MugzyBrown: Bruce Campbell: It doesn't say that. You're referring to proximate cause. The contract is not written on that basis.All standard HO-3 forms are written on that basis.The resultant damage from a covered cause of loss is also covered.From the New Hampshire Dept of Insurance:Q. The interior of my home, including furniture and flooring, has been damagedby rain from the storm. Is that covered by my homeowner policy?A. Maybe. Damage to property in your home caused by rain orwind blown water is covered under a homeowner's policy IF the damage is thedirect result of an opening in the roof or wall of the home that was caused bywind.
IamAwake: Anastacya: A different article had a statement that the owners used to have flood insurance but their monthly payments were more than the amounts they received from prior damages (what were they claiming, every bit of rain damage??). So they willingly admit that they gave up the necessary insurance but Allstate should pay for that, too.you're really just one of those people, aren't you. One of the ones that think the elite deserve to be elite, because the rest of us - which you never realize includes yourself - don't even deserve what we're already getting.What part of the fact that the damage wasn't caused by the flood - which shows no evidence of actually reaching the property - do you not understand? What part of witnesses to the damage being caused by wind is not clear to you? That they cancelled flood insurance is irrelevant to damages which were not in fact caused by a flood. Why is that not clear to you? Why must the working class be the irresponsible party, in your eyes?
eKonk: My main point here is that while I am quite convinced Allstate owes these people something, I think the claim that Allstate owes them for everything is way off base.
MugzyBrown: So the government will be underwriting risks and charging appropriate premiums?orrrr will they just blanket tax people and there will be no financial consequence to people's actions?
millsapian87: Just like how AIG is showing "Thanks America" commercials while suing the US government over the bailout they received.
Schwhat: millsapian87: Just like how AIG is showing "Thanks America" commercials while suing the US government over the bailout they received.Nice trollage there. Where is your fact article to back it up?All I read so far (summary of all sources) was the Ex-CEO and certain stockholders (who own a good portion of the stock) want to talk AIG into joining their lawsuit.Who knew that a company would give time for a meeting to their stockholders who hold a good portion of their stock? I guess they didn't have to.
MN8: You mean the policy that excludes flood damage? They choose not to pay for Flood Coverage, then got a flooded house and are now butt hurt?
ogger: just a quick note for everyone saying "why didn't they have flood insurance" - if your property is not in a federally mapped flood zone, then you cannot purchase flood insurance. it's not something you can buy just for kicks.that said, i have no idea if they were in a federal flood zone or not.
tshauk: ThatGuyFromTheInternet: This is the third greenight on this story. (at least)This
OccamsWhiskers: ogger: just a quick note for everyone saying "why didn't they have flood insurance" - if your property is not in a federally mapped flood zone, then you cannot purchase flood insurance. it's not something you can buy just for kicks.that said, i have no idea if they were in a federal flood zone or not.This is not at all true. I've even gotten mail solicitation from FEMA recommending insurance. Their ads specifically mention the surprisingly high number of homes that get flood damage but were not in a known or rated flood plain. "Don't be like those poor suckers" is the message.The insurance is fairly cheap if you're not in a flood zone. If you are, it can be pretty steep, which I expect is the main reason why people on the coast or other obviously risky areas don't buy it. So now is when they dip into that hundreds of dollars a month they've been shrewdly saving.The federal insurance has a cap of $250k for the home (and $100k for its contents), which is plenty for most homes in the country, but seems inadequate for a lot of the ones that are close to an ocean or even a nice lake. I'm not sure what you can get if your rebuild costs would be significantly above that.
KrustyKitten: Being in a affluent coastal area on the mainland is not necessarily indicative of higher reconstruction costs.
KrustyKitten: With regards to the cap, I would think that the only time location would really come into play for rebuilding costs is if it's expensive to obtain or transport materials. Such as an island that only has ferry service, no bridge from the mainland. Being in a affluent coastal area on the mainland is not necessarily indicative of higher reconstruction costs.
DeathCipris: This. Also, I would like to throw in that not all states require that your car is insured.
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