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Wind -- fires and even blizzards damage estimates from hurricane sandy.
Are between thirty and fifty billion dollars and our next guest says that this is just the beginning.
Of the insurance nightmare for homeowners so what do you need to know about your insurance policy joining -- now from Las Vegas.
-- clearly -- Bob -- -- my friend Bob holly you.
Peter good and before we get in our guess is that one apologize to those people Fort Myers it was decided and I think appropriately.
By Fox News at that seven I was gonna do -- has been postponed we did send notice out by -- email.
Sometimes people don't get those emails because it goes and other worlds but.
Please apply apologize we will be doing it in the future.
Donna for -- but I think was appropriate that we cover this what you're going through it in that part of the.
Absolutely here on -- with -- -- wanna come one myself let me get first question let's get out Abbas.
-- -- by the property insurance what is the responsibility of the insurance company in dealing with you -- -- When you submit a claim -- irresponsibility Bob.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Put a claiming up to the insurance company that insurance company.
Is to deal with me in good faith I have to give them timely notice they have to respond back to -- to try to help me.
That is a contractual understanding between you and I.
The insurer in the ensure and that they don't act in good faith we need -- -- -- -- -- go to these state insurance department.
What you bring a -- -- it right.
Yet SEU and I know Katrina had thousands of lawsuits believe it or not that's still open pending.
In the Supreme Court down in the Louisiana where insurance companies denied coverage.
And -- -- for another ten years but the second question was -- we did win the floods yes flyers yes always is resolved.
If there are so called exclusions.
In the contract on those issues.
Most carriers don't cover -- flood insurance -- any specific.
Excluded because they wanna pay the claim and many carriers don't don't cover because of -- -- parts of the country.
There is federal coverage through FEMA that you could actually buy flood insurance the problem is going to be here Peter is that with the devastation you have experienced back east.
There's not even gonna be enough money there -- so ultimately what's going to happen if -- to see that taxpayers will have to absorb so much of this loss.
But what's important here to see a lot of litigation on win the issues -- it was it as a result of tidal wave.
-- the fires happened so I just want our viewers to know that when you contact these insurance companies that you pay premiums for -- year.
It's not -- necessarily be.
They'll they're gonna sit down and write a check -- Don't question the disputes that are gonna rise out of scenario.
Out of out of -- disputes on wind disputes about deductibles made me.
Deductibles are going to be some issues is going to be the causation issue as to.
Where did it come from.
What it comes down to Peter you and I know give his lawyers interpretation.
Of language by the courts got a lot of these cases are gonna be put in -- -- and judges are gonna have to interpret the language and Bob and I will usually is court and I can't have you all have made good to see we'll see you next and I but it could decide but he take care.
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