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Homeowners Doesn't Cover Flooding

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Real Estate Agent with Frank Rubi Real Estate

I am fairly certain that most real estate agents know this.  I also would assume most homeowners know this.  Especially after Katrina flooded most of Southeast Louisiana and coastal Mississippi.  Not according to Sunday's Times-Picayune out of New Orleans.

According to a survey 32% of the residents mistakenly believe their homeownerswill cover flooding.  Nationwide only 16% believe this.  Are we really that dumb? 

Maybe the governments Road Home program bailed most homeowners out who didn't have flood insurance they were fooled into thinking this.  If we get hit again one can't expect to be bailed out again considering how much debt the country already has.

I wonder how many people think termites are covered?

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Comments (6)
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Rodney Mason, VP of Mtg Lending
Guaranteed Rate NMLS# 2611 - Atlanta, GA
AL,AR,AZ,CA,CO,FL,GA,IN,MI,MS,NC,NV,SC,TN,TX,VA,WA

Many home owners have discovered this fact the hard way.  I think the distinction is where the water comes from makes the difference.  Water coming into the home at the ground level is flooding.  I believe that homeowner's covers anything above that.

Jul 20, 2010 02:35 PM
Lisa Heindel
Crescent City Living LLC - New Orleans, LA
New Orleans Real Estate Broker

Can you believe that, John????  I do have to wonder how the question was asked, though, because I've never met anyone in our area who didn't know that.

Jul 20, 2010 02:40 PM
Todd Clark - Retired
eXp Realty LLC - Tigard, OR
Principle Broker Oregon

We aren't educating a lot of new home owners to this. They don't know the insurance company looks to see if you are in a flood plain. But, here in Oregon as I'm guessing anywhere on the west coast, we also aren't covered for earth quakes.

Jul 20, 2010 05:30 PM
John Walters
Frank Rubi Real Estate - Slidell, LA
Licensed in Louisiana

Of course the article doesn't tell us who they spoke to or questioned.  Even so I am still amazed.

Jul 21, 2010 05:56 AM
John Cannata
214-728-0449 http://TexasLoanGuy.com - Frisco, TX
Texas Home Mortgage - Purchase or Refinance

many many years ago, I worked for the Insurance Claims department for Countrywide. We use to receive a TON of phone calls from people that thought they were covered. At that time, we were still dealing with Hurricane Andrew. I think that was in 1992 or 1994. Unless it happens to you, most people dont pay attention to it.

Jul 22, 2010 03:45 PM
Will Nesbitt
Nesbitt Realty at Condo Alexandria - Alexandria, VA
Nesbitt Realty is a family-run brokerage.

I guess not everyone knew about this. But they surely do now. Sadly many had to find out the had and tough way.

Jul 23, 2010 04:47 AM
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