Blog: Ilyce Glink Show Notes - Atlanta Flood Special, September 27, 2009
Added September 27, 2009 by Ilyce R. Glink
Summary: Ilyce Glink Show Notes - Georgia Flood and Insurance Claims Secrets. Russell Longcore was a live guest on the show. We had a full hour of information about flood insurance, including Russell's 7 Myths of Flood Insurance. Highlights of the 7 Myths of Flood Insurance are below.
Atlanta Flood, Georgia Flood, Insurance Claims Secrets
Ilyce Glink Show Notes - September 27, 2009
Russell Longcore joined us today on the show to discuss the 7 Myths of Flood Insurance and to discuss how to best get your claims paid. This show will be podcasted by Tuesday, so look for it. Click AUDIO to find it.
Here's a brief rundown of the 7 Myths of Flood Insurance
Myth #1: Homeowners, renters, and business property insurance policies cover flood damage.
Myth #2: Only homeowners and business owners can buy flood insurance.
Myth #3: You can’t buy flood insurance if you are in a high-risk zone.
Myth #4: You can’t buy flood insurance if you’ve been flooded before.
Myth #5: You can’t buy flood insurance immediately before or during a flood.
Myth #6: If you live in an area that is not a flood zone, you don’t need flood insurance.
Myth #7: FEMA disaster assistance will pay for flood damage.
FloodSmart.gov is the Federal Government's Flood Insurance Website
To get the full story on flood insurance, go to floodsmart.gov, which is the Federal Government's Flood Insurance website.
If you're on Twitter and want to stay on top of what's going on with the Georgia 500-year Flood, or local Atlanta Flooding, search #atlflood. You can also follow @atlflood for updates.
Bank of America First Mortgage and Home Equity response to the Georgia Floods
In response to the floods that recently impacted areas in Georgia, Bank of America has activated the Customer Disaster Response Program (DRP), which includes specific First Mortgage and Home Equity offers among other Bank of America supported benefits.
The Disaster Response Program is designed to provide financial assistance to customers and associates who sustain losses as a result of a community or statewide disaster.
First Mortgage Special Offer:
20 percent down only on conventional loans up to a million dollars.
Waived lender fees.
Expedited loan processing.
Customers may take advantage of the program through 12/28/09.
The counties impacted are: Bartow, Carroll, Catoosa, Chattooga, Cherokee, Cobb, Coweta, DeKalb, Douglas, Fulton, Gwinnett, Heard, Newton, Paulding, Rockdale, Stephens and Walker.
Loans are subject to credit approval and normal credit standards apply. Hazard insurance is required and flood insurance where necessary. These offers cannot be used in combination with other offers, and other restrictions may apply.
Thanks to Kennesaw, Ga.-based Bank of America Vice President Mike D. Rose for passing this along.
I will keep posting additional flood information here. Please leave your questions and comments and we will try to respond in the time we have.
See more articles on this topic by clicking on the "RELATED ARTICLES" above and to the right.
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Additional Topics
(View All Topics)HUD consumer advice estate planning flood insurance homeowners insurance ilyce glink insurance personal finance advice real estate advice rental property
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Comments
Tracey says
Question: Hello, This is a water/flood insurance question..I just missed chance to call in while Russell was on your show. I live on a 22-acre spring-fed lake in Dunwoody. Our lot is about 30-feet above lake level with a fairly steep bank down to the water. We have a staircase, dock and a low retaining wall on that bank. The excessive water last week caused the bank to erode and slide about 10 feet down towards the lake, taking the stairs with it, which landed on and sunk the dock. The retaining wall crumbled, as well. Our neighbors on both sides have the same story and damage on their banks. Two 50' large trees actually slid down the bank in vertical position...so they're still standing, only know they're at lake level vs at the edge of the bank where they were. Two questions: 1) State Farm assured me this is flood damage. However, when I specified the 'mudslide' nature of the incident, they told me it was not covered by flood insurance, and looked at earthquake coverage as an option...then came back to tell me they actually don't sell a policy to cover such 'earth movement'. Do you know how to get coverage for this? I assume someone covers this and the lake lanier community has to have some experience with this? 2) If a tree falls on any part of our house or "dwelling extensions", which would inlclude our stairs and dock, homeowners insurance does cover it. Since 2 trees "fell" vertically by sliding down the hill vs. "falling over", is there any chance this could be looked as a homeowners claim? Much thanks...I enjoy your show. Tracey
Russell D. Longcoe says
Hello Tracey- sorry I was unable to talk with you today on the air. However, your question is somewhat complicated albeit fascinating. I would like to look at photos of your damage before offering an opinion on coverage. Is there a chance that you could take digital photos and send them to me by email attachment? My email address is: russlongcore@bellsouth.net As far as earth movement coverage, I'll do some research to find an underwriter for you. Best to you, Russ Longcore
Russell D. Longcore says
Earthquake insurance can be found at: http://www.insurehome.net/earthquake-insurance.htm?status=IH-G-Earthquake-1 good luck!
DMASJL says
There may be some very broad statements being made regarding the effect reporting claims have on insurance in the future. Typically, a claim made against a flood policy which is underwritten by the NFIP will NOT impact policies written by the private market. Also, think twice before hiring a public adjuster (PA). If the true cost to repair damage covered under a homeowners policy is say $10,000, and a PA charges 10% to adjust your claim with the insurance company, plus you have a $1000 deductible, you are now $2000 short of being able to pay for the repairs. Why not give the insurance company a chance first, see if you can get the repairs completed for what they have allowed (remember your deductible), then hire a PA if there is a difference and contract with the PA for a percentage of only the difference between what the insurance was already allowing, and what the PA was able to negotiate.
Ilyce says
@DMASJL: Thanks for your comments. I do agree it's best to give the insurance company a chance first to see if they give you what you need. Because you have to pay a public adjuster (PA), your advice to wait until you see what's being offered and then to pay them based on the difference is helpful. Thanks for taking the time to write.
Joseph says
Listening to Boortz this morning, Clark Howard, very versed in Insurance, stated Flood Insurance would not have been Available to anybody out of a federally designated flood plain, and even then, is not made Available under Georgia Law. The Mayor of Austell, just now, stated he needs to clean up 700 houses in his Jurisdiction, the streets are filling with waste, to Disease Issues, but has insufficient equipment, etc.. The Governor has also just stated that Georgia does not have the Funds to repair infrastructure, to reduced Revenues, but "will find it somewhere"... I said this was going to be the worst thing that happened here, for equivalency, on this link there is a link to Minneapolis newspaper from September 30, 1926, which destroyed all South Florida: worse than Hurricane Andrew did. I was in Miami, making a Delivery, two weeks earlier. Haven't been back since. Consequently, (to detail my question) these houses that have been Foreclosed on, Owned by Banks, without Insurance, I refer back to the Mayor of Austell, for a friend, Chris, and his wife Aleta, who had telephoned me and needed simply any place to sleep: if they were already in financial trouble, whom will help, and will these houses become a problem of the State's? http://www.hurricanecity.com/city/miami.htm
jenn@thinkglink.com says
The podcast is now up! Click on Radio/Podcasts on the green bar at the top of the page.