Small print in most Katrina victims *Hurricane* policy states policy does not protect against storm surge. Storm surge is the most damaging part of a hurricane. Insurance companies collect billions in premiums for years, get investment returns on the proceeds, and then don't even have to pay damages when the event occurs. The hook was set years before when they excluded the real source of the damage from hurricanes, and still called it a hurricane policy. Bring back tarring and feathering.
Insurance is like that. I had a friend that paid his health premiums for years. He had one dialysis treatment and they cancelled him. When dealing with insurance you need to have somebody knowlegable in your corner to advise you. My buddy could have gotten a non-cancellation feature for a few bucks more per year.
I am not real sure about the insurance commissions view on this..and then charging an umbrella premium to give the customer his rights under the rules set forth by the commission...hmmmm.. He had one dialysis treatment and they cancelled him.
That's why there were so many "fires". The same thing happened after the big san francisco earthquake of 1906.
I lived on the beach 27 years and I had FEMA flood insurance. Thats what suppose to pay the claim. When I lost my house in a hurricane, FEMA fucked me good. They paid me less than half of the replacement value. When I tried to sue, they threw the case into federal court and the judge threw the case out. It should be against the law to insure coastal property because its just a gd scam and most people don't know that. But just watch and see what kind of deal Trent Lott gets when he applies for his FEMA insurance. Of course you will never find out and the rotten news media won't follow up on it. Boy am I getting pissed today.