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    Do know that when you buy federal flood Insurance that you most be cognoscente of the type of Insurance you have on your property and condense

    Flood Insurance is RVI.  If you do not have RVI on your home you will not receive the Replace Value, only up to the total amount for which you have you purchased from your home insurance carrier and if you did not by RVI on your content it is not covered at all.


    I have a relative that owns a $350,000 home, built in 1965, on Long Island who is in the situation.  The most he can collect is $300,000 on the home and contents combined.


    His total loss will exceed $500,600.


    If you are so situated, change your coverage, WBMS

    +2  Views: 633 Answers: 2 Posted: 11 years ago

    2 Answers

    The government is also providing money to people who have lost everything in this latest storm. Have him look into it. They may cover what his insurance is not covering. 

    Jack Large

    From what I understand FEMA is giving $500 debit cards to be used to find a place to live temporally and for food, medicine, etc. like it did in New Orleans

    One of the big oil companies has sent large tankers of home heating oil and gasoline into NY, CN and NJ that is being given free to those in need. Five gallons of gas and 100 gallons of heatin oil at a time.
    Colleen

    Moderator
    There are a lot of big companies donating money for those in need, Capitol One for example. He needs to really check into what may be available. There's a lot of money out there right now he may be entitled to.
    Jack Large

    Thanks Colleen, but me thinks there is an income limit on free stuff.

    Where he lives on Long Island is one of the most effluent areas of the County

    He can well afford to cover his loss.

    He a smart guy, I'm surprised he did not know enough to buy RVI.

    I'll bet he is glad his big boat in in Florida and that he changes Insurance Agents. ;)

    This is a very good point to raise, Jack.


    Many people don't realize that they need 


    the replacement value coverage until it's


    too late.



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