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There is another important issue here, though. It's very likely that many of the people in the area had no idea they weren't covered.
Have you ever read your homeowners policy? What a pain in the ass. There ought to be some regulations that the policy's coverage be described in plain low-reading-level english in two pages or less. It should also be a requirement that any exclusions are highlighted. So many policies are written as to what they DO cover, as opposed to what they DON'T. This should be turned around and the insurance company should have to tell you of any likely risks that aren't covered. And I can't imagine a more likely risk than flood for property at low elevations in a flood zone.
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