Katrina homeowner grants set to arrive - The Clarion-Ledger: "The amount homeowners receive will depend on how much insurance they had and the amount of damage they sustained. 'In essence, what we're doing is turning their regular insurance policy into a flood insurance policy,' MDA spokesman Scott Hamilton said."
Uh.. A flood insurance policy that doesn't cover contents, 'luxury items', or anything deemed to be 'cosmetic' repairs, that is.
"Originally, MDA expected about 30,000 applications based on FEMA data, Hamilton said. Later data lowered the estimate to about 20,000. Hamilton speculated fewer people might have applied because they already recovered from Katrina or might get too little money to justify accepting the requirements."
"The first of about 16,000 applicants whose homes were damaged or destroyed by Hurricane Katrina should begin receiving federal homeowner grants by the end of the month."
3 comments:
The key line here is "Hamilton speculated fewer people might have applied because they had already recovered from Katrina or might get too little money to justify accepting the requirements."
Right, because taking a second mortgage over 25 years and paying through the nose, all for 15000 dollars that you have to put towards specific causes, sounds so appealing now doesn't it?
I like that idea of the coverage for any type of damage rather than having to determine whether it was wind, flood, tidal surge, hurricane, blah blah blah.
As for the 397 percent increase...of course he cant support it, and shouldn't without putting his life on the line.
As for the numbers they are quoting...well it's late and my synpases have slowed, but it would be interesting to compare past payouts based on something like Camille, and then see why they never put an all peril coverage in before. Not only that, but if this was an unprecedented disaster, requiring more money than ever could have been expected, wouldn't ya think they would have been stockpiling from years past when nothing happened. I don't know, it just all sounds so freakin fishy to me,
Anita after I read this I was left with doubt about all of it being there to assist the homeowner. And to state that many more will refuse the money because it may be too small an amount for a person to justify tying their property up with all the "strings". My questions are, Who will get the help? and "Where will all the left over money from the dropouts go?
I am still praying like crazy that it happens for you to fix your home.
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