funds to cover all possible claims.
the problem, as everyone has said before, there's homeowners insurance and there's flood insurance. lucas's claim should have been better handled, but if someone doesn't have flood insurance, they shouldn't be able to make a claim for flood damage.
the problem, as everyone has said before, there's homeowners insurance and there's flood insurance. lucas's claim should have been better handled, but if someone doesn't have flood insurance, they shouldn't be able to make a claim for flood damage.
S
smartorl
Guest
I think the fact is being overlooked that this was a poor area, prior to the hurricanes, the real estate market was in the toilet. Many of these people were unable to move from this area if they wanted to relocate. The majority of those killed were the very poor and the elderly and those that did not want to leave their pets behind.
Also overlooked is the fact that in certain areas, you can't just get whatever insurance you want. Insurance companies rethought their stances after Andrew and do not offer the appropriate insurances in the appropriate areas. I can't get flood insurance for any price for example.
The insurance issue is a hot button topic here with many insurance companies pulling out of my state for anything but auto and the ones that stay offer lame policies for incredible prices.
I do not think it is in any way fair that an insurance company can rake in the dollars day in and day out and not be expected to pay out anything. If they won't sell a homeowners policy in my state, they should not be allowed to sell auto policies, period.
Why are they allowed to work the system? Why can't I properly insure my home?
The people of New Orleans were in the same situation. The flooding issue was a real possibility for years. Flooding policies were NOT available.
It is easy to say shoulda, coulda, woulda if you relate other areas to what is available in yours. My parents have a condo on the beach in Sebastian Inlet, guess what, they can't get it insured period. We have to have government mandated insurance that is expensive and covers nothing. My parents are going to sell the property because they can't afford another hurricane to tear it apart and it not be covered. My parents are lucky because this is not their primary home, they have enough money to market it, and aren't below the poverty line to begin with.
Just because the levies flooded after the hurricane, does not negate the mass damage prior to that from the storm itself. The flood gave the insurance companies a "get out of jail free" card and it makes me really mad.
Also overlooked is the fact that in certain areas, you can't just get whatever insurance you want. Insurance companies rethought their stances after Andrew and do not offer the appropriate insurances in the appropriate areas. I can't get flood insurance for any price for example.
The insurance issue is a hot button topic here with many insurance companies pulling out of my state for anything but auto and the ones that stay offer lame policies for incredible prices.
I do not think it is in any way fair that an insurance company can rake in the dollars day in and day out and not be expected to pay out anything. If they won't sell a homeowners policy in my state, they should not be allowed to sell auto policies, period.
Why are they allowed to work the system? Why can't I properly insure my home?
The people of New Orleans were in the same situation. The flooding issue was a real possibility for years. Flooding policies were NOT available.
It is easy to say shoulda, coulda, woulda if you relate other areas to what is available in yours. My parents have a condo on the beach in Sebastian Inlet, guess what, they can't get it insured period. We have to have government mandated insurance that is expensive and covers nothing. My parents are going to sell the property because they can't afford another hurricane to tear it apart and it not be covered. My parents are lucky because this is not their primary home, they have enough money to market it, and aren't below the poverty line to begin with.
Just because the levies flooded after the hurricane, does not negate the mass damage prior to that from the storm itself. The flood gave the insurance companies a "get out of jail free" card and it makes me really mad.
rylan1
Active Member
Originally Posted by smartorl
I think the fact is being overlooked that this was a poor area, prior to the hurricanes, the real estate market was in the toilet. Many of these people were unable to move from this area if they wanted to relocate. The majority of those killed were the very poor and the elderly and those that did not want to leave their pets behind.
Also overlooked is the fact that in certain areas, you can't just get whatever insurance you want. Insurance companies rethought their stances after Andrew and do not offer the appropriate insurances in the appropriate areas. I can't get flood insurance for any price for example.
The insurance issue is a hot button topic here with many insurance companies pulling out of my state for anything but auto and the ones that stay offer lame policies for incredible prices.
I do not think it is in any way fair that an insurance company can rake in the dollars day in and day out and not be expected to pay out anything. If they won't sell a homeowners policy in my state, they should not be allowed to sell auto policies, period.
Why are they allowed to work the system? Why can't I properly insure my home?
The people of New Orleans were in the same situation. The flooding issue was a real possibility for years. Flooding policies were NOT available.
It is easy to say shoulda, coulda, woulda if you relate other areas to what is available in yours. My parents have a condo on the beach in Sebastian Inlet, guess what, they can't get it insured period. We have to have government mandated insurance that is expensive and covers nothing. My parents are going to sell the property because they can't afford another hurricane to tear it apart and it not be covered. My parents are lucky because this is not their primary home, they have enough money to market it, and aren't below the poverty line to begin with.
Just because the levies flooded after the hurricane, does not negate the mass damage prior to that from the storm itself. The flood gave the insurance companies a "get out of jail free" card and it makes me really mad.
I agree! They are saying that there was none or only a limitied amount of wind damage, though you'll see homes ripped apart. It sad because we will spend billions in other parts of the world, yet nothing or very little has been done to help these people..
I think the fact is being overlooked that this was a poor area, prior to the hurricanes, the real estate market was in the toilet. Many of these people were unable to move from this area if they wanted to relocate. The majority of those killed were the very poor and the elderly and those that did not want to leave their pets behind.
Also overlooked is the fact that in certain areas, you can't just get whatever insurance you want. Insurance companies rethought their stances after Andrew and do not offer the appropriate insurances in the appropriate areas. I can't get flood insurance for any price for example.
The insurance issue is a hot button topic here with many insurance companies pulling out of my state for anything but auto and the ones that stay offer lame policies for incredible prices.
I do not think it is in any way fair that an insurance company can rake in the dollars day in and day out and not be expected to pay out anything. If they won't sell a homeowners policy in my state, they should not be allowed to sell auto policies, period.
Why are they allowed to work the system? Why can't I properly insure my home?
The people of New Orleans were in the same situation. The flooding issue was a real possibility for years. Flooding policies were NOT available.
It is easy to say shoulda, coulda, woulda if you relate other areas to what is available in yours. My parents have a condo on the beach in Sebastian Inlet, guess what, they can't get it insured period. We have to have government mandated insurance that is expensive and covers nothing. My parents are going to sell the property because they can't afford another hurricane to tear it apart and it not be covered. My parents are lucky because this is not their primary home, they have enough money to market it, and aren't below the poverty line to begin with.
Just because the levies flooded after the hurricane, does not negate the mass damage prior to that from the storm itself. The flood gave the insurance companies a "get out of jail free" card and it makes me really mad.
I agree! They are saying that there was none or only a limitied amount of wind damage, though you'll see homes ripped apart. It sad because we will spend billions in other parts of the world, yet nothing or very little has been done to help these people..
1journeyman
Active Member
Originally Posted by Rylan1
I watched a special on the Katrina victims and their fight against the insurance company. These people have valid claims but the insurance co does not want to pay because they would loose billions and go bankrupt. So they intentionally misinterrupt the facts on what actually caused the damage. This is very sad that these people have to go through this. They were let down by our government and the insurance co's. Could you imagine loosing everything and when you turn for help by those that are supposed to give you aid and then you are turned away?
I would say learn about what is really going on down there before you assume that it is the homeowners fault. The insurance co has only paid on a very small % of these claims. Last I heard which was a while ago but it was under 10%. Katrina may be one of Bush's biggest failures while in office.
Floods are not covered Ryan... not much more I need to learn. Many of them also had "wind" exclusions on their policies.
They should have had special Wind Endorsements and Flood Insurance. They didn't, so they are trying to argue technicalities like "not all floods are the same" and "wind damage was caused by tornado not hurricane".
And thanks for bringing Bush into it. I won a bet!
I watched a special on the Katrina victims and their fight against the insurance company. These people have valid claims but the insurance co does not want to pay because they would loose billions and go bankrupt. So they intentionally misinterrupt the facts on what actually caused the damage. This is very sad that these people have to go through this. They were let down by our government and the insurance co's. Could you imagine loosing everything and when you turn for help by those that are supposed to give you aid and then you are turned away?
I would say learn about what is really going on down there before you assume that it is the homeowners fault. The insurance co has only paid on a very small % of these claims. Last I heard which was a while ago but it was under 10%. Katrina may be one of Bush's biggest failures while in office.
Floods are not covered Ryan... not much more I need to learn. Many of them also had "wind" exclusions on their policies.
They should have had special Wind Endorsements and Flood Insurance. They didn't, so they are trying to argue technicalities like "not all floods are the same" and "wind damage was caused by tornado not hurricane".
And thanks for bringing Bush into it. I won a bet!
1journeyman
Active Member
Originally Posted by renogaw
insurance companies will NEVER go bankrupt. they must have hedge funds to cover all possible claims....
.
Actually they can and do. Do a search for "Texas Select". A company that folded last year in Texas.
In Texas, the state regulates the industry pretty well, so they assumed the policies, issued refunds, and authorized other carriers to assume policies "as is".
insurance companies will NEVER go bankrupt. they must have hedge funds to cover all possible claims....
.
Actually they can and do. Do a search for "Texas Select". A company that folded last year in Texas.
In Texas, the state regulates the industry pretty well, so they assumed the policies, issued refunds, and authorized other carriers to assume policies "as is".
dksart
Member
Our entire town was destroyed. Actually the whole parish of St.Bernard, which is south-east of New Orleans. Out of about 40,000 homes there were FOUR deemed livable after the storm. We lost our home and my business.
When you, your entire family and many previous generations have all lived in a place for ever, it's really hard to call another place home. We lived in Florida for a year after the storm and then Mississippi and both were great, but not home. We are not back in our original parish (because it is coming back so slowly and had toxic oil spills from Katrina's damage) but we're back in Louisiana. There's no place in this world like home, and yes, it's worth the risk.
This may sound cheesy but it's 100% true. If you are not from here or have never lived here than you can not possibly "know what it means, to miss New Orleans."
When you, your entire family and many previous generations have all lived in a place for ever, it's really hard to call another place home. We lived in Florida for a year after the storm and then Mississippi and both were great, but not home. We are not back in our original parish (because it is coming back so slowly and had toxic oil spills from Katrina's damage) but we're back in Louisiana. There's no place in this world like home, and yes, it's worth the risk.
This may sound cheesy but it's 100% true. If you are not from here or have never lived here than you can not possibly "know what it means, to miss New Orleans."
1journeyman
Active Member
Originally Posted by smartorl
...
Why are they allowed to work the system? Why can't I properly insure my home?
....
Why should a private company have to assume the risk of insuring your home if it's built in a dangerous area??? Why should I have to pay higher premiums to help cover the losses of people who choose to live in more dangerous areas?
The government does not make you have Homeowner's Insurance.
Now, I'm not sure how your State does things, but most States cooperate with the Federal Flood Insurance Program. You certainly should be able to get it. Again, though, States individually have a lot of say in it.
...
Why are they allowed to work the system? Why can't I properly insure my home?
....
Why should a private company have to assume the risk of insuring your home if it's built in a dangerous area??? Why should I have to pay higher premiums to help cover the losses of people who choose to live in more dangerous areas?
The government does not make you have Homeowner's Insurance.
Now, I'm not sure how your State does things, but most States cooperate with the Federal Flood Insurance Program. You certainly should be able to get it. Again, though, States individually have a lot of say in it.
1journeyman
Active Member
Originally Posted by dksart
.....
This may sound cheesy but it's 100% true. If you are not from here or have never lived here than you can not possibly "know what it means, to miss New Orleans."
Now that I respect. It's your home and been that way for generations.
I hope, however, you can understand that I feel the responsibility of that decision is yours.
.....
This may sound cheesy but it's 100% true. If you are not from here or have never lived here than you can not possibly "know what it means, to miss New Orleans."
Now that I respect. It's your home and been that way for generations.
I hope, however, you can understand that I feel the responsibility of that decision is yours.
rylan1
Active Member
Originally Posted by 1journeyman
Floods are not covered Ryan... not much more I need to learn. Many of them also had "wind" exclusions on their policies.
They should have had special Wind Endorsements and Flood Insurance. They didn't, so they are trying to argue technicalities like "not all floods are the same" and "wind damage was caused by tornado not hurricane".
And thanks for bringing Bush into it. I won a bet!
Your welcome! But there were also documented tornados that came as a result of the hurricane. But however you try to spin this ... this is tragic and something needs to be done to help those people. As I said before we will send aid all over the world, but we refuse to provide adequate aid to our own people. Second if the flood occured because of the faulty levies- the government is liable.... is there any difference b/w this and the bridge in Minn? Both were structually flawed and people died and loss property as a result. Will their auto insurance say they were at fault becaue technically they did not hit anything, so we are not covering you or we will only pay you $200.
In regards to the katrina victims the insurance co is offering some people only like 30% of the value of their homes/property and saying take it or leave it. They settle because they know if they fight it will cost them more than its worth and they are willing to settle for pennies on the dollar because they have no other options or resources to fight.
Floods are not covered Ryan... not much more I need to learn. Many of them also had "wind" exclusions on their policies.
They should have had special Wind Endorsements and Flood Insurance. They didn't, so they are trying to argue technicalities like "not all floods are the same" and "wind damage was caused by tornado not hurricane".
And thanks for bringing Bush into it. I won a bet!
Your welcome! But there were also documented tornados that came as a result of the hurricane. But however you try to spin this ... this is tragic and something needs to be done to help those people. As I said before we will send aid all over the world, but we refuse to provide adequate aid to our own people. Second if the flood occured because of the faulty levies- the government is liable.... is there any difference b/w this and the bridge in Minn? Both were structually flawed and people died and loss property as a result. Will their auto insurance say they were at fault becaue technically they did not hit anything, so we are not covering you or we will only pay you $200.
In regards to the katrina victims the insurance co is offering some people only like 30% of the value of their homes/property and saying take it or leave it. They settle because they know if they fight it will cost them more than its worth and they are willing to settle for pennies on the dollar because they have no other options or resources to fight.