There is currently an interesting discussion on Fox News on the taxpayers responsibility to assist with rebuilding in wildfire zones. Why should my tax dollars pay for someone else to rebuild their house when it is burned by wildfires? When I buy a car I purchase insurance. When I bought my house I bought insurance. Using tax money to help these homeowners is not right.
Would it have something to do with the insurance companies not being able to cover such a great loss? Should our taxpayer dollars go to bailing out companies that cannot cover their debts?
I was watching the news last night, can't remember which channel, but it was talking about how this was just a minor blip in the insurance company's profits. I'll see if I can find it later, I'm sure it will be on one of their websites. Taxpayer money should not be used to bail out the insurance companies. They have the money to cover it.
http://www.cbsnews.com/stories/2007/10/26/eveningnews/main3416827.shtml Here we go......................that was it.
Much like the rebuilding after a Hurricane on the NC Coast... The news was all over about the beach front homes being rebuilt (Bigger & Bigger) right on the water.
exactly what i was thinking, except in new orleans.... complete morons if you ask me. i would NEVER insure someone who lost everything who lives in a wildfire zone or 15 feet below sea level ON THE COAST
Homeowners shouldn't have a problem getting their insurance companies to pay for wildfire damage. Of course, because of this, we're going to hear soon about how the insurance companies are paying on these policies without much battle...compared to the problems in NO....because they are a high-concentration of rich white folks, and not poor minorities. Part of the problems in NO, were: Folks refused to pay for flood coverage, and now they want their homeowner and wind policies to pay for a house that was washed away by flooding. It doesn't work that way. Folks didn't take the steps they could have that would have saved some of the damage on some of their properties. The insurance companies consider that when paying claims. There is nothing an individual can do to prevent a wildfire from damaging or destroying their home. They pay much higher premiums and if it gets burned, the insurance company pays to rebuild. Also, in California, homes have full Replacement Cost Coverage. And it's figured on a special formula that takes into consideration current construction costs in California due to the over-inflated real estate there.
