Court Rules Against Katrina Homeowners in Flood Insurance Case

Discussion in '2007 Archive' started by 2 Timothy2:1-4, Aug 2, 2007.

  1. 2 Timothy2:1-4

    2 Timothy2:1-4
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  2. hillclimber1

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    We live about 200 yds. from the roaring Rogue river in So. Oregon, and flood damage is excluded in our coverage. I could purchase it at prohibitively high premiums, but choose not to. I suspect the same sort of cost for benefit situation exists in New Orleans, but I also have heard that no private insurance is available in some places for high probability risks. That should be taken as a warning, not to take up residence there.
     
    #2 hillclimber1, Aug 3, 2007
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  3. carpro

    carpro
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    A correct ruling.

    BTW There are 30 insurance agents listed in New Orleans that do sell federally sponsored flood insurance.
     
    #3 carpro, Aug 3, 2007
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  4. 2 Timothy2:1-4

    2 Timothy2:1-4
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    Living in an area that is both below sea level and on the coastline doesn't make sense. And I do not blame insurance companies for not insuring such areas.
     
  5. billwald

    billwald
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    I suspect that most of the people could afford to live there because the property has been paid off for 100 years. I suspect that half the poor people could not afford to live there if they were making house payments. A bank would require sufficient insurance on mortgaged property.

    Before the storm, condos in rebuilt areas were starting around $250k-$350k. I predict that NO will be the next "Phoenix." I suspect the property was worth more than the houses on it and is worth even more as vacant lots.

    If I was 20 years younger and had the money I would be buying entire blocks from the wiped-out poor people. Build 2 floors of parking garage with 8 floors of condos on top for retired Californians.
     
  6. Filmproducer

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    The American dream in action.....:rolleyes:
     
  7. carpro

    carpro
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    Out of great tragedy can come great opportunity.

    Katrina also provided great opportunity to change their lives for the better for many of the displaced.

    Some seized that opportunity and will never go back to the lifestyle of being wards of the government. Many did not, but they had a chance to.

    New Orleans was a corrupt and crime ridden city. Whatever it comes back as could hardly be worse than what it was.
     

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