|
|
| *Ostroff, Fair and Company>>>Insurance |
Is anyone on earth writing Homeowner's policies for New Orleans? |
My partner and I are buying a flooded house in New Orleans. It seems absolutely criminal that we, and everyone else, have to be stuck with the citizen's fair plan, which is horrible expensive and covers practically nothing but vandalism. Letters written to Insurance Commissioner regards to your issues and concerns might be taken into consideration to make some insurance companies lift any type of moritorium they have set for your area. The more letters, the quicker response you will get to have some help on this. The Government needs to pull together the resources to help restore what has been damaged. It doesn't help if renovated property now becomes uninsurable. Best of Luck to you!! There are some, Allstate, Geico are two. Here is a website that lists more. Good luck. BTW, we live in Midcity, while we did not flood Allstate is still writing our policy. http://neworleanswebsites.com/cat/mo/ag/... The PROBLEM is, buying a house with unrepaired damage, from the insurance company point of view, is a fraud claim waiting to happen. So they can't be bothered. The second problem, New Orleans being so far below sea level, and the levees not being able to withstand another direct hit, the insurance companies don't think they can make money writing homeowners insurance in New Orleans - ESPECIALLY with all the pending lawsuits. They're being sued for not covering flood damage - which isn't covered under their policy, you have to get a seperate policy - but they STILL have to pay their lawyers to defend themselves, so all those policies they wrote with no flood coverage, are costing them A TON. So, because they can't make money there, and don't see a way to make money in the future there, they don't write there, and you're stuck with another government program. It's basic free market and capitalism. They don't want to take the risk of YOUR house. The easy way out - pay cash for your house, and "self insure" it. That way, you're the only one taking the risk. agent, 20+ years |
| Tags |
| Personal Finance Investing Insurance Credit Corporations |
Finance Categories--Copyright/IP Policy--Contact Webmaster |