[Mathguy]

Originally Posted by sware2cod

I am pretty sure the only flood insurance that is available is FEMA (Fed'l Govt). But it is purchased via private insurers. But the actual carrier is FEMA.

I guess when a big storm hits and the home is tore up, the question becomes...did the wind rip off the roof and tear out the windows and allow heavy rain inside the home, or did a wall of water push out the windows and allow floodwaters to enter the home.

I suppose in some cases it's a combination of both....where maybe the bottom flooded but parts of the roof were blown off by the high winds. Where did the wetness on the upper walls come from...the flood waters or the rain (which came from the open roof).

The bulk of flood insurance, certainly in storm surge zones is from FEMA but there are some private insurance programs out there that write the coverage and retain the risk but probably not in Florida.

[sware2cod]

Originally Posted by City Guy997S

The other trick you can do, if the house is worth 1.5mm, the land being 1mm and the house being the remaining 500K you can simply insure the structure for 500K. Insurers object to this method but it makes sense for a homeowner (provided the mortgage amount is less than 500K) since even in a massive storm the land (1mm value) is usually unaffected.

I thought all insurance is done this way...you insure the value of the home, not the land. The insurance company is only going to pay for the cost to rebuild the home. If you have $1million land and $500k home value(the structure), then you get a policy to cover the home. Even if your mortgage is $1.5 million.

[Rabflmom]

Originally Posted by Mathguy

I know that flood is often sold by the govt. so were these arguments between the govt. flood insurance program and the traditional insurers? There is some private flood insurance too so any articles you could link to would be educational.

They can argue all they want but I think there would still be fines....of course the govt. doesn't have to follow the rules or really care about the fines.

Yep. Fema was not paying until they had proof that it was from flood and not from roof or wall failure.

[DanBev]

For mobile homes if you are 50 miles inland Foremost might insure you.I nad no insurance for six or more years on my previous 2200 sq ft home.After a hurricane American Superior went belly up.
I tried to get insurance and pat answer was since you don't have insurance we will not insure you.
After a period of time,a few years I was offered ins. at $1900 with large deductable and 10 percnt hurricane,wind,damage,needless to say,I stayed uninsured until we sold and now in 28 by 63 doublewide insured by Foremost at reasonable rate and conditions.
My only risk is hurricane or lightning with heatpump.

[hiknapster]

Flood insurance is ALWAYS underwritten by the Fed. You can go through a private company - essentially they are arranging the insurance - but it is through the National Flood Progam.

Insurance only deals with the replacement cost of the home. That is why it says on your declaration page for Coverage A as your "dwelling." You are not insuring the land.

I'm a licensed personal lines insurance agent in 43 states.