My ex-wife was a State Farm insurance agent and any damage done by flooding will not be covered by any insurance company as far as I know unless you have FEMA policy if you are in a known flood plain. Most of these people will not have FLOOD insurance.
State Farm screwed all the Florida policy owners in Florida during the 2005 season and they pulled out of the state completely back then.
Looks like insurance companies are going to stick it to policy owners in this event as well, so their won't be much rebuilding in this inflated economy.
https://archive.is/DUKd4
By
Jean Eaglesham
Oct. 5, 2024 5:30 am ET
Homeowners are rushing to file insurance claims after Hurricane Helene left
a trail of destruction across six states. Many of them will likely be left empty-handed.
Property insurers in recent years have hollowed out coverage and
sharply increased rates to make up for steep underwriting losses driven by natural disasters. Owners of homes and businesses slammed by Helene could be in for a nasty shock when they check the small print of their policies.
“Insurers have become significantly tougher on hurricane claims,” said Rick Tutwiler, a claims adjuster for property owners based in Tampa, Fla. “We’ve moved to an era dominated by exclusions, diminishing coverages, and even harsher policy terms.”
Helene is one of the
deadliest and most destructive hurricanes to hit the U.S. in recent years, with property damage pegged at $15 billion to $26 billion by ratings firm Moody’s. The insured loss, however, will likely be at the lower end of initial forecasts, which ranged from around $5 billion to $15 billion, according to John Neal, chief executive of the Lloyd’s of London insurance marketplace.
Much of the shortfall is because typical home insurance policies don’t cover flooding, and most people
don’t have separate flood insurance. Another reason is an increase in coverage restrictions.
Policies in hurricane-prone areas are now more likely to have higher deductibles for wind damage, reduced payouts for older roofs, limits on interior water damage and exclusions for damage from wind-driven rain, according to insurance agents.
If this looks like a good way to force people to move to urban smart cities because their insurance won't pay out to rebuild you are watching with OPEN eyes.