[StBernard] FLOOD INSURANCE

[Westley Annis]

Westley,
 
Do the usual companies, State Farm, carry builders risk insurance?  In other
words, can I get that through Mel Malone?
 
Jim York


 

	-----------------------------------------------------
	Heather,
	
	The reason to keep the flood insurance is for the grandfather
clause. As
	long as you maintain continuous coverage, you will be able to stay
in the
	same rating as you are now, plus you could transfer that rating to a
buyer
	should you sell your house. If you drop coverage, you lose that
grandfather
	clause.
	
	As for homeowners insurance, you may be able to switch to a
different type
	of coverage. You need to talk with your insurance agent about that.
	
	Two other things to keep in mind. If you are having your home
demolished,
	once it has been demolished you can purchase pure liability
coverage. This
	is dirt cheap, run's about $1 for every $1,000 of coverage ($100
buys you
	$100,000 coverage). Not everyone needs this.
	
	If you bought a new home because of the storm and have your new home
owners
	policy with a private insurance company, your policy should cover
your old
	land. Again, check with your agent. For those who have the La. FAIR
plan,
	you will need to purchase a separate liability policy since the FAIR
plan
	does not extend coverage outside the boundaries of the home it is
written
	for.
	
	If you are rebuilding your home you need to purchase a builder's
risk
	policy. Your homeowners policy will not cover any losses to your
home while
	it is being repaired. 
	
	Westley