Flood insurance is a federal program. They contract with insurance companiies to handle claims
They send out their adjusters. Had an adjuster out much quicker than any of my neighbors, the adjuster was very responsive and more than fair. Received a partial payment very quickly as well. Came out much better than my neighbors for similar damage.
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Iâm really sorry to hear that Jason, hope your love ones are all safe and that you can become whole and prosperous in the future.
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For Harvey my sister had claims people from Allstate which wasnât her company. They beat me to the house when the road cleared
How will they be able to get mortgages without insurance?
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Great question Iâve not seen addressed before. Does this force property values way down ? That could have far reaching effects in banks and institutions that do mortgages.
Iâm guessing, as in some parts of Houston, the house is modest in size and cost but the land is the big value item. Still, this is going to be a interesting financial story once all the flames are out .
Florida, California, and other states are going to have massive real estate crashes if there is no home owners insurance. Canât have million dollar homes if insurance wonât cover them, bad for homeowners overall. But that space is way overdue for a massive correction.
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Yep, interesting times ahead. Was looking at a place in Houstonâs West U and the home was valued $168k and the lot was around $600k. People may have to get used to paying $20k/yr in insurance on the
$168k home for insurers to be willing to be in the market. In California maybe it need to be $40k/ yr for ins for that type of home.
Or we get to point where state or Federal govt. becomes insurer of last resort. Think thatâs already in place in some places, like Florida. But this veers off into a political discussion I think, so thatâs as for as I go on that tangent.
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This fire is going to hurt LA for decades
The damages are one thing, but because so many houses and businesses were destroyed, thatâs a huge hole in the tax revenue for the city itself.
Youâre talking about a ton of people who may end up leaving LA all together unless they are somehow made whole again, and thatâs assuming theyâll be able to afford living in the same lots going forward
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You know when you hit rock bottom as a society when you have people if you can call them that calling some of these folks who just lost everything except the shirt on their backs asking if they want to sale their land. Thatâs pretty low and inhumane. Maybe thereâs a nice hot place for these type souls just like those fires after they depart this earthly life.
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Thereâll probabaly changes in building code after this. More concrete, less wood.
I would assume some very wealthy people are the ones doing that, because I doubt people are going to feel comfortable living there if they havenât lived there before
More like vultures regardless of their wealth.
It has nothing to do with the houses themselves.
We already have that in California. Itâs called Fair Plan, and oddly enough I just got on it a few weeks ago.
I had just gotten kicked off of USAA, which may have been a blessing in disguise, as the major insurers left in the state are rumbling about not paying out.
I would be nervous, but I canât do anything but file my paperwork, and sick my lawyer relatives on them. Gonna be a lot of lawsuits, many pointed at Edison.
If we all get screwed, itâs gonna cause a massive financial disruption this country hasnât seen in awhile.
I donât like being a part of history.
And no, itâs not because the âforests werenât rakedâ or an such idiotic nonsense that youâre hearing from the usual suspects.
This was a land hurricane, nothing less. No rain, but all fire.
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If you want to feel even better about humanity, my wifeâs twitter account just got an imposter soliciting donations. They stole her picture and name, but changed one letter and were trying to trick her fans.
She had a post about our tortoise that went viral (last I checked it was 14 million), and Iâm assuming that traffic brought out the Russians or some other bad actors. This is gonna happen a lot,
Not to mention all the trolls in those 14 million views that have abused my wife, who just lost her house, as an animal abuser because we couldnât rescue a tortoise who had hidden underground in a 25 ft burrow at 4:30 am when Iâm dodging embers and 80 mph bomb cyclones.
BUT, there have been so many angels lifting us up otherwise, that I guess you gotta take the bad with the good.
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Please donât start a climate change fight.
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A 100% with you.
Jason is coping with a life changing event.
I have plenty to say. Feel free to message me.
This is far, far from over. I am praying that will get in ASAP.
Yeah, thatâs the way it goes here ! Fortunately your comment didnât get flagged .
Just let it go and move on. Thought it interesting RT let yours stand. A bit confused by it, but so be it.