Disaster Mortgage Protection insurance pays your monthly mortgage, reimburses your structural deductible, and can help pay off your mortgage balance in the event of a hurricane, flood or other disaster. The insurance usually applies to home or condo owners whose dwellings are deemed uninhabitable. Under certain policies, up to $250,000 of the mortgage loan balance is paid off if your home becomes permanently uninhabitable due to condemnation or movement of the land on which the property exists. Condemnation is the legal process by which the government takes private land for public use, paying the owners a fair price.
On January 11, 2006, The Bring New Orleans Back Commission, appointed by Mayor Ray Nagin, released its initial recommendation that suggested a four-month moratorium on new building permits in areas heavily flooded by Hurricane Katrina. The recommendation could become part of a blueprint for rebuilding New Orleans. The Urban Land Institute had previously made preliminary recommendations to abandon some of the city's lowest-lying areas saying it would be unsafe to rebuild those sections of New Orleans where flooding reached rooftops.
Furthermore, in the New Orleans area, there are fourteen sites identified by the U.S. Environmental Protection agency that warrant concern. These include the following:
- End of Nicosia Lane in Poydras, St. Bernard Parish;
- Corinne Dr. between E. Judge Perez and Ohio St., Meraux;
- Valor Dr. and Kings Dr., Chalmette;
- Ransom Dr. and Leeds St;
- Bonita Dr. and Leeds St;
- Gentilly Rd. and Darby;
- N. Villiere and Poland Ave;
- St. Ferdinand and N. Rocheblave;
- Higgins Blvd and Press St;
- Feleciana and Pleasure St;
- Vermillion Blvd. and Prentiss Ave;
- Wickfield Dr. and Rapides Dr;
- Intracoastal Dr. and Industrial Canal; and
- 33rd and Fleur de Lis Dr.
Considering some parts of the New Orleans area may have lingering environmental problems, lack adequate levee protection and preliminary recommendations to abandon some of the city's lowest-lying areas, you should carefully review your Disaster Mortgage policy and comply with its terms to preserve your rights under the policy.
If you have been affected by Hurricane Katrina and have Disaster Mortgage Protection policy with ACE American Insurance Company, ACE Insurance Company, ACE INA, CIGNA or any other insurance company, use or online form for a free evaluation of your Hurricane Katrina insurance claim . There is no cost and no obligation. Let Lavis Law Firm get you the money you deserve. Submit your case evaluation today. If you prefer, you may contact us at 504-834-4000 or toll free 1-866-558-9151.
