NOLA Insurance in Limbo - even for the well-to-do

[Guest guest]

http://www.mercurynews.com/mld/mercurynews/business/financial_markets/

14795328.htm

Long article, well done: [excerpts]

By RUKMINI CALLIMACHI, Associated Press Writer

Moskau, a well-to-do real estate appraiser, thought he had taken

every precaution: He had the maximum federal flood insurance of

$250,000. But when the government issued that check, it was issued in

two names: Moskau's and his bank's. His bank applied the check to his

$600,000 mortgage, leaving him with an outstanding note of $350,000

and no money for repairs...

Part of what really rankles consumers is the record profits property-

and-casualty insurers are posting despite the unprecedented losses

inflicted by Katrina.

The industry cleared a $43 billion profit in 2005, an 11.7 percent

increase over the previous year and a 15-year high, according to the

trade group, the Insurance Information Institute...

Carl Grimes

Healthy Habitats LLC

[Guest guest]

My God, I can see how they figured this one out but it still seems

absolutely terrible.

The bank reduced his mortgage by $250,000 dollars but left him with a

worthless house that he still owed $350,000 on?

One can't help but wonder what these people are going to be thinking next

November when they go to the polls.

I personally would vote to toss out every politician who was even remotely

associated with this fiasco..

On 6/11/06, Carl E. Grimes <grimes@...> wrote:

>

>

> http://www.mercurynews.com/mld/mercurynews/business/financial_markets/

> 14795328.htm

>

> Long article, well done: [excerpts]

>

> By RUKMINI CALLIMACHI, Associated Press Writer

>

> Moskau, a well-to-do real estate appraiser, thought he had taken

> every precaution: He had the maximum federal flood insurance of

> $250,000. But when the government issued that check, it was issued in

> two names: Moskau's and his bank's. His bank applied the check to his

> $600,000 mortgage, leaving him with an outstanding note of $350,000

> and no money for repairs...

>

> Part of what really rankles consumers is the record profits property-

> and-casualty insurers are posting despite the unprecedented losses

> inflicted by Katrina.

>

> The industry cleared a $43 billion profit in 2005, an 11.7 percent

> increase over the previous year and a 15-year high, according to the

> trade group, the Insurance Information Institute...

>

> Carl Grimes

> Healthy Habitats LLC

>

>

>

>

>

>

>

> FAIR USE NOTICE:

>

>

>

[Guest guest]

Warner, in addition to receiving a settlement from his

flood insurance policy, also recieved 18,000 dollars

from his homwowners insurance for wind damage, but

Moskau was told by Allstate that all the damage was

caused by water, and therefore would not pay for wind

damage. Something's wrong. It just doesn't make sense.

Barb

--- " Carl E. Grimes " <grimes@...> wrote:

>

>

http://www.mercurynews.com/mld/mercurynews/business/financial_markets/

> 14795328.htm

>

> Long article, well done: [excerpts]

>

> By RUKMINI CALLIMACHI, Associated Press Writer

>

> Moskau, a well-to-do real estate appraiser, thought

> he had taken

> every precaution: He had the maximum federal flood

> insurance of

> $250,000. But when the government issued that check,

> it was issued in

> two names: Moskau's and his bank's. His bank applied

> the check to his

> $600,000 mortgage, leaving him with an outstanding

> note of $350,000

> and no money for repairs...

>

> Part of what really rankles consumers is the record

> profits property-

> and-casualty insurers are posting despite the

> unprecedented losses

> inflicted by Katrina.

>

> The industry cleared a $43 billion profit in 2005,

> an 11.7 percent

> increase over the previous year and a 15-year high,

> according to the

> trade group, the Insurance Information Institute...

>

> Carl Grimes

> Healthy Habitats LLC

>

>

>

>

>

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