PFBlog logo

My Personal Finance Journey

Personal finance observation, musing and decisions in a journey toward financial independence by 36 with at least $1 million.

  Home | Feed: feed-icon.gif | About | Progress: June 07: $756,924 | Best of PFBlog | Product Reviews | PFBlog Digest | Disclaimer | Advertise | Contact Me

...

Paying for Flood Damage Looms as Big Challenge





Even those have insurance are determined to be doomed by the hurricane.

From Wall Street Journal:

As the cleanup from Hurricane Katrina begins, a big fight could be brewing among insurers, policyholders, lawyers and regulators over who will shoulder the enormous cost of damage to thousands of homes.

Most homeowners in the hardest-hit Gulf Coast states lacked any flood insurance at all, even in flood-prone neighborhoods. Standard homeowners' policies exclude flood coverage, which generally must be bought from the federal government and is capped at $250,000. Katrina also sent flood waters deep into areas that hadn't flooded before, in which many homeowners thought they didn't need coverage.

Consequently, many who lost their homes in devastated areas -- including much of New Orleans and large chunks of Biloxi, Pascagoula and Gulfport, Miss. -- could find themselves without any insurance proceeds to help rebuild demolished homes and businesses.

What do you think of this post? Be the first to share your opinions.

Enjoy the latest personal finance news and commentary at PFBlog Network.
Similar Posts

Microsoft, Seeking to Beef Up Services, Buys VOIP Specialist (August 31, 2005)
Google is Microsoft's No. 1 enemy, undeclared.

Read all 4 articles in the same category.

Read More ... All Other Posts In The Same Category

PREMIUM SPONSORS

Car Loans
Dallas Bankruptcy Attorney
Personal Loans
Car Finance
Homeowner Loans
Cheap Car Insurance
Mortgages UK & CCJ Mortgage
Used Cars
Loans
Commercial Mortgages and Business Loans
Guaranteed Car Finance
Payday Loan
Personal Loan
Student Loan Consolidation.com
Secured Loans
Bad Credit Loans - Free Quote