Most of us in this part of the woods either dealt with flooding this spring-summer or we helped someone who was. Then, there is this “lucky” family (or families–the article does not say):
In Wilkinson County, Miss., a home has been flooded 34 times since 1978.
Extraordinary as the damage may be, even more extraordinary is that an insurer has paid claims every time, required no flood proofing, never raised premiums after a claim and vowed to continue insuring the house. Forever.
The home’s value is $69,900. Yet the total insurance payments are nearly 10 times that: $663,000.
It’s no surprise that the insurer faces huge financial problems.
The insurer? The federal government.
“If this were a private insurer, it would be bankrupt,” said Robert Hartwig, president of the Insurance Information Institute, an industry think tank.
Please, read the entire article and consider whatever legal actions you might be able to personally take to ensure that this type of financial insanity does not continue.