Flood Insurance

[Hambone]

I think is has to be in place 30 days prior to event loss. Check with agent

Not if you take out a loan on the property and the lender requires flood and you are in a flood zone. just sayin

I would be very careful doing this as it is not as cut and dry as you think.

Some friends of mine were exploring this option last week and got shot down. There are apparently some regulations that address the issue.

[4dawgma]

insurance agents are crooks

[Caller1]

For the right fee anything can be insured, at anytime...

Just sayin.

[dukhntn]

For the right fee anything can be insured, at anytime...

Just sayin.

Just ask AIG...

[Jelly]

I think is has to be in place 30 days prior to event loss. Check with agent

Not if you take out a loan on the property and the lender requires flood and you are in a flood zone. just sayin

I would be very careful doing this as it is not as cut and dry as you think.

I talked to the lady at the flood insurance company that writes the ocverage and told her EVERYTHING about the river and that the house WILL flood. She said it is a loophole if you get a loan and they force flood on you and there's nothing she can do about it.. I'm not appointed with this company and have never written a flood policy in my career. I have always farmed it out to a lady who does a ton of it that writes thru this company. I am just trying to help a customer out....

Dang, You try to help a customer and you're the devil.
I'll continue to look for the best interest of my customer, if that's wrong, sorry

danged it you do and danged if you don't.

[farmerc83]

Jelly is correct on the rule. If you're in a flood zone and have a mortgage, then they require you to have flood insurance so you should already have it. If you're in a flood zone and don't have a mortgage then you can carry it or not, but you'll have to take a mortgage on the home to get a new flood policy without the 30 day wait. If you aren't in a flood zone then expect the 30 day wait, mortgage or not. The loophole he is talking about is there to satisfy the lender so that we poor folks that can't pay for our house outright can close the loan in a decent amount of time and not wait an extra 30 days.

[brandon327]

I would think taking out a loan and building a leveee around my house would be cheaper than fixing the damage done by the flood.

[southernmallard]

If you find a bank or agent to place a loan just for flood your dealing with some shady folks. Just saying

Whether you think it's shady or not, if someone decides to borrow money against their home, that's their own dealing. There's nothing "shady" about the situation. A lendor will attempt to protect their interests. In this case, money borrowed against a home, the bank's interest would be that building and a lendor would want it covered. So, yes, the 30 wait period would not apply to that situation. just saying.

[REBEL DUCK]

I know the rules about a loan and I write flood insurance, just not to someone who decided not to purchase flood ins until the river was at a 100 year high. It’s like insuring a hay bailer when the hay field is on fire sure some companies and agents do it just not the ethical ones. Why risk a job over one premium and if you don't think they will be looking at these claims your crazy.

And i have banker friends and we have discussed this, why would a bank do a small loan and get caught up in this mess to help a customer thats trying to cheat the system, or find a loop hole or what ever you want to call it?

I also sold a family lake house on lake whittington behind the levee on 04-29 but i did not write the flood ins ha so i am glad for the loop hole.

[Jelly]

[quote="REBEL DUCK"]I know the rules about a loan and I write flood insurance, just not to someone who decided not to purchase flood ins until the river was at a 100 year high. It’s like insuring a hay bailer when the hay field is on fire sure some companies and agents do it just not the ethical ones. Why risk a job over one premium and if you don't think they will be looking at these claims your crazy.

And i have banker friends and we have discussed this, why would a bank do a small loan and get caught up in this mess to help a customer thats trying to cheat the system, or find a loop hole or what ever you want to call it?

I also sold a family lake house on lake whittington behind the levee on 04-29 but i did not write the flood ins ha so i am glad for the loop hole.[/quote


we called Fidelity and told them the house would flood and they said it was ok... What is unethical about that? seriously? i am trying to look out for my customer and be within the guidelines of the flood carrier.

[southernmallard]

sure some companies and agents do it just not the ethical ones.

How is this an ethics issue when the company knowingly agreed with the situation. Jelly isn't leaving anyone in the dark here, he disclosed everything to everyone. He's looking out for the best interest of his clients.

[sunnylab]

it is a legitimate loophole. They do exist ,..and this is one of them

Insurance companies use loopholes for THEIR benefit all the time....now its the consumer's turn.

Rebelduck if you DO NOT write the insurance that the lender will require then they will just get it elsewhere.

[farmerc83]

Insurance companies use loopholes for THEIR benefit all the time....now its the consumer's turn.

Most flood insurance is actually underwritten by some division of FEMA as I understand it. FEMA just uses local agents as a conduit to get the service to the customer. This isn't a State Farm, Allstate, Alfa, Shelter, Nationwide issue....the writing guidelines are laid out strictly by FEMA and the mortgage company pretty much dictates the rest.

[ScottyLee]

Insurance companies use loopholes for THEIR benefit all the time....now its the consumer's turn.

Most flood insurance is actually underwritten by some division of FEMA as I understand it. FEMA just uses local agents as a conduit to get the service to the customer. This isn't a State Farm, Allstate, Alfa, Shelter, Nationwide issue....the writing guidelines are laid out strictly by FEMA and the mortgage company pretty much dictates the rest.

Bingo, just because someone has State Farm, Allstate, Shelter whatever doesn't mean that's who the Flood insurance is written through. NFIP-national flood insurance program is a government regulated program that offers flood insurance. And we all solicit through them. Which explains why its so screwed up. your gov is the insurer.


and for the record Sunnylab.. If there is a loophole in the way something is written, I as the agent will use that loophole to my customers benefit everytime.

[sunnylab]

just saying... this time its in favor of the consumer. and not the ins company.