|
|
Post by Steve on Jan 13, 2005 17:31:49 GMT -8
One thing that this State needs to work on is a law requiring insurance companies to include flood insurance and earthquake insurance within the homeowners insurance policies. It would be much cheaper if the insurance companies were required to include all of them within the homeowners insurance policies rather than a voluntary basis for 3 different policies. Some of the other States have required that they be included together and it has resulted in their insurance costs being much cheaper because the risk is distributed among a much larger group of people. I wonder what percentage of people in Mountain Cove and California have all three policies?
|
|
|
|
Post by Lisa on Jan 14, 2005 8:31:30 GMT -8
I have 2: homeowners and earthquake. I was not asked about flood insurance by my insurance company. I need to look into that. I assumed that flood insurance was covered by homeowners.
|
|
|
|
Post by Its not mandatory on Jan 14, 2005 12:28:03 GMT -8
We do not live in a flood zone, so we don't have to buy mandatory federal flood insurance.
If we had a flood that damaged homes, more than likely, we would be declared a disaster area and have FEMA grants and loans that would make the cost of voluntary flood insurance unneccessary.
Requiring companies to provide insurance at a "reasonable" cost will only drive more insurance companies out of the state and the cost of voluntary protection, should you want it.
|
|
