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Financial Planning / Insurance - Life, Car, Home,etc.


Subject:  flood insurance Date:  11/29/2012  4:58 PM
Author:  rma1344 Number:  17697 of 18090

It's incredible how many folks had inadequate or no flood insurance along the mid Atlantic coast. Goes to show that it's easy to become relaxed after so many years of low or no hurricane damage along the mid atlantic coast. I don't understand how, if they were in a flood plain and had a mortgage, they were not required to have flood insurance. I suppose that many of the small beach homes which had been passed down thru generations had no mortgage. But I also read that some folks let their policies lapse after a few years of "no claims" and the banks didn't insist on proof of coverage. Strange!

If you live in a designated flood plain and you don't at least have FEMA flood insurance (which has been very cheap but will surely increase now) you're very silly!
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