Assessing insurance post disaster damage

Several boats in Santa Cruz Harbor got loose and are crashed around in the waves during Friday's tsunami warning.

March 11, 2011 7:24:03 PM PST
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As in any natural misfortune after the initial response, the next phase is assessing damage and replacing what was destroyed. A lot of people will have insurance questions, especially those who are in Santa Cruz.

When you see all the destruction you can't help but wonder who is going to pay for that. We are fortunate in California that we didn't get hit harder, because very few coastal residences are insurance against tsunami damage.

"Tsunami, any sort of damage is a result of rising water is a flood insurance policy, which you have to remember is separate from a homeowners insurance policy," Tully Lehman from the Insurance Information Network said. "In all of California, there are only about 270,000 flood insurance policies in force so not many people have flood insurance."

The boats we have seen bashing about, most boats are insured and would be covered for any damage and attempted the costs of raising a sunken boat. Many also have liability policies so damage caused by the boat would be covered as well.