Do You Need Flood Insurance?

Smartmoney.com: Consumer Action: Do You Need Flood Insurance?: "HURRICANE KATRINA WAS a horrific wake-up call to homeowners and renters nationwide who don't have flood insurance.
The Federal Emergency Management Agency (FEMA) estimates that only 40% of the residents in the flooded areas were covered by a policy. Most of those who did were required to have flood insurance in order to obtain a mortgage, according to FEMA spokesman Edward Pasterick. For policyholders whose homes were destroyed by Katrina, that insurance will prove invaluable, since it will at the very least pay for the restoration or rebuilding of their properties. "
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Flood insurance can ease concerns about hurricane damage

Flood insurance can ease concerns about hurricane damage: "Despite the Northeast's elevated geography and distance from more likely hurricane targets in the South, this region is still vulnerable to flooding and winds hurricanes cause.
Typical homeowner and business insurance policies, however, do not cover protection against floods. Those who do not have it may want to think about getting a policy, which the federal government underwrites.
Joe Bastardi, AccuWeather's expert senior forecaster, predicted that at least one hurricane will hit the Northeast or Canada's maritime provinces this season."
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Rethinking flood insurance

The Telegraph Online: "Flooding from the failure of levees holding back Lake Pontchartrain, which lies several feet higher than much of New Orleans, has produced disaster. . . .

So vulnerable is the bowl in which New Orleans sits that one can only imagine what would have happened had the storm proved to be the Category 5 originally feared, instead of the Category 3 or 4 that it was, and had hit to the west of the city instead of the east.

How many of the thousands of damaged homes and businesses, some with water up to the rafters, are covered by flood insurance?

Homeowners insurance typically insures against wind damage, but insurance against floods must be bought separately. About 40 percent of homes in New Orleans have flood insurance, but only about 25 percent of nearby Mississippi homes do"
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Woeful lack of insurance

Woeful lack of insurance: "It's sad that only 25 to 60 percent of homes in the areas affected by Hurricane Katrina and its aftermath have flood insurance. It's scary that only 15 percent of homeowners in California have earthquake insurance.
Standard homeowners insurance covers damage from hurricanes, but not from flooding or quakes. Even if they don't have flood insurance, some Katrina victims may get reimbursed under their homeowners policies if insurance companies or the courts decide that flooding "
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Storm raises home insurance issues

MercuryNews.com | 09/06/2005 | Storm raises home insurance issues: "Hurricane devastation in the Gulf region serves as a reminder that although it's almost impossible to predict the damage from a natural disaster, planning in advance helps mitigate the aftermath, experts say.
``A lot of people think that they are prepared,'' said Tully Lehman, a spokesman for the Insurance Information Network of California. ``But they are not.''"
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Take good care of home insurance needs

BostonHerald.com - Business News: Take good care of home insurance needs: "Know your homeowners insurance coverage.

Make sure it would pay enough if your house were damaged and needed to be rebuilt. This is not the same as the cost of your mortgage, which could be less. Nor is it the value of your home, which could be more. To determine the cost, calculate the square footage and multiply it by local building costs per square foot for your type of house.

Lesson from recent disasters: Consider adding extended replacement cost coverage "
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Landlord to make repairs

Landlord to make repairs: "A landlord reached agreement with the city last week in Housing Court to correct more than 100 code violations at 23 Calhoun St., a condemned building in the North End.
Under the signed agreement, landlord David L. Sims said he anticipates the work will be completed by Feb. 1, addressing problems ranging from peeling paint and broken windows to exposed wiring. The court case was continued
to Feb. 8, to review compliance with the agreement. "
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It all comes down to money and a backhoe as a Newton home makes way for progress - The Boston Globe

It all comes down to money and a backhoe as a Newton home makes way for progress - The Boston Globe: "It's 8:12 a.m. Peter Merlini takes a puff of his Marlboro and hops into the cab of a dusty yellow backhoe. The end has finally come for the house at 19 Spaulding Lane."
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Staying put, remodeling can be sensible solution

The Daytona Beach News-Journal: Business: "With real estate values soaring, moving to newer, more expensive digs may seem tempting to some area residents, flush with the thrill of knowing just how much their present property is worth.
But all things considered, including the prospect of having to pay significantly higher taxes somewhere else and leaving familiar neighborhoods, many are coming to the same conclusion.
There's no place like home."
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