Tony Morcam. U.S. Home insurance cont'd.
Oops! Sorry Tony, I forgot about flood insurance.
Some background info. We live in a community that is built around two golf courses and a forty acre lake, which in turn has access to two public lakes roughly 25 miles by 15 miles in size. Our lake has an unique lift system for residents boats to access the other lakes. Our lake is slightly over 10 feet above the main lakes, thus in the case of flooding water it would flow over its banks into the lower lakes 10 feet below. So, though our lake is around 15 feet from the back of our house, we do not have to carry flood insurance.
Now to "Sandy"...A large percentage of New Jersey's shoreline, Manhattan, plus Staten Island and other boroughs of N.Y.C., are only slightly a foot above flood level, and are what are called within 'a flood plain'.
Hurricane insurance (wind damage) is obtainable for a price to anyone. Obviously if one lived in the middle of the desert states of the U.S.A. it will be much cheaper than the same insurance on the East or West coasts which are subject to hurricanes. Water damage is a separate issue and the same rules apply.
We who live 15 feet from a lake do not have to carry flood insurance, remember my opening paragraph? It would be impossible, even with a Noah-like flood for us to accrue water damage, other than rain-fall which is a natural occurrence to hurricanes.
Sadly, the coast-line most effective by "Sandy" is in a designated flood plain. Most insurance companies do not offer flood coverage to a designated flood plain. Those who do, demand high premiums. It then becomes a crap-shoot (gamble)...it didn't happen -until last year- so it shouldn't happen for another 100 years...except it has to millions- plus to two of my wife's cousins. Once again - after repairing and refurbishing their basement recreation room and first floor living quarters - and not expecting a similar disaster for at least another 50 years or so - once again they are up S@#t Creek. (which by the way was in the state of Kansas).
Thus endeth the last lesson in U.S. house insurance.
Cheers, Rodney