Iowans... my heart goes out...

This guy was better off then many in the area. Did the pics show up?
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Yep.....been there done that! I didn't know it at the time but my house was built in the 50's on what was called a floating slab. It was an experiment in pre-stressed concrete....no footings or foundation! I didn't have a clue until the flood of 2001. The river current got under the slab and created a sink hole in the sand. My house broke in two. The house was stucco over block. The slab broke and fell into the sink hole. After the county inspected my house they condemned it.....duh! I had two options. Walk away and watch my credit go down the crapper or go heavy into debit and rebuild. I was fortunate I had flood insurance on top of home owners insurance. The insurance provided for recovery of lost personal property and the flood insurance covered bulldozing the old house and providing a down payment for the new construction. I'm glad we rebuilt but I sure miss my old house payment!

I was fortunate. A lot of the folks that you're seeing on tv don't have a prayer of getting any financial help. A lot of these people just don't qualify for flood insurance and a standard home owners policy doesn't pay out. What these people need is the government to claim it was a 500 year flood rather than 100 year flood. As I understand it, and don't quote me, but I was told policy is written that if it's declared a 500 year flood the government is required to offer low rate federal loans to help these people out.

Ed L.
 
Hey Ed -

I'm curious. Why didn't the flood insurance and regular homeowners insurance cover your total loss? Being in a "non floodable" area, when I hear flood insurance and homeowners insurance I would lthink everythign would be covered. was it not replacement insurance?

I'm curious Ed, nothing more.

To all those affected by the recent flooding, my thoughts and prayers go out to you and your families and friends. If there is anything I can do, please let me know.

Mark W
 
Mark, Having gone through a flood you lean a great deal about your insurance in a big hurry. And like the old saying goes, " You find out how good your insurance is only when you need it!"

Most home owners will not cover flooding unless you have a flood rider. Most flood riders only cover about $5000. Floods arn't covered but sewer back up is....... The list goes on.... LOTS OF FINE PRINT!

Jeff
 
Mark,

Jeff's right about that. The coverage I had coverd the miniumn % the bank required. Federal flood insurance which I was required to have because I had a mortgage paid out a flat $20,000. These guys (contractors) know there buisness. After paying to demo the old house I was left with exactly 10% of $95,000 which was the low bid to rebuild. I was fortunate (at least I keep telling myself that) that the bank let me carry the balance owed from the initial mortgage on a second mortgage. My house payment tripled. It was very hard the first few years but it's gotten easier and I'm glad we rebuilt. Once you live on the river it gets in your blood. It's very hard to leave.

Ed L.
 
WOW!!! Like he says it puts life in prespective i guess , at least few were injured the other stuff can and will be replaced with time , life cannot be replaced . Be stong all in the affected areas and our prayers are with you here in New England .




Dave M
 
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