[StBernard] HR3922 - Flood Insurance Buy In Plan

[Westley Annis]

Wendy,

This is one of the reasons that I think the over the long term, the entire
NFIP program needs to be overhauled. Instead of being a separate policy, it
should just be a rider on your homeowners insurance.  It should have the
same coverage as your homeowners. 

Should a claim arise, you call one number to make a claim.  One adjustor
comes out and gives an estimate and you are settled, regardless of whether
it is flood damage or not.  You get paid for whatever your damage was.

Let the insurance company battle it our with the Feds to determine if the
damage was caused by a flood or not.

This allows the homeowner to get back to recovering as quickly as possible
and doesn't have to worry about differences in coverage or who's going to
cover what.  All this bickering back and forth with the insurance companies
is just going to slow things down for the homeowner who has the biggest
stake in all of this and bought the insurance policy believing it would
protect them in case of an emergency.

Westley

-----Original Message-----

Westley,
 
 
    As to the house bill, I would also like to see it expanded even further
than just the elderly, and I'll explain to what point. You see I had flood
insurance. On the advise of my agent, I would only need $100,000 to "redo"
my home if we ever flooded. While everyone of us knew at some point and some
time we would have to deal with this situation, I don't think any of us
could have predicted this extreme distruction. Any who, I owe $108,000 on my
mortgage, meaning I am underinsured by $8,000. While I can take this out of
my "content" money, it takes away from my ability to recover. And from what
I have been hearing, there are several "new" home buyers that might be in
the same predicament. We always knew we would have to rebuild, just never
expected a total loss. I believe the bill needs to be modified in that it
would allow homeowners to expand their policies to cover the balance of
their loans as well which would also increase their content just slightly.
 
 
Wendy Hall