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Article: Wind v. water: debate rages on
- Article from:
- Lawyers USA
- Article date:
- March 12, 2007
- Author:
CopyrightCopyright 2007 Lawyers USA. Provided by ProQuest LLC. (Hide copyright information)
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While the insurance industry boasts that it has paid 95 percent of
the property claims stemming from Hurricane Katrina, billions of
dollars of claims still hang in the balance as the courts determine
whether hurricane insurance covers the damage caused by floodwaters.
This "wind v. water" debate centers on the fact that most
homeowners insurance covers wind damage, but not flooding. Insurers
say that if homeowners wanted flood insurance, they had to get it
from the Federal Emergency Management Agency (FEMA). But many
homeowners say they never obtained flood insurance because they
believed that their hurricane coverage would include water damage
caused by a storm.
Insurers have taken a hard ...