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+--- Thread: Insurance ignoramus here, please help (/showthread.php?tid=21096)
Insurance ignoramus here, please help - MattKarma - 08-06-2019
Tsunami Insurance, how to buy
Near as I can tell, one buys "Flood Insurance" with lots of tiny,tiny print. When a natural disaster occurs i.e. Tsunami they then weasel out.
What is your experience with this, especially given that some of you probably had insurance that didn't cover the eruption.
Who would you buy from, how do you make them pay (if something happens, and they don't want to).
RE: Insurance ignoramus here, please help - kalakoa - 08-06-2019
Tsunami Insurance, how to buy
Retain a lawyer.
RE: Insurance ignoramus here, please help - MattKarma - 08-06-2019
quote:
Originally posted by kalakoa
Tsunami Insurance, how to buy
Retain a lawyer.
Any volunteers?
Does anyone know of anything that is simply "TSUNAMI INSURANCE" in big bold letters?
***Still can't figure out how to spell 'car' correctly***
RE: Insurance ignoramus here, please help - Carey - 08-06-2019
The best advice is to check with your carrier, as they should be able to guide you.
It is best to evaluate the pros and cons of purchasing flood insurance. Usually the cost of additional insurance and the probability of a natural disaster such as a tsunami are determining factors.
Flood policies are available through the National Flood Insurance Program (NFIP) which is administered by FEMA. For those who are interested in finding more about flood insurance, information can be found on FEMA’s website:
https://www.fema.gov/national-flood-insurance-program
RE: Insurance ignoramus here, please help - Peter Easterling - 08-07-2019
Thank you, Carey. Insurance policies can appear daunting but they are not deliberately printed in "tiny, tiny print." They will clearly state what is insured and will define covered causes of loss. There many reputable and knowledgeable insurance agencies in Hilo. I suggest you call one and discuss your needs.
RE: Insurance ignoramus here, please help - leilanidude - 08-07-2019
Based upon "knowledge learned" from the recent lava event, make sure that your carrier is licensed to do business in Hawaii. (not Lloyd's of London, for starters)
RE: Insurance ignoramus here, please help - terracore - 08-07-2019
Ask a mortgage broker for a list of insurance agents who offer tsunami insurance. Some properties require tsunami insurance or the underwriter won't finance it. If the company you are looking at isn't on the mortgage broker's list, don't use them. If it's not good enough for the bank financing the property there is a reason.
Similarly, we have hurricane insurance because the lender requires it. After Iselle we had some minor damage (fences, catchment cover, etc) and asked our agent if any of it was covered. The answer was NO, the (cheap) insurance we bought only covered the structure that the bank had financed. But at least I had an answer. More coverage was available at a higher price.
Try calling Karen Kline (mortgage broker) in Hilo.