Flood Insurance Puzzle

[igorblackbelt]

Hey guys,

I currently rent and had a water damaged on the apartment I live (2nd floor), the damage was caused by the washer machine that broke and over floated, causing some of the water to make to my neighbor's (1st floor) apartment.

I called the owner, he says he has flood insurance on the apartment, but I don't think that's going to cover the damages on the neighbor's apartment.

Should any other insurance cover this type of damage? If not, who should be paying for this? Any other thoughts on this?

Thanks!

[zinta]

Hai,

I am Zinta.

California Insurance Specialists provides competitive insurance for your valued assets by representing many top-ranked National and Regional insurance companies, which allows us to obtain the best price and policy to meet your individual needs. Just take a moment to complete the "FLOOD QUOTE REQUEST" request form. We will email and mail you a quotation within 24 hours.

Flood Quote Request
Floods are the most common natural disasters in the United States. In recent years floods have hit homes in all 50 states. There are no "safe" states. Between 20% and 25% of all flood insurance claims are paid to people living OUTSIDE a designated high risk area. Flood coverage is protection which all homeowners and renters should consider.

KNOW THESE FACTS:
* Flood damage is NOT covered under a standard homeowners policy
* It is not necessary to purchase the full replacement value of your home
* Contents can be covered by a flood policy
* Low risk areas are eligible for low-cost coverage
* Flood coverage does not go into effect until 30 days after application
* Rates are determined by the Government's National Flood Insurance Program and NOT by insurance companies or agents
* Coverage is available up to $250,000 on your home and $100,000 on contents

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[Syrus]

Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium. An insurer is a company selling the insurance.

[maxjlone]

Originally Posted by Syrus

Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium. An insurer is a company selling the insurance.

I completely agree with Syrus..I also think so that An insurer is a company selling the insurance.