How do you think this disaster will affect

[Evil_Frisky]

Homeowners insurance cost?

 

[Lestat]

nationally? not much effect.

Locally, not much effect either.

Hurriance insurance is usually an add-on to your home owners policy, much like Earthquake is here in California.. or Fire in many areas.

Hurricane/Flood insurance will cost a fortune, but other aspects of a home owners policy will likely remain unchanged.

What I want to know is if any insurance companys have to go bankrupt because of this.

 

[Evil_Frisky]

nationally? not much effect.

Locally, not much effect either.

Hurriance insurance is usually an add-on to your home owners policy, much like Earthquake is here in California.. or Fire in many areas.

Hurricane/Flood insurance will cost a fortune, but other aspects of a home owners policy will likely remain unchanged.

What I want to know is if any insurance companys have to go bankrupt because of this.

I know flood insurance is Federal mandated. I have huricane insurance with my homeowners.. her I don't even think theres and option otherwise.

However, will hurricane insurance cover the property that has been stolen, the cars that were ruined? I am guessing Auto Insurance will have to cover the automobiles and Homeowners will have to cover the stolen property?

I don't dabble much with insurance, I just make sure I pay my bill on time. LOL

 

[Razorguns]

Not much. The government bails them out eventually. Market corrects it.

We've had plenty of billion-dollar hurricaines and terrorist attacks over the years. Ins. companies are all still in business and still as competitive with each other as ever before.

 

[Evil_Frisky]

Not much. The government bails them out eventually. Market corrects it.

We've had plenty of billion-dollar hurricaines and terrorist attacks over the years. Ins. companies are all still in business and still as competitive with each other as ever before.

I don't know if the Gov't and the States are prepared for months of housing and supporting the near 500,000 people that this storm put on the streets. I know we've had Storms that were in the billions.. but the clean up was alot easier than this one.

NO won't ever be the same and I can imagine it will take years to get it completely cleaned.

 

[canadianhitman]

They'll have to bulldoze most of the structures down and build from scratch most likely. The rot and mold will be too significant to just do a 'patch job'.

 

[Razorguns]

I don't know if the Gov't and the States are prepared for months of housing and supporting the near 500,000 people that this storm put on the streets. I know we've had Storms that were in the billions.. but the clean up was alot easier than this one.

NO won't ever be the same and I can imagine it will take years to get it completely cleaned.

If they do decide to "rebuild" it. Which i doubt.

It's 3x more complicated to fix and rebuild damaged properties and infrastructure. Most of the stuff winds having to be replaced anyways. Plus there's stability issues with building new fuondations on damaged foundations.

It would be much easier for all involve to build new houses, plazes, buildings 10 miles from NO in a new undeveloped area. Start from scratch. As that new city gets populated, the new development can slowly start bulldozing into the previous NO city limits.

Rebuilding in the wasteland area would be problematic and honestly, would be difficult to find contractors willing to do such a tough job. Not w/o enormous renumeration. Which only adds cost.

Plus the capital in the further away city would retain higher property values than rebuilt houses in the storm area. Which would be great news for mortgage lenders.