Day: September 4, 2008

Just what is there not to like about HR3121?

While I was looking for a map to respond to a comment from Beau, I googled up a HR3121 for dummies prepared by a NAIC committee – it appears the purpose was a briefing document to use when considering support.

Before you peek, I’ll go ahead and tell you that it makes a pretty long post – but I like the legislation  even better after seeing some things that I probably didn’t think were all that important before.

If it repeats something we’ve already posted, I hope Sop will hit the delete and the rest of you will forget I put it up.  Otherwise, take a look and let us know what you think.

Section 1 – Title

Flood Insurance Reform and Modernization Act of 2007. Continue reading “Just what is there not to like about HR3121?”

Over 35,000 new NFIP policies in State since Katrina

Good news is always welcome – particularly good news about insurance – and Anita Lee delivers with this story in today’s Sun Herald.

Many Mississippians who suffered losses from Hurricane Gustav will feel less pain than they did three years ago, and not only because the storm was weaker than Katrina.

Before Katrina, many residents were unaware that tidal surge from a hurricane was considered flooding. They thought their homeowners’ insurance policies covered damage from wind and tide. Attorneys challenged insurance flood exclusions for hurricanes, but the courts upheld policy exclusions for wind-driven surge.

Increase in NFIP Participation

The Mississippi Insurance Department has urged consumers to buy flood insurance, as did cities such as Biloxi. Katrina and the flood insurance campaigns that followed sold many Coast residents on flood policies. There are around 35,000 more flood policies in the state than before Katrina.

“That is a real good increase,” said Ed Pasterick, senior policy advisor for the National Flood Insurance Program. “I would say that’s a very good sign that there were that many policies sold after Katrina and they are still in force. Katrina really did heighten the awareness in Mississippi, probably more than anywhere else.”

Pasterick said people will often buy insurance after a flood, but then drop the policy within a couple of years. Continue reading “Over 35,000 new NFIP policies in State since Katrina”