Jean Eaglesham
speaker
123 appearances
2 recordings
1 series
first heard Jul 2018
last heard Oct 2024
Jean Eaglesham’s voice in public audio — every appearance, attributed to the second.
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Appearances
People will need a separate standalone flood insurance policy for that.
And unfortunately, very, very few people who were hit by these recent hurricanes do have such coverage.
Flood insurance was excluded from homeowners policies quite a long time ago, decades back.
Essentially, insurers decided they just couldn't afford to cover it.
And that's why the federal flood insurance program was set up over 50 years ago.
So people really do need that federal cover, or they need certainly a separate standalone flood insurance policy to be covered for these kind of catastrophes.
homeowners are going to find they're going to struggle to get payments from the insurance company.
And we've seen, sadly, with previous big hurricanes like Hurricane Ian, a lot of litigation, a lot of disputes from homeowners' claims.
And the indications from the early claims that have been decided on Helene is that a lot are getting close to that payment.
So that means, unfortunately, people are walking away empty-handed.
Do insurers will say that all these restrictions and coverage limits are there in the policy, that if anyone reads it, they will be aware of that?
A lot of people don't read the small print.
Is it reasonable for people to be aware of some of these very big deductions, for example?
So a hurricane deduction of, say, 5%, that's a lot of money you have to find before you get coverage for wind damage.
Should the insurers be doing more to flag that?
Certainly consumer advocates would say yes, they should, and would maybe question even whether it's reasonable for companies to be able to impose these kind of limits.
In a lot of states, there are limits on the amounts of deductibles, for example, that insurers can impose for hurricanes.
So regulators will say they are providing overview of this.
Their concern is that they're not just trying to protect individual policyholders.
They also want to keep the insurers in the state.
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