My new insurance policy...

[Ginger's Mom]

I can only speak for NJ, but most homeowners policies do not cover flood insurance. BUT, the insurance companies do not tell you that. You must keep that in mind and specifically ask about flood insurance, when buying a house. Then you are directed to a different agency registered through the State that covers flood damage, but you must buy it separately,and it is apparently very expensive.

[Laura's Babies]

We know down here that floods are NOT covered.... that is a totally different policy that you have to get....

BUT..... from what I am reading on these two things they are asking me to sign is that all it is covering now is liability (for anyone hurt here) or fire...
It sounds like no wind damage from ANY storm be it hurricane, tornado or thunderstorm.

[smokey the elder]

I'm afraid that's where insurance is going; fire, liability and not much else. Howintheheck are banks going to be able to write mortgages if you can't insure the property they hold a lien against?

[cyber-sibes]

We're in the country, but the houses in town along the Blanchard River are now required to carry flood insurance. My friend in town said it's extremely expensive. Her house never has flooded, but she's "in the zone" that now requires it.
Reading over all your exclusions, perhaps they ought to send you a list of what they DO cover! makes you wonder what you're paying for...

[Laura's Babies]

I called the insurance and was told ALL this will cover now is fire, theft and liability... That is IT at double the price. The lenders require full coverage so now I am wondering what is going to happen....

[cyber-sibes]

Direct loss by fire or explosion resulting from windstorm or hail is covered.
Direct loss by fire, explosion or theft resulting from the water damage is covered.

I guess if you have flood, hail, sewer, or wind damage, you better hope the place blows up, catches fire, or gets ransacked so insurance covers it! (I'm joking, of course ).

[Logan]

Laura, it is a no win situation, isn't it?

I was reading an article in our newspaper this past weekend about people in the LA, MS area who couldn't afford to buy a house, not because of the mortgage payment, but because of the cost of adequate insurance (to protect themselves and the lenders).

Something is going to have to change. It is just horrible, but you really can't blame the insurance companies for protecting themselves. I don't know who to blame!

Logan