posted on Sep, 4 2005 @ 01:00 AM
The estimates of Insured losses I have seen is around 20-25 billion with the total losses around 40 billion, but those are just speculative figures.
What I found shocking is that 60% of the people in the areas hardest hit by flooding lack flood insurance. By some quirk, FEMA redrew flood boundries
in palo Alto and we were on the fringe of it by 1 block
and its like a 100 year flood zone. SO our mortgage company made us get flood insurance
that costs almost as much as our regular homeowners. 650 for our house 600 for flood. I wonder why in a city that is below sea level, the mortgage
lenders did not require it? Ours refused to approve the loan if we did not buy it.
Also, Banks will take a hit as people declare bankrupcy because of job/home/business losses and all those mortgages and credit card debt will never be