Reader Mail: Flood Insurance

Yes, the word “flood” has been used quite substantially over the past few days. Doesn’t mean we should still talk about it.

Here reader “chacha17” has a question for the rest of you regarding flood insurance.

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Is there a way you can post something in regards to the flood insurance policies that every homeowner’s mortgage company makes you (or your building) purchase? It is my understanding that even if you were to file a claim, it would be rejected because what we had was not classified as flood from the rain, but rather a result of the poor sewage system in Hoboken. We can’t blame this “SCAM” entirely on City Hall, but rather the federal government, as this is a federal program.

Did anyone out there file any claims yet? And if so, what kind of response were they given?

Thanks
chacha17

More Hoboken Flooding April 15 2007

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16 Comments on "Reader Mail: Flood Insurance"

elainetyger
Member
elainetyger

Flood insurance has nothing to do with the sewer and rainwater backup. Flood insurance kicks in if the Hudson River overflows into Hoboken; flood zones (where the mortgage companies required flood insurance) are those that are below a certain level where they would be likely to flood if the river rose.

I don’t know whether homeowner’s insurance would pay for flood damage from the street backup. Even when we had 2 feet of water in part of our basement a few years back, it wasn’t worth the possiblity of a premium increase to file for the personal items lost. We did buy 2 extra pumps, though, and they’ve come in handy since then.

appoggiatura
Member
appoggiatura

[quote] “It is pretty clear to anyone buying a policy that flood insurance is a seperate entity, unless you don’t know how to read or you sign forms without looking.”[/quote]

Don’t be so quick to make dumb comments – 10 years ago, when we bought our hme and our homeowners policy, there was much less focus by insurers on flood damage and flood damage exclusions. Things have changed since Katrina and policy wording had changed accordingly. So many people have policies like mine if they’ve had their homes for a while. That doesn’t mean that they can’t read or haven’t looked at the language!

bunbury
Member
bunbury

When we bought homeowners insurance through CHUBB last year we had to sign a form stating that flood insurance was not included and should we want to purchase it we would have to buy a seperate policy.
It is pretty clear to anyone buying a policy that flood insurance is a seperate entity, unless you don’t know how to read or you sign forms without looking.

appoggiatura
Member
appoggiatura

According to my insurance agent, my Chubb homeowners policy does not cover any damage resulting from “ground water” which is broadly defined to include just about everything. So even if you have private insurance, after Katrina, it’s probably not going to help much.

ShhhDontTell
Member

Still no ETA for United Water.

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