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03-24-2006, 08:09 AM
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#1 (permalink)
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Status: Senior Real Estate Forum Member
Join Date: Feb 2006
Posts: 139
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Provisions for Disaster Areas
Say you have a home that was seriously damaged in floods last year, either in New Orleans or South Florida. Both areas were declared disaster areas. Here’s what I’m wondering, are there any special provisions for claiming a loss since the home is located in a declared disaster area?
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03-28-2006, 05:12 PM
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#2 (permalink)
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Status: VIP Real Estate Forum Member
Join Date: Apr 2005
Posts: 1,124
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That is a great question. I would assume that there is some type of special insurance and/ or restrictions within a designated flood area?? In the Las Vegas real estate market where I work we do not have those kinds of problems!  |
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04-27-2006, 05:35 PM
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#3 (permalink)
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Status: VIP Real Estate Forum Member
Join Date: Apr 2005
Posts: 1,051
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Well, here in the Las Vegas real estate market we have flood zones, which would sort of be comparable. I think that you would need to check with your title company in order to get a real answer on this topic. I know that there are special types on insurance for owners within a flood area here in town, so I would have to assume that you would have the same type of circumstance for disaster areas there!
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05-09-2006, 05:49 PM
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#4 (permalink)
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Status: VIP Real Estate Forum Member
Join Date: Apr 2005
Posts: 1,003
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Great point Las Vegas Real Estate regarding the flood areas here in the Las Vegas home market. I would also have to assume that those disater areas offered some sort of inital insurance. The sad thing is, though, that many people in New Orleans did not necessarily own their homes, so it would have to have been up to the owners to purchase insurance. Great question though...I would love to hear the legal answer!
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08-18-2006, 07:59 AM
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#5 (permalink)
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Status: Administrator
Join Date: Apr 2005
Posts: 2,083
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Miami,
Did you ever get the answer you were looking for?
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07-14-2008, 07:26 AM
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#6 (permalink)
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Status: Junior Real Estate Forum Member
Join Date: May 2008
Posts: 14
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Re: Provisions for Disaster Areas
sorry i have no answer of this question but i want to share some point of view towards insurance that Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium. An insurer is a company selling the insurance. The insurance rate is a factor used to determine the amount, called the premium, to be charged for a certain amount of insurance coverage. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice.
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