Here's the answer to that scenario. Basically Homeowners covers just wind, waterline breaks, roof leaks, lightning strikes, and fire. They manage to exclude most everything else with all the fine print. Here's a generally summary on the mudslides and homeowner's insurance.

Homeowners insurance does not cover landslides and mudslides, nor will they be covered by flood or earthquake insurance. Similar disasters considered “movements by the Earth” events such as mudflows, sinkholes and erosions are likewise not covered because damages are usually extensive and would imply enormous costs.

I know that big insurance is an easy enemy..and for good reason. But trust me, you don’t want the government taking over.

These big property writers have been bleeding money in Coastal states for years. I’m surprised anyone even writes homeowners in Florida. You simply can’t get enough premium to cover all of your exposures.

The folks in the mountains…that is horrible. Many of those towns/places were basically on top of a stream/creek. I hope they had flood insurance.

You don’t have to be in a flood zone to buy it. Everyone should have it, it’s not expensive and ya never know.

What happens if the Insurance Company You are insured by goes tits up? Is everyone that has insurance policies with that company screwed big time?

Ive thoight lately about self insuring. As much as i pay per month for insurance, if it was saved and invested, its just as likely as not that i could afford to pay for emergencies myself.

jwalker, if you have a mortgage the bank will make you have insurance or call the loan.

Most if not all of the big guys have reinsurance. Which means the insurance company has insurance.

Thats the problem, those bigger guys are not doing good at all, this could crush the sector.

Me and the wife were just talking about this

Ive never had a mortgage. We own our home. Planning on building another one in a couple years but i plan on having it paid for when we get finished. Thats kinda what i was thinking about then going forward. I pay several thousand a year in insurance and dont use it much. I guess were just betting against ourselves. Even when i got hurt a couple yeats ago, other than the helicopter ride, we could have easily paid the bill. $84k for a ride on a helicopter would have smarted a little. I reckon mywife would have had to drive me.

^please elaborate bc that is not what I’ve been told. It is not offered unless it’s in a designated flood zone. No other means to purchase it.

You need better info sources Showout. Don’t take my word for it check the Googlenet

Answering a few questions here:
Pretty much anyone can buy flood insurance regardless if you are in a high risk zone (zone A) or not. It is not too expensive if you are not in Zone A.
Insurance companies purchase reinsurance for these big events. This mostly comes from Lloyds, etc. The reinsurers have been taking a beating in recent years and have greatly increased their rates which has affected the prices the consumer pays greatly, especially in coastal areas from the east coast all the way to Texas. These storms will make future rates go higher.
Insurance companies overall have not made money in recent years due to the rising cost of claims and rate of storms. They have taken a lot of rate increase and things are improving. They have reserves for bad years but once those reserves are depleted, they are bankrupt. If they are an admitted company the state guarantee fund will pay your claim but that is limited in amount and likely varies by state.

Progressive is making $ and is a great stock.


https://www.google.com/search?q=pro...AgiwAgE&sourceid=chrome&ie=UTF-8

It is

How do the re-insurance firms work in all of this?

My ER bill from UAB trauma for my gunshot was $28K for 4 hours. Between my $250 deductible and insurace, they received less than $500. NO telling what they would have tried to jam me up for if I hadn't had insurance. That's the problem, its the same with vehicles. Insurance has labor rates capped for body work. They control rental car rates. Home owners now doesn't cover a roof with the normal loss deductible, its some other higher number now.

Think about all this a different way. If BlackRock has the lithium rights, and insurance doesn't cover people's homes what will they do? Default. The bank forecloses, auctions the property, and guess who gets a deal? BlackRock. Watch!

Insurance companies are in the business to make money. If they sell you flood insurance in an area that isn't likely to flood, that's free money to them. Like selling auto insurance to someone who doesn't own a car. Doesn't make sense, but it's free money for the insurance company. There would be no reason to deny the policy.

https://www.fema.gov/flood-insurance



From what I’m seeing it’s a federal program and administered thru insurance companies within the system.
If you have a federal loan it’s required.

This is making news around here. Helen Keller will quit accepting united healthcare ina few days and then the rest of Huntsville Hospitla systems will follow suit. This will defect many retirees etc…….
Talked to a Doc I know this morning, said they been slow paying for a while
https://www.al.com/news/2024/10/hun...with-insurance-giant.html?outputType=amp