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Last Post 10/06/2007 1:10 AM by stephie76

FLOOD PROGRAM TO ADD WIND COVERAGE

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SteveZ

Member
Posts:66

09/30/2007 8:31 PM
In a controversial move, the current Democratic head-mistress Nancy Pelosi and her crowd have introduced potentially career-killing legislation this week for our industry. The legislation involves the addition of limited WIND DAMAGE COVERAGE to the National Flood Insurance Program's already-screwed up flood policies. The President stated that the already overworked, and overcharged NFIP is not the right system to handle WIND, and will likely veto the measure. Watch out boys and girls... we may all be working FEMA day rate (undoubtedly reduced $) before long. Government is not there to support you in every facet of your life. If they do, we are nothing more than PETS. z

JimGary

Member
Posts:470

09/30/2007 9:06 PM
Not that my opinion counts for any thing on this matter, but it has always been my contention that the HO policy should be modified to cover flood. It could be funded by a reinsurance pool funded by a minuscule surcharge on all HO policies (nationally). This would take the fed out of the picture, and let the insurance companies handle the claims, like the WYO carriers. Since It would be funded by a "pool" there would be minimal exposure for the companies. Then I could be knighted and ride off into the sunset on my trusty steed with the fair maiden....... well enough of mindless fantasies. JWG I know the voices aren't real, but sometimes they're right!

Gale Hawkins
PowerClaim.com
Member

Member
Posts:386

09/30/2007 10:56 PM
Steve you may be on to something. Over the next 8+ years we might get national health and P&C insurance coverage with the government managing he claim files.

johnpostava
SIMSOL.com
Member

Member
Posts:141

10/02/2007 8:37 AM
For all you certified NFIP adjusters who may be getting a big raise from the feds next year, here is the link for more of the story. The bill has a long way to go (so I wouldn't be buying a pair of cougar paws any time soon) but it does stand a slim chance of passing: http://www.insurancejournal.com/new.../83879.htm

sbeau4014
Founding Member
Member

Member
Posts:427

10/02/2007 4:21 PM
The white house has already come out and said they will not support this bill if it gets that far, but not sure that means a veto or not.

Tom Toll
Moderator & Life Member

Senior Member
Posts:1865

10/02/2007 4:59 PM
To involve the Feds in wind coverage would be a dramatic mistake. Reems of forms to fill out on claims, 60 days to settle a claim, sparse coverage for the consumer. Not a good thing. We have enough problems as it is. If the consumer cannot afford both coverages while living on the coast, then they need to sell out and move inland. I personally am tired and sick to death of their whining. FEMA will bail them out anyway. OUR TAX DOLLARS AT WORK!!!!!!!! Success is not final, failure is not fatal: it is the courage to continue that counts.

stephie76

Member
Posts:63

10/06/2007 1:10 AM
Everything that the Feds touch turns to #$%^. I really hope this doesn't get passed. NFIP is bad enough already.

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