Tamara wrote: "But immediate profit - low premiums *now* and let's hope
nothing happens later - is a fairly common policy when trying to sell a lot
of insurance. People (those who could afford to) paid what they were *asked*
to pay, in good faith."
BUT, and the biggest but in all this is that a hurricane is "An Act of God"
and many of the insurance policies these days don't pay out for an act of
God. If you live in an earthquake zone - you can be covered for theft, fire
etc, but not for any damage done by an earthquake. When we had the
ice-storm here in the Ottawa and Montreal area, much of the damage wasn't
covered by the insurance coverage - I know mine wasn't. Luckily the
government came up with a scheme and you could send in your invoices for
repairs and they covered, I seem to remember, about 80%. My damage was only
about $800, nothing like total loss of your home and all possessions.
I think this is probably the area where the insurance companies will be able
to wiggle. And you can be sure, that if they didn't have any specific
clauses in their before, they surely will have for future insurance policies
both for that area and for the rest of the US.
Malvary in Ottawa, where I'm off to lawn bowl in our last tournament of the
season.
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