Flood Insurance

Discussion in Home & Property Insurance started by Athenagdlyt • Jul 4, 2014.

  1. Athenagdlyt

    AthenagdlytActive Member

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    Does flood insurance still exist? I mean, for real? I remember that my parents have collected insurance claims from flood damages. But that was two decades ago. Eventually, the insurance companies in our country removed flood damages from their coverage. Our country is a typhoon zone. Flooding has become a common occurrence these past few years.

    How about in your area? In Mississippi, do insurance companies remove coverage for flood damages? If the place is prone to bushfire, do insurance companies remove fire damages in the coverage, too?
     
  2. Verity Darkwaters

    Verity DarkwatersActive Member

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    They have flood insurance in Texas still. I actually have it. Some areas do require it because of the location they are in. I just have it along with my apartment insurance because I live on the Gulf of Mexico. This place has been known to get hit by a hurricane from time to time. You can still see some of the waterlines on buildings from hurricane Ike years ago.

    I really don't know about Mississippi insurance companies. I tried Googling it and did not come up with much. You may want to call and ask.
     
  3. remnant

    remnantActive Member

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    There not many places that are immune to flooding but I think the idea of flood insurance is a bit off the mark unless the area is frequently affected and flood engineering difficult to implement. It would be better and economical in the long term if people were to pool resources and construct dykes or other defences against flooding which would only require minimal maintenance.
     
  4. rz3300

    rz3300Active Member

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    Flood insurance is tricky, as is anything with water when it comes to coverage. It is expensive too, and I remember having to deal with selling a house a little while back and we couldn't do so until it had flood insurance, all because there was a dry creek bed (which never ever had water in it) a couple of feet away. That was annoying, but it certainly makes me feel terrible for the people in LA right now who could really use it, and reports say that 3/4 of them do not have it, which is sad to hear. Gotta love the insurance industry to bring out the worst in people.
     
  5. xTinx

    xTinxWell-Known Member

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    I think Flood Insurance is still there but since it's a very specific type of insurance, not all insurance providers may offer it as a standalone plan. They may have incorporated this type of insurance into a bigger calamity plan so that coverage will include other types of calamities and not just flood. This gives clients more savings.
     
  6. Corzhens

    CorzhensWell-Known Member

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    Our house is insured against fire and it does not cover fortuitous events which are considered acts of God. In 2009 when Metro Manila was devastated by a great flood, there were countless of vehicles inundated and ruined but the insurance companies were not made liable because it was a calamity that caused the damage. I'm not sure if insurance companies now include flooding as cause for damages, maybe yes but with an added premium.

    If there is an insurance against flood, I would probably insure our 2 cars because our garage is quite low. It was flooded twice already in our 15 years here so it can occur again. That's why when the flood starts to emerge on the road, we are forced to evacuate our cars to a higher place.
     
  7. hades_leae

    hades_leaeActive Member

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    I don't know if places in Dallas have flood insurance, I don't own any brick and mortar businesses out here, and definitely not the homes that I have owned offered it. I always told myself that flood insurance is a deal breaker for insurance companies that have to pay out in the event of a flood because that blocks and blocks of homes and potential businesses that will get flooded.

    The pay out would be massive, but that's probably why the insurance cost wouldn't be that cheap. I wouldn't know though.
     
  8. explorerx7

    explorerx7Active Member

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    Flood Insurance is offered by the insurance companies in my country. I am not certain if this is an Islandwide offering as there are some areas that really flood prone. However, I suspect that the coverage would be offered according to the conditions where the home is located because Insurance companies usually do a risk assessment before engaging in a situation.
     
  9. djdontpay

    djdontpayActive Member

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    Flood insurance does exist. But ever since Katrina, things sort of became more shady. I don't know why. I mean insurance companies will always try to find a way out. So, just make sure you read the fine print.
     
  10. Daniel Vargas

    Daniel VargasNew Member

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    Yes, flood insurance still exist and it is very important for those who lives in flood zoned area.
     
  11. Zero

    ZeroActive Member

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    Yes i agree that it's still exists as it is very necessary in certain situations.
     
  12. luri

    luriActive Member

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    I don't think there is flood insurance in my home country. Our country is rich in river resources. There are morte thana 3000 rivers. During rainy season, rivers swell and sweep away human settlements. Since flooding is commoin here, I believe insurance companies have not cinsidered adding flood insurance to theri product. However, they offer insurance to other calamities such as earthquake, landside etc.
     
  13. littlewitch66

    littlewitch66Active Member

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    I had to check because I don't live in a risky area but it does exist for the UK. There are counties here which become flooded here and the poor people not only lose their homes but some of them even lose their lives. I hope it exists for the US where Texas has seen terrible flooding recently. It brings tears to my eyes when I watch the news and see those poor people struggling to come to terms with what has happened.
     
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