Here's a No Brainer...

[Damocles]

http://www.breitbart.com/article.php?id=D8SFMQU80&show_article=1

WASHINGTON (AP) - President Bush stepped up federal engagement in the California wildfire emergency Wednesday, signing a major disaster declaration that funnels money to people whose property losses aren't covered by insurance.
Bush said he wants the people of Southern California to hear a message loud and clear from Washington.

"Americans all across this land care deeply about them," the president said after a Cabinet meeting convened to coordinate federal efforts. "We're concerned about their safety. We're concerned about their property."

Bush had already declared a federal emergency on Tuesday for seven California counties, triggering short-term federal help. On Wednesday, responding to a late-night request from Gov. Arnold Schwarzenegger, Bush went a step further and issued the broader major disaster declaration.

More at link...

 

[uscitizen]

Buying votes.
If you don't have insurance you run your own risks.

 

[Robdawg]

exactly my thoughts us why do they need federal money, if they have insurance on their house why do they need money?

 

[uscitizen]

Rob, Cause it is election time coming up and the Republicans are behind.

 

[Cancel 2016.2]

exactly my thoughts us why do they need federal money, if they have insurance on their house why do they need money?

Depends on the value of your home. If your mortgage is $500k and the home value dips below it, the insurance will typically only pay the current value estimate. So if the value dips to say $450k, then it could lead to someone just abandoning the home and letting the banks eat the mortgages via foreclosure. I think this is yet another stop gap for all the owners of interest only loans. If they do not have equity in their homes and would end up with less than the value of their mortgage, then they will likely walk away and let the foreclosure happen.

 

[Chapdog]

having worked in the insurance industry and for a company that had some liability to the Katrina disaster i can a sure you that if your smart. you can get a full payout from the insurance company. Do you due-diligence before submitting your claim. read the insurance documents fine print.

 

[Chapdog]

Depends on the value of your home. If your mortgage is $500k and the home value dips below it, the insurance will typically only pay the current value estimate. So if the value dips to say $450k, then it could lead to someone just abandoning the home and letting the banks eat the mortgages via foreclosure. I think this is yet another stop gap for all the owners of interest only loans. If they do not have equity in their homes and would end up with less than the value of their mortgage, then they will likely walk away and let the foreclosure happen.

only a numskull would not have full replacement value insurance. also for the ridiculously cheap cost only a numnutz wouldn't also have an umbrella policy.

 

[uscitizen]

Depends on the value of your home. If your mortgage is $500k and the home value dips below it, the insurance will typically only pay the current value estimate. So if the value dips to say $450k, then it could lead to someone just abandoning the home and letting the banks eat the mortgages via foreclosure. I think this is yet another stop gap for all the owners of interest only loans. If they do not have equity in their homes and would end up with less than the value of their mortgage, then they will likely walk away and let the foreclosure happen.

Well that is the risks both on the owners and mortgage companies part.
Personal responsibility ring a bell ?