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To: Jack Russell who wrote (25975)	9/3/2005 9:30:11 AM
From: Bucky Katt	Respond to of 48463

Since I didn't know much about flood insurance, and it is a hot topic currently, I did a little research. There are severe limit caps to start with, which surprised me. Homeowners with federal policies are eligible for up to $250,000 in building coverage and up to $100,000 on the contents of the home. That is a drop in the bucket so to speak with the home values of today. And evidently, having flood insurance is NOT a requirement for many mortgages in flood zones. New Orleans would be a V zone I guess. The flood exception in standard policies could be a major obstacle in rebuilding New Orleans, as many residents do not have federal flood insurance and would have to pay reconstruction costs out of their own pockets. The National Flood Insurance Program, which backs all flood insurance in the United States, has about 85,000 residential and commercial policies in Orleans Parish, home to the city, with a face value of $12.5 billion as of July 31. There are about 215,000 housing units in New Orleans alone, according to the 2000 U.S. Census. The numbers suggest that about 1 in 3 buildings is covered. "There hasn't been a flood in New Orleans in a long, long time," said Carolyn Gorman, vice president of the Insurance Information Institute, a trade group. "It's very tempting for a person to decide to wing it." About 4.5 million people currently hold flood insurance policies in more than 20,000 communities across the U.S. The NFIP awarded over $601 million in flood claims in 2003. Since 1969, the NFIP has paid $12.7 billion for flood insurance claims and related costs. floodsmart.com