i work for an insurance co and we have 400-500 people staged in memphis, ready to go in, when they are allowed in.they are already working numerous claim in tn, miss and ala where you can find the people, inspect the property and handle the claim and working their way south, can't get set up on the coast yet.
flooding is not covered by regular homeowners policys, the ins co sell flood insurance but is is administered thru the federal flood ins program by the feds.it is very basic coverage, with high deductibles and damn expensive and only covers the actual cash value of the bldg not the replacement cost.
oh, insurance co's do make alot of money,most yrs, but we have to and have the cash on hand,so like last yr when the hurricanes hit, we had over 100000 extra claims and paid out 1 1/2 billion dollars, and we are not near the largest. state farm dwarfs everyone, they will have the most claims, but then again they have the most money.
i've been on the catastrophe's before and it's hard work, for long hrs, for weeks at a time 7 days a week.
the loss of use that was referred to is actually called "additional living expense",ie the additional money it is costing you to live while the covered property is uninhabitable from a covered loss.your mortgage payment goes on so the ins pays for the apartment.you spend 150 a week on groceries, you are in the apt and still spend 150 a week in groceries, the ins co pays nothing, nothing additional incurred.
just a prespective from an ins adjuster, we are there to help. i expect our co will get about 30000 claims from the storm.
flooding is not covered by regular homeowners policys, the ins co sell flood insurance but is is administered thru the federal flood ins program by the feds.it is very basic coverage, with high deductibles and damn expensive and only covers the actual cash value of the bldg not the replacement cost.
oh, insurance co's do make alot of money,most yrs, but we have to and have the cash on hand,so like last yr when the hurricanes hit, we had over 100000 extra claims and paid out 1 1/2 billion dollars, and we are not near the largest. state farm dwarfs everyone, they will have the most claims, but then again they have the most money.
i've been on the catastrophe's before and it's hard work, for long hrs, for weeks at a time 7 days a week.
the loss of use that was referred to is actually called "additional living expense",ie the additional money it is costing you to live while the covered property is uninhabitable from a covered loss.your mortgage payment goes on so the ins pays for the apartment.you spend 150 a week on groceries, you are in the apt and still spend 150 a week in groceries, the ins co pays nothing, nothing additional incurred.
just a prespective from an ins adjuster, we are there to help. i expect our co will get about 30000 claims from the storm.
