Tuesday, August 15, 2006
Not very surprising
The insurance industry won its first defense of the provisions in homeowners' policies that exclude flooding.
I'm not surprised at all, and I don't think that anyone should be. This has been a well set precident for years and years. Private insurers left the flood market for the most part, as the problem was too catastrophic to insure. The federal government stepped in, and now we have the NFIP. Thank goodness, and thank goodness that New Orleanians were better insured from a flood perspective than practically any other major metropolitan area in the US.
ABC News: Homeowners lose Katrina insurance flood case
I'm not surprised at all, and I don't think that anyone should be. This has been a well set precident for years and years. Private insurers left the flood market for the most part, as the problem was too catastrophic to insure. The federal government stepped in, and now we have the NFIP. Thank goodness, and thank goodness that New Orleanians were better insured from a flood perspective than practically any other major metropolitan area in the US.
ABC News: Homeowners lose Katrina insurance flood case
# posted by Jude Boudreaux @ 8/15/2006 08:10:00 PM 
