Trent Lott Sponsored Retroactive(?) Flood Insurance Bill

You are very correct....there is National Flood Insurance...did Lott have it???

My homeowners insurance does NOT cover floods...but, where I live, in north Texas, it is very, very unlikely that we would get flooded out...but, if we were in a flood plain, I would pay the extra to get separate coverage for floods..

Oh...yeah...we all want "do-overs" every day of our life, but unfortunately it isn't supposed to be this way...and why would an insurance company stay in business, if this could happen???

From our Nationwide Home Owners policy: (as far as I know EVERY INSURANCE POLICY ISSED IN THIS COUNTRY HAS THIS SEPARATE WARNING!!!

Under exclusions:

"Number 1) We do not insure for loss caused directly or indirectly by any of the following: such loss is excluded regardless of any other cause or event contributing concurrently or in any sequence to the loss:

c.) Water damage, meaning:

1.) Flood, surface water, waves, tidal water, overflow of a body or water, or spray from any of these, whether or not driven by wind.

2.) Water which backs up through sewers and drains or which overflows from a sump; or

3.) Water under the surface of the ground, including water which exerts pressure on or seeps or leaks through a buidling, sidewalk, driveway, foundations, swimming pool, or other structure.

Direct loss by fire, explosion, or theft resulting from water damage is covered.

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And this if from the government's own page about flood insurance:

Learn About Flood Insurance

Flood Insurance

Backed by the federal goverment's National Flood Insurance Program (NFIP), a Nationwide flood insurance policy can protect you from catastrophic flood damage.

More than 20,000 communities across the country participate in NFIP. If you live in one of these communities, you can purchase flood insurance, unless the property is in a Coastal Barrier Resource Systems area.

Don't Wait Until It's Too Late!
It Can Happen to You
Government Assistance is Unreliable
Getting Covered
So Remember...

Don't Wait Until It's Too Late!
Floods occur throughout the U.S., causing more than $2 billion in property damage each year.

For most of us, our home is our most valuable possession. Floods damage more homes in the U.S. than any other natural disaster, and most insureds do not find out until it's too late that their home, condo, or renters policy excludes loss caused by flooding.

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It Can Happen to You
People who live near water or in other high-risk areas are not the only ones who experience flooding. Nearly 25% of all flood insurance claims come from outside of these areas. Everyone lives in a flood zone. Remember that you can purchase flood insurance even if you're not in a high-risk flood area.

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Government Assistance is Unreliable
Federal disaster assistance does not provide secure or reliable flood coverage. Before the federal government will intervene, the president must declare a major disaster (less than 50% of flood situations). In addition, most federal disaster assistance is in the form of a loan that you must repay.

If you purchase a flood insurance policy, you are protected even when a disaster is not declared.

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Getting Covered
Contact your insurance agent or your local community office to find out the following about your property:

Does your community participate in the NFIP?
Is your property located in a high-risk flood zone? Your local community office may have flood maps for your area, or your agent may help determine your flood zone. Based on your flood zone, you may need additional information about your property.
What is your likely flood insurance premium? Your agent can calculate this for you by asking you a few questions.

Protecting your home means protecting your financial future! Purchase a flood insurance policy today.

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So Remember...

Everyone lives in a flood zone! You don't have to live near water to be flooded.
Property (home, condo, renters) policies do not cover flood damage.
You can buy flood insurance regardless of your flood risk, and low-cost policies are available for low-to-moderate risk areas.
Flood insurance is affordable; the average policy provides $100,000 coverage for just over $300, and separate contents coverage is available for renters at even less cost.
Flood insurance is easy to obtain; contact your local Nationwide Agent today.
You can get up to $250,000 or $500,000 building coverage for residential or non-residential properties, respectively.
Don't wait until the storm is approaching, as there is a 30-day waiting period.
Federal disaster assistance may be in the form of a loan, or may not cover you at all.

For more information, please see our Disaster Planning page for Floods.

According to this news story, Lott had flood insurance. He also had a Hurricane deductible that he paid for 40 years.

http://www.sunherald.com/mld/sunherald/13419725.htm

Do threads often come back to life like this after a month of neglect?

Not to complain too loudly, since I did write that back in December, but:

In post 48 made back on December 16, you already pointed out that I was wrong. I even responded with thanks to you for correcting me.

I'm not sure why you felt like you had to come back a month later and correct me again......

Ah, it's back in rotation today.

And I apologize; I didn't realize it until after I had posted; I thought it was new.

NOW...how many people will purchase this insurance though...considering the precedent that has been set to GIVE people money even though they didn't provide for their own coverage...

Well, dumb people won't.