Exact(3)
The program provides affordable insurance in flood-prone zones where private insurers have traditionally refused to insure properties because they're so vulnerable.
The insurance companies cannot bring the premiums in line with people and their property exposure or sensitivity, but must insure properties against natural hazard-induced disasters in all insurance contracts that cover damage to property.
Two major reinsurers, Munich Re and Swiss Re, have strict building codes for policies in coastal areas and will not insure properties in high-risk zones.
Similar(57)
"If you're put on notice and you do nothing about it," he said, "it would appear they could share in some of that liability". Mel Wilson, housing advocate for the Southland Regional Assn. of Realtors, said he suspects that some insurance companies might refuse to insure property owners with treacherous sidewalks.
'The question presented is the simple proposition whether under the act a party while in the state can insure property in Louisiana in a foreign insurance company, which has not complied with the laws of the state, under an open policy, the special contract of insurance and the open policy being contracts made and entered into beyond the limits of the state.
It is important to insure property and possessions, keep important records and documents in a safe, secure place and evacuate when necessary.
The insurance industry, alone, could significantly change the location and kind of development along exposed coastlines by either refusing to insure property or making it so expensive that few could afford to rebuild there.
Of those that do, one company might require a property to be 1,200 to 1,250 feet from the brush; another company might insure property closer to brush if the value of the home makes the revenue from the policy worthwhile, he said.
AIR Worldwide, a company that models hurricanes and estimates their damage, said the value of insured properties in New York State's coastal areas was $2.7 trillion.
The bill also gave the federal government the authority to purchase insured properties "damaged substantially beyond repair" rather than allow them to be rebuilt.
FEMA has repeatedly said that the damage to uninsured private homes was not so severe that state, local and volunteer agencies could not handle the problems, and that FEMA could not duplicate coverage for insured properties.
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