Quote:
Originally Posted by UGAalum94
I apologize for any inaccuracies, but I'm talking about areas where, for any practical purposes that the cost of insurance makes rebuilding impossible for most people. It may be that the insurance companies fear wind driven water rather than just rising water, but the picture has apparently changed since Katrina and the damage is largely thought to have been related to the storm surge, rather than wind.
And I'm really not being critical of the companies. I wouldn't want to insure properties that I knew I was especially likely to take a loss on. Nobody who needs a mortgage really has to live in a single family residence on the beach or the bay, I suppose.
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Post-Katrina most insurance companies have modified their homeowners policies to clarify that water damage doesn't mean storm surge, wind driven water, etc., unless they've got a flood policy or some other kind of additional coverage. Not something you'd know unless you sit around reading your policy - not too many people do that, if I hadn't implemented the forms with rate changes, I probably wouldn't have known it either.