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Re:

21 Apr 2017 15:03

Alpe d'Huez wrote:If the Democratic party, or any Democrats period (or "liberals" or "progressives" for that matter) are trying to hang their hat, or think they have real leverage against Trump on the entire hacking the election thing, they are doomed.

I'm not an insurance agent, but believe Scott is correct. When you buy a home, your homeowners insurance does not cover most natural disasters, exceptions are things like the tree in your back yard falling onto your roof in a wind storm. For most natural disasters, like coastal flooding, you need extra coverage. If you go to Florida for example, there's all kinds of extra insurance along these lines, because of the extreme weather. Insurance against hurricanes for example is a very specific (and expensive) insurance.


There are specific exclusions and can be regional. For example, Earthquake in Cali is excluded on nearly all, if not all, homeowners insurance policies (can be purchased separately thru California Earthquake Authority - State run). But, wildfire (which is a very big deal out here) or any fire is covered and that can easily fall in the 'natural disaster' category (dry lightning strike for instance).

And you are correect... Texas, much of tornado alley, the gulf coast and Florida all have different exclusions regarding wind... and wind policies - like CEA in Cali - can be expensive.
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User avatar Scott SoCal
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21 Apr 2017 15:07

Alpe, is right twice..first about hacking.. nobody cares.. Trump folks already have fall guy lined up..he probably already spoke with Ollie North about what to expect when you take one for the team.
Insurance is not very complicated.. they win most times..like all other casinos the profits keep the bonuses flowing and the lights on at all there glimmering corporate office towers.. they place few bets on mobile homes in Oklahoma or homes in flood plains or below the water line.. those risky for sure losers are hedged by the US government.
Most " riskies." wait for the disaster and then some government relief money.
Unchained
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Re:

21 Apr 2017 15:16

Unchained wrote:Alpe, is right twice..first about hacking.. nobody cares.. Trump folks already have fall guy lined up..he probably already spoke with Ollie North about what to expect when you take one for the team.
Insurance is not very complicated.. they win most times..like all other casinos the profits keep the bonuses flowing and the lights on at all there glimmering corporate office towers.. they place few bets on mobile homes in Oklahoma or homes in flood plains or below the water line.. those risky for sure losers are hedged by the US government.
Most " riskies." wait for the disaster and then some government relief money.


It's relative. Insurance companies take risk that you are unwilling to take in exchange for premium. Nobody has a gun to your head.

In a 25-year span leading up to 2005, homeowners insurers in Louisiana wrote a total of $13 billion in homeowners insurance premium, from which they earned $1 billion in profit, according to the chief actuary at the state insurance department.

But in one day, Aug. 29, 2005, the day Hurricane Katrina made landfall on the southeastern shores of Louisiana, homeowner insurance carriers there lost $8 billion, said Richard Piazza with the Louisiana Department of Insurance.

That’s just one statistic out of many from the recent “State of Insurance Markets Ten Years Post-Hurricanes Katrina and Rita Summit” hosted by the Louisiana Department of Insurance on Aug. 11, 2015, that illustrate the magnitude of the storm and its impact on the state of Louisiana.

Hurricane Katrina was “the worst insured loss event in the history of insurance anywhere in the world. Bigger than 9/11, bigger than the earthquake and tsunami in Japan. Bigger than Hurricane Andrew, which had always been the benchmark event,” said Louisiana Insurance Commissioner Jim Donleon, speaking at the summit. “Katrina was the worst of all. Then three weeks later, our second worst event of all time, Hurricane Rita, visited the southwest corner of our state.”

Hurricane Katrina resulted in a combined $41 billion in insured losses in all states it affected, which in addition to Louisiana and Mississippi included Alabama, Florida, Georgia and Tennessee. Out of the more than 1.7 million Hurricane Katrina insurance claims filed, around 56 percent were in Louisiana, 29 percent were in Mississippi, according to the Insurance Information Institute.

Combined, Hurricanes Katrina and Rita accounted for $29 billion in insured losses in Louisiana alone — $25.5 billion in insured losses from Katrina, $3.5 billion in insured losses from Rita. Those figures exclude flood losses.

A total of 930,000 claims were filed in the state resulting from the two storms — 725,000 from Katrina and 205,000 from Rita.

Before the dual 2005 hurricanes, the largest insured loss in Louisiana was from Hurricane Andrew in 1992, which prior to Katrina had been the source of the largest catastrophe loss in the United States. Louisiana suffered one-half billion dollars in insured losses from Andrew.

Katrina was “devastating not only to Louisiana policyholders, but the insurance industry too. I don’t think they expected something this severe. But they stood up and did a great job in Louisiana to maintain the marketplace,” Piazza said in a presentation at the summit.



Probably would be better if we just nationalized big property insurance kinda like what we are going to do in the health industry. Not fair that companies devise a way to turn a profit over covering risk that you don't want. Of course if we just nationalize housing then we won't need big insurance for property.
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Re: U.S. Politics

21 Apr 2017 15:31

Why can't he just STFU if he is ignorant about something, like most things..clown.

Trump's recount of the convo was: "... Korea actually used to be a part of China."

It's not clear whether the historically inaccurate statement was a quote from Xi Jingping or Trump misunderstood him, but South Koreans are not happy about the statement calling it : "ignorant remarks."


https://www.aol.com/article/news/2017/04/21/president-trump-enrages-south-korea-with-remark-during-interview/22049324/
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Re: U.S. Politics

21 Apr 2017 15:40

Adolf says, "Earlier this week, Trump declared that "no administration has accomplished more in the first 90 days."

Lie-the truth below.

http://www.denverpost.com/2017/04/20/fact-checker-donald-trump-administration-success

There were 76 bills signed into law under Roosevelt in the first 100 days, compared with 28 (with a week to go) under Trump.


and millions voted illegally and trump tower was wiretapped by Obama and crowds at the inauguration and a whole bunch of other BS...blah, blah..the guy is delusional like my demented mother in law..

pathetic..ignorant, arrogant, out of touch..

http://www.salon.com/2017/04/21/president-trumps-glorious-first-100-days-more-frightening-or-more-pathetic
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21 Apr 2017 15:45

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Re: U.S. Politics

21 Apr 2017 16:38

someone is sure spooled up today.

Weird how South Korea is all up in arms about a comment but paid no never mind to the invasion by putin.
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Re: U.S. Politics

21 Apr 2017 16:44

Semper Fidelis wrote:someone is sure spooled up today.

Weird how South Korea is all up in arms about a comment but paid no never mind to the invasion by putin.


...cause Putin is real sneaky like....

Cheers
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Re: U.S. Politics

21 Apr 2017 16:46

blutto wrote:
Semper Fidelis wrote:someone is sure spooled up today.

Weird how South Korea is all up in arms about a comment but paid no never mind to the invasion by putin.


...cause Putin is real sneaky like....

Cheers

Stay Frosty

Catch back up with everyone after the weekend. Road trip time.
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Re: U.S. Politics

21 Apr 2017 16:56

Semper Fidelis wrote:someone is sure spooled up today.

Weird how South Korea is all up in arms about a comment but paid no never mind to the invasion by putin.


...hey we're talkin' insurance.....insurance is just plain fighting words....everybody knows that !....

Cheers
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Re: U.S. Politics

21 Apr 2017 17:00

Scott SoCal wrote:
Dan2016 wrote:
I've just asked Goggle again and he's confused...is this not home insurance for natural flooding? It's coastal flood insurance that's relevant here, as per Counterpunch above, not any other type of flooding...

http://www.ucsusa.org/sites/default/files/legacy/assets/documents/global_warming/Overwhelming-Risk-Full-Report.pdf (2013 report)

In the face of increasingly unmanageable risks, many private insurers have left the coastal insurance market. The National Flood Insurance Program (NFIP) is now practically the sole provider of flood insurance for home owners and small businesses nationwide. To ensure widespread coverage against flooding and storm damages at an affordable cost, the federal government and many state governments have established taxpayer-backed subsidized insurance options.


And, cut from the conclusion, it sounds problematic (or ''breaking down'' to coin the phrase)...

The National Flood Insurance Program is already more than $20 billion in the red because of its flawed structure of rates, risks, and incentives, and is becoming more financially compromised due to an uptick in extreme weather events...


So most homeowners (hazard insurance) policies in the US specifically exclude Flood as a specific cause of loss. NFIP is in fact part of FEMA... which is part of the Federal Gubmint. NFIP doesn't differentiate between coastal flooding and a clogged storm drain if there's a loss. They do rate differently for risk. There's no such thing as "coastal flood insurance" or "Mississippi River Delta flood insurance." There's just flood insurance that covers a specific cause of loss.

If NFIP is $20 billion in the red, so what? Congress will allocate more money and, voila, problem solved.


Ah okay got ya, my mistake...it's not part of the standard, it's a separate. It's just flood insurance, full stop. T'anks for the details.

Perhaps a slightly strict reading of Counterpunch, it just mentioned the home insurance market related to flooding (not that it really matters, and I had no idea either way) but in any case it was of course a wider point they were making...

...$20bn in the red: I can't tell if you're being serious about the ''just chuck more money at it'' school of economics, but the authors of that long and very detailed report on the problem, and other insurance experts, don't agree...

Professor Omri Ben-Shahar, an expert on insurance law at the University of Chicago, argues in an article in Forbes magazine that government subsidies mean that flood policies are being sold at bargain prices.

He says the system is hard to justify, with middle-class taxpayers living inland having to subsidise mostly upper-income owners of coastal homes.

“Government-provided insurance made sure that premiums were low enough to sustain ongoing development and a massive relocation of population to regions which, we now know, are borderline inhabitable,” says Ben-Shahar.

“Intended as a disaster relief programme, the federal flood insurance scheme is really a land development policy.”


http://www.climatechangenews.com/2016/05/25/top-insurer-urges-us-to-stop-subsidising-climate-risk-homes/
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21 Apr 2017 17:06

Ok OK ok.

I'm just walking out the door to get in my sled and head back to the Crescent city.

But since this is a very sensitive subject - Flood Insurance.

Scott is right on this one.

Believe what you want try all you want. Ask my sister who lost everything on the Mississippi gulf coast about flood insurance. She got 0 not a dime. Paid premiums on the family business since the 60's and the house. All gone due to ????? water flood ....storm surge. Not one penny.

Ask my mother in NO who lost it all from the ground up. Ask my aunt my entire family lost homes and businesses due to a flood. They paid for so called flood insurance and there is really no such animal.

Stay Frosty
Last edited by Semper Fidelis on 21 Apr 2017 17:08, edited 1 time in total.
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Re: U.S. Politics

21 Apr 2017 17:07

blutto wrote:
Semper Fidelis wrote:someone is sure spooled up today.

Weird how South Korea is all up in arms about a comment but paid no never mind to the invasion by putin.


...hey we're talkin' insurance.....insurance is just plain fighting words....everybody knows that !....

Cheers


This insurance stuff is gonna turn in to class warfare, leftie vs rightie...it's dead serious stuff man
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Re: U.S. Politics

21 Apr 2017 17:08

Dan2016 wrote:
blutto wrote:
Semper Fidelis wrote:someone is sure spooled up today.

Weird how South Korea is all up in arms about a comment but paid no never mind to the invasion by putin.


...hey we're talkin' insurance.....insurance is just plain fighting words....everybody knows that !....

Cheers


This insurance stuff is gonna turn in to class warfare, leftie vs rightie...it's serious man

aggression will not stand man.
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Re:

21 Apr 2017 17:09

Semper Fidelis wrote:Ok OK ok.

I'm just walking out the door to get in my sled and head back to the Crescent city.

But since this is a very sensitive subject - Flood Insurance.

Scott is right on this one.

Believe what you want try all you want. Ask my sister who lost everything on the Mississippi gulf coast about flood insurance. She got 0 not a dime. Paid premiums on the family business since the 60's and the house. All gone due to ????? water flood ....storm surge. Not one penny.

Ask my mother in NO who lost it all from the ground up. Ask my aunt my entire family lost homes and businesses due to a flood. They paid for so called flood insurance and there is really no such animal.

Stay Frosty


Take off, eh.
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Re: U.S. Politics

21 Apr 2017 17:11

Dan2016 wrote:
blutto wrote:
Semper Fidelis wrote:someone is sure spooled up today.

Weird how South Korea is all up in arms about a comment but paid no never mind to the invasion by putin.


...hey we're talkin' insurance.....insurance is just plain fighting words....everybody knows that !....

Cheers


This insurance stuff is gonna turn in to class warfare, leftie vs rightie...it's dead serious stuff man


....damn straight... empires have come crashing down fighting over this kinda stuff...

Cheers
Last edited by blutto on 21 Apr 2017 17:47, edited 2 times in total.
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Re:

21 Apr 2017 17:11

Semper Fidelis wrote:Ok OK ok.

I'm just walking out the door to get in my sled and head back to the Crescent city.

But since this is a very sensitive subject - Flood Insurance.

Scott is right on this one.

Believe what you want try all you want. Ask my sister who lost everything on the Mississippi gulf coast about flood insurance. She got 0 not a dime. Paid premiums on the family business since the 60's and the house. All gone due to ????? water flood ....storm surge. Not one penny.

Ask my mother in NO who lost it all from the ground up. Ask my aunt my entire family lost homes and businesses due to a flood. They paid for so called flood insurance and there is really no such animal.

Stay Frosty


Jeezus, that's terrible, sorry to hear that. Bastards for not paying out, I mean the insurance companies/government are bastards.
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Re: U.S. Politics

21 Apr 2017 17:16

Dan2016 wrote:
blutto wrote:....the latest Roaming Charges...

Both Iran and North Korea have digested the core lesson of Libya, which is once you relinquish your most powerful weapons you’re dead. Qaddafi submitted to the demands of the West, turned over his aging stockpile of WMDs and promptly lost his country and then his head. Now Libya is the hottest marketplace in the world for the slave trade and Kim Jong-un is racing to install nuclear bombs on ICBMs. Well done, Hillary.


“Strategic patience” has become the new trigger phrase for generating neocon outrage. Trump’s inner circle of warmongers utter the phrase with the same acidic contempt that they once reserved for “nuance,” as if having the patience to develop a strategy to avoid nuclear annihilation is somehow an indicator of political spinelessness.

This kind of uber-male strutting was on full-display this week when Mike Pence went to the DMZ to stare down the North Koreans checking out the vice president a few dozen yards away. In his stentorian drone, Pence said they’d tried everything to deal with the intransigent North Koreans and were running out of non-military options—everything, it seems, but talking to them.

“The United States of America will always seek peace but under President Trump, the shield stands guard and the sword stands ready,” fumed Pence, using empurpled language he seems to have cribbed from the awful remake of Ben-Hur. The tougher Pence talks, the more ridiculous he sounds.

Pence’s trip to South Korea also gave rise to speculation over why the vice president took his wife to what has been called the most dangerous strip of land in the world, the DMZ. Was he using Karen as a human shield or did he need to be in her presence in order to have a private consultation with the country’s recently ousted president Park Geun-hye?


Human shield...definitely human shield


I think he just likes fcuking. missionary position, of course
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Re: U.S. Politics

21 Apr 2017 17:46

patricknd wrote:
Dan2016 wrote:
blutto wrote:....the latest Roaming Charges...

Both Iran and North Korea have digested the core lesson of Libya, which is once you relinquish your most powerful weapons you’re dead. Qaddafi submitted to the demands of the West, turned over his aging stockpile of WMDs and promptly lost his country and then his head. Now Libya is the hottest marketplace in the world for the slave trade and Kim Jong-un is racing to install nuclear bombs on ICBMs. Well done, Hillary.


“Strategic patience” has become the new trigger phrase for generating neocon outrage. Trump’s inner circle of warmongers utter the phrase with the same acidic contempt that they once reserved for “nuance,” as if having the patience to develop a strategy to avoid nuclear annihilation is somehow an indicator of political spinelessness.

This kind of uber-male strutting was on full-display this week when Mike Pence went to the DMZ to stare down the North Koreans checking out the vice president a few dozen yards away. In his stentorian drone, Pence said they’d tried everything to deal with the intransigent North Koreans and were running out of non-military options—everything, it seems, but talking to them.

“The United States of America will always seek peace but under President Trump, the shield stands guard and the sword stands ready,” fumed Pence, using empurpled language he seems to have cribbed from the awful remake of Ben-Hur. The tougher Pence talks, the more ridiculous he sounds.

Pence’s trip to South Korea also gave rise to speculation over why the vice president took his wife to what has been called the most dangerous strip of land in the world, the DMZ. Was he using Karen as a human shield or did he need to be in her presence in order to have a private consultation with the country’s recently ousted president Park Geun-hye?


Human shield...definitely human shield


I think he just likes fcuking. missionary position, of course


...or maybe dual use...fcukee and human shield....would save lots of tax payer dollars which always plays well with conservative voters back home....

...just sayin eh....

Cheers
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Re: U.S. Politics

21 Apr 2017 18:23

Dan2016 wrote:

Ah okay got ya, my mistake...it's not part of the standard, it's a separate. It's just flood insurance, full stop. T'anks for the details.

Perhaps a slightly strict reading of Counterpunch, it just mentioned the home insurance market related to flooding (not that it really matters, and I had no idea either way) but in any case it was of course a wider point they were making...

...$20bn in the red: I can't tell if you're being serious about the ''just chuck more money at it'' school of economics, but the authors of that long and very detailed report on the problem, and other insurance experts, don't agree...

Professor Omri Ben-Shahar, an expert on insurance law at the University of Chicago, argues in an article in Forbes magazine that government subsidies mean that flood policies are being sold at bargain prices.

He says the system is hard to justify, with middle-class taxpayers living inland having to subsidise mostly upper-income owners of coastal homes.

“Government-provided insurance made sure that premiums were low enough to sustain ongoing development and a massive relocation of population to regions which, we now know, are borderline inhabitable,” says Ben-Shahar.

“Intended as a disaster relief programme, the federal flood insurance scheme is really a land development policy.”


http://www.climatechangenews.com/2016/05/25/top-insurer-urges-us-to-stop-subsidising-climate-risk-homes/


The good professor's is argument is nonsense. NFIP policies are designed based on actuarial science. If you live in a flood plane then your risk is higher which means your premium is higher. If you live beachfront in Newport Beach, California then you will pay a big number for (at least) three reasons: 1) proximity to water, 2) probability of a loss and, 3) cost to reconstruct the structure.

The flood policy for a coastal front home will likely be very pricey and usually mandatory if there's a lender involved.

Details if you are interested can be found here;

https://www.fema.gov/elevation-certificate


''just chuck more money at it''


It's what we do with every other Federal program.
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