Flood Crisis shows the need for mandatory flood insurance

[CrazyZ]

Pakistan financial system is unsophisticated with outdated public notions of finance. One area that's screaming out at me is the need for a more developed insurance system in the country. Devastating floods occur once a decade. This longer time span should allow for private sector insurance companies to provide assistance to those that need it using matured investments. Any thoughts?

 

[Maula Jatt]

Our people/buisnesses just can't get enough of real estate

All our money one way or another just lands in real estate business

Stock market and Insurance are 2 areas where we desperately need investments in

And ofcourse increasing our savings rate (but that's more complicated due to depreciating currency)

 

[AZADPAKISTAN2009]

Insurance companies normally do not cover stupid acts of government to not build dams
They have clauses against flood payments

 

[CrazyZ]

Insurance companies normally do not cover stupid acts of government to not build dams
They have clauses against flood payments

It can be a government scheme. Monthly insurance payments from millions can be used to fund Dam construction. Insurance companies are large investors in developed countries. Warren Buffets primary funding source to build his massive portfolio was using insurance payments. He is one of the richest men in the world. Pakistan needs to develop its local financial industry.....instead of heading abroad for loans for every little thing.

 

[AZADPAKISTAN2009]

No it is just stupid people in upper tier not making dam on time last 70 year insurance companies don't cover flood

Flood is a every 4-5 year event

 

[El Sidd]

Pakistan financial system is unsophisticated with outdated public notions of finance. One area that's screaming out at me is the need for a more developed insurance system in the country. Devastating floods occur once a decade. This longer time span should allow for private sector insurance companies to provide assistance to those that need it using matured investments. Any thoughts?

Pakistan's building code is primitive and infrastructure is non existent. To pile on, the penal code is utter joke and judicial system prone to subversion and lawmaking marred by lethargic bureaucracy from the 1860s.

 

[CrazyZ]

Pakistan's building code is primitive and infrastructure is non existent. To pile on, the penal code is utter joke and judicial system prone to subversion and lawmaking marred by lethargic bureaucracy from the 1860s.

What does all that have to do with insurance?

 

[El Sidd]

What does all that have to do with insurance?

How do you think the business of insurance works?

 

[libida]

Pakistan financial system is unsophisticated with outdated public notions of finance. One area that's screaming out at me is the need for a more developed insurance system in the country. Devastating floods occur once a decade. This longer time span should allow for private sector insurance companies to provide assistance to those that need it using matured investments. Any thoughts? homepage

I'm thinking of getting flood insurance. My basement got water in recent NorthEast Storms (around 1 ft) and I had to replace my hot water heater/boiler. Only interested in NFIP coverage for now. I'm in 'lowest' risk zone. I do expect to get some basement work done to reduce flooding risk, but that may not happen till the spring. 1) NFIP coverage seems to be up to 250K home/100K belongings. I'm not that concerned about the rest of the house getting water, it's mostly a basement issue. My basement is unfinished, what I'm primarily concerned about is brand new HVAC equipment (worth around 10K) and remediation costs. Do people recommend getting the highest amount of insurance possible, or enough to cover the 'at risk areas' + remediation costs + a cushion -- maybe around 100/25 ? 2) NFIP coverage should cost the same, irrespective of agent, right ? So I just have to pick an agent if my regular HO/Auto company doesn't sell flood ? 3) I know there's a 30 day waiting period. I assume NFIP insurance will cover any upgrades made to the basement after that time (the way regular HO does) ? Thanks !