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The Fed is the only flood coverage that is affordable to the average working family. Thats why golf carts and other items are not insurable under the flood policy. All the vacation homes should have much more premium for the risk.The US tax payers should not be bailing out the coastal areas.

But the biggest boondoggle  is growing each day by allowing development of vacation homes near the oceans or the GOM.  The midwest floods of this year damaged property that have been in these areas for 100 years. That was the purpose of the flood program as the Fed always came in and paid for some of the damage. But its pure insanity to allow vacation home's not built yet to abut salt water and be insured by NFIP. Galveston Island, TX is about to allow a zillion dollars on West & Bolivar Beaches. Write your idiots in Washington DC.

Looks like the thread was side tracked here.  I've accepted multiple assignments from SIS (Simsol Insurance Services) since Dennis and I have been well pleased with the file review process in place.  File commission payments are what they are anywhere else with flood, SIS pays when the Insured and SIS is paid which has been running about 45 days this summer but was up to 5 months in Katrina.  So, if you don't have the money to pay your way for a long time flood work can be really difficult on the money end.

I am looking forward to ClaimsWire which will cut my time-on-file down because I won't have to enter as much info anymore to set the file up or waste time trying to read the phone numbers off the flood assignment sheet they get from NFS.  Lets just hope we have a chance to really put it to the test in the next month or so.

Again, from my experience, SIS has been a good vendor to work for with flood.  I haven't heard of them having any wind/hail work though (but I'm not climbing roofs anymore).

KLS

As I understand it, the way the federal government handles their money is part of the problem.  Unless I am mistaken, all proceeds from NFIP premiums go into the general fund and are spent with abandon by our elected officials.  Again unless I am mistaken, they are not allowed under law to set the money aside and invest it in years where they have a surplus.  Then, when a difficult year like 2005 comes along, they have to get money specially appropriated by Congress because they have no surplus.  Any private insurer who operated in this manner would be shut down by the insurance commissioner.

And they want to take over providing wind coverage!!!!!!!!!!!!!!!!?????????

Someone correct me if I misunderstand the situation here.

 

Here is a response I tried to post a few days ago and it wouldn't go thru

What really makes this interesting is the fact that Rep Taylor out of MS has a big push on to make this both wind and flood coverage now vs. just flood.  I have some serious problems with increasing capacity and exposure to the NFIP if that can't be self sustaining to begin with.  Sure they took some big hits in 04/05, but so did every insurance carrier that writes on the gulf coast and lower Atlantic coast and you don't see them 20 billion in debt to pay off the 05 season.  I think they need to make the premiums for flood sound actuarially and show that the program can charge an adequate premium to cover the risk before they try to put additional perils into it.  How Rep Taylor can honestly believe the program that can't run properly with one peril of coverage, will actually run better with two or more perils to it is beyond me.  Me thinks that Mr. Taylor is playing politics to the max with this one (of course he himself would be the 1st person to buy the policy considering where he lives), to where basically he wants the whole country to subsidize his and his neighbors lifestyle of living on the coast.  Sure they are quick to tell all of us who chose to not live on the coast that some number like 53% of all Americans life on the coast and would benefit from this change to the NFIP.  What they fail to also point out is the % of that 53% or whatever live on the west coast (they have a severe problem with coastal flooding and hurricanes out there?) or the % that live on the coast from Virginia on north on the Atlantic.  That is another area that has a considerable lower risk then those on the GOM or lower Atlantic coast, and a separate wind policy tied into the flood may not be a good call for them.  My .02 cents worth, but tired of these politicians trying to get my taxes to help them live on the coast.  If you want to live there, and the risk of loss is greater, pay the cost of that risk yourself or move.  It isn't my problem.  Same with living in a place below sea level and surrounded by water.  I have no problems with the help we have given to them, but if they chose to go back to that, and chose not to insure it for flood, they should basically self insure.  Don't ask me to rebuild for you.

where is one to live?????? where in this country, and the world for that matter, is is safe from natural disaters???? nowhere. what is wrong with grouping all cat losses into one goverment policy???? the private carriers are not going to cover anything they can not make a profit on so that's the reason for the high premiums. hail, earthquake, flood & wind basically affects the country as a whole. the principle of insurance is to spread the risk to a large # of policy holders, is it not?? i live on the coast in south texas, & we haven't been hit by a major disaster in many many moons, but that could all change tomorrow, couldn't it!!! There have been far more hail/tornado losses spread through-ot the country than hurricane losses here in texas. our premiums could be enriching the nationwide pool to help those at need now, and then when it's our turn it comes back. if we are all not in this together, then divided we fall!!!!!!!

Read what Steve Ebner said earlier on the page The word "Government" is a key term in this concept. Most of us who do flood losses are working for "write your own" companies like State Farm, Allstate, etc, who sell and service the NFIP policy. Maybe instead of adding more to the "government" policy, it could move AWAY from the government other than the tasks of Flood zone maps and Flood management, community planning, and things focused on government.

Bob,

The only reason the WYO carriers write flood coverage (using the standard NFIP policy with their name on the cover) is that they have NO RISK AT ALL.

They get paid to sell it, get paid to service it, and are reimbursed 100% by NFIP for every properly adjusted claim. NO RISK, PURE PROFIT.

Steve said it all, the key word GOVERNMENT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

It seems the administrator of all the flood policys and all the General Adjusters have lost their jobs as a new bunch is coming in. I think they are trying to forget about 2008 and hope a large flood event does take place until the new crooks are installed in 2009.

I am so disgusted with the federal goverment in Washington DC  I may not be able to work a flood file again. Just put I like this, I sure as hell will not squeeze the policyholder.