Why are they naming blizzards now?

[catjac1975]

I thought it both quaint and annoying that they began naming blizzards as they do hurricanes. Thus, we in the Northeast experienced experienced Nemo. Know why???? Check you home owner insurance policy. A named storm gives you a $8000-$10000 deductible. A regular storm gives you a low deductible, a thousand or so. How did the insurance companies get the weather bureau to agree to this?

 

[Jared77]

Lobbyists is my guess.

I would think that the insurance companies would argue it and not want them to name storms so they didn't have to pay as much.

 

[897tgigvib]

Cat, what other business can get the government to make it against the law NOT to purchase their product?

It is against the law to own a house without insurance, or a business? against the law to drive without insurance?

and um, they do it by having the masses agree with it! Like it is really dumb to have a different idea about it. So, does not surprise me that for some reason, it might be really dumb for a person to think in a few years that those deductibles for named storms aren't a really great idea too...

sorry, coming from an ole neanderthal who thinks the idea of insurance is really weird in the first place. Insurance is a legalized form of protection racket, that's all it is. Insurance folks who make money sitting down pushing paper around...

Doesn't surprise me at all Cat. In fact, count on it, there will be more up their sleeves.

 

[Chickie'sMomaInNH]

i know in NH you don't need to buy insurance on your home if you own it outright. only one of our 2 homes has insurance and that is because the other is mortgaged and that is required by the bank while you are paying them. sort of the same thing with cars. but you wouldn't want to get into an accident in NH if you don't have car insurance, they take away your license or have you pay a hefty fine just to get it back. the only reason the house we're in right now doesn't have insurance is the Ins Co won't put it on our policy till we do some more updating-no back deck but a steep drop down if you were to walk out the kitchen door! that is next summer's project if we have the $$.

Marshall, you summed up my feelings about the insurance industry very well.

 

[catjac1975]

I think you only need to buy home insurance if you have a mortgage. As terrible as hurricane Katrina was, why did people living in a bowl not have flood insurance? I am on a river, in the 500 year flood plain, and have relatively cheap Flood ins. because my risk is very low. In fact FEMA wrote us a letter saying we did not need flood insurance, my bank said we did not need to carry it. However it buys me a lot of peace of mind. Someone I know was flooded, got free FEMA money for repairs without flood insurance, and is now upset because her bank is requiring flood insurance.

 

[catjac1975]

The homeowners deductible for a named storm is 8-10 thousand. The lower 1000 deductible is for smaller storms. They only pay for the repairs above the deductible.

Lobbyists is my guess.

I would think that the insurance companies would argue it and not want them to name storms so they didn't have to pay as much.

 

[baymule]

Move to Texas. We have named hurricanes and deductibles are the same no matter what. My deductible is 1% of the insured amount on my home. Also, any money spent on securing your home from further damage is 100% refundable. So when hurricane Ike dropped a massive oak tree on our home, the money we spent getting the tree cut off, tarps, plastic, was figured in on the deductible and we were given full credit for it. I ain't no rocket scientist, but it shore sounds like to this backwoods redneck, ya'll are gittin screwed. :/

 

[Jared77]

Ah gotcha sorry for the confusion on my part.