Ahhhhhhhhhhh...the new comments make me smile more.

You now are touching on where the attorneys jump in.  Did you know that
calculations for determining the amount of flood insurance coverage for
condos is different on various FEMA websites? (Or it was in March through
May of this year!) Our research group spent much time trying to find the
right way -- dug through a lot of FEMA instructions for insurance agents
versus homeowners versus others.  And let me tell you this -- the opinion on
how to correctly calculate it varies between all the supervisory agents also
(FDIC, OTS, OCC....)

And yes for homeowners here's some variances out there between mortgage
companies right now:

The FEMA regulations say that the deductible should be 1% or $1000 -- yet
mortgage companies allow much more because insurance agents charge it --why
--save the home owner money!

FHA, VA, Fannie Mae, Freddie Mac and I could name five large national
lenders but won't all have different requirements or interpretations for
flood insurance coverage requirements and also for exceptions --which then
cause problems if you house really floods --remember must keep records if
the kind friendly lender made an exception to save you money.

All say to deduct the land value but some say from the appraised value and
some say from the estimated replacement value of the home AND some lenders
say just use the same value as the hazard insurance company (which does not
match FEMA regs.).

So as with Katrina and all the other storms to come use the 20/80 rule for
personal records management for both rental and homeowners insurance on the
home and contents. That means if at least the next 20 people spread the
word, we will hit 80 more in no time!  Keep all those policies, document
conversations, get confirmations in writing or such, if lenders are making
exceptions for your sake have them document and put in writing --if they
won't bet your bippy that it is NOT for your well and good.  Double check
the policies, riders, and endorsements for all the insurance that you
purchase.  Make sure it is the right property address, legal address, start
date. Mom's hazard was for a property address 515 instead of 505. Keep
accurate records of payments.  And regrettably just like a business if these
are real important and dependent on state laws either scan them or send to
storage outside your risk area with other important papers you may one day
need.

And now we have come full circle....Vacuum seal them so water won't get
them.

Tim Barnard said it beautifully in an email to me today: As we should be
learning being in records management, we hope that disaster never happens,
but plan for when it does.  No matter where you live, you're subject to SOME
weather-related problem.

So all this discussion of personal records shows we need to treat them like
we were a business and really protect our self and those big old assets.

Have a fun evening and an even better tomorrow.  Just waiting for rain to
start and praying it doesn't.

Carolyn in Houston

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