[StBernard] Flood Insurance Questions

[Westley Annis]

Hi Lori,

To answer your first question, my response to Dean could apply to either
type of insurance.  I believe the point of Dean's question was to inquiry
about "depreciation" and I explained how as an appraiser I come up with the
depreciation factor - suggesting how insurance adjusters might arrive at it
as well.

To answer your second question...if an insurance policy you have is willing
to give you the maximum payout according to your level of coverage, then you
really can't do any better than that - regardless if the max coverage is
more or less than the cost to rebuild (or be bought out).  So, if you're
talking "flood insurance" here and the adjuster offers you the max coverage
pay out, by all means take it!

Then, you can speak with the adjuster of your "homeowners" insurance
policy - it could be the same person - and see what more you can get out of
them for damage to your home that was "wind" related - specifically not
caused by rising waters.  However, keep this in mind, if your flood
insurance paid you off for the maximum coverage on "personal property" and
that figure is enough to cover the replacement value of everything you lost
in your house,  I doubt if your homewoners policy will give you any more for
personal property.  They'll see it as your attempt to "double dip" on
personal property.  Although, I've heard there are some states that do allow
it, but I'm don't believe Louisiana is one of them.

Hope this helped,

John Scurich


----- Original Message -----
From: "Westley Annis" <westley at da-parish.com>
To: <stbernard at da-parish.com>
Sent: Tuesday, October 04, 2005 10:04 AM
Subject: Re: [StBernard] Flood Insurance Questions



> Not all emails sent through this list reflect

> the opinion of da-parish.com or Westley Annis

> -----------------------------------------------------

> Dear John Scurich,

>

> I have a question with regard to the info you gave Dean.  Were these

> answers given in regards to your flood policy or your homeowner's

> policy?  If the flood insurance adjuster wants to pay you the maximum

> amount on your policy, should you accept that?

>

> If anyone who reads this besides John knows the answer to my question,

> please email me at leboue234 at aol.com <mailto:leboue234 at aol.com>.

>

> God bless,

>

> Lori LeBouef

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