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It looks like bad news for the staff at Hello Games. Apparently their insurance company won't cover the damage from the recent flood that wiped out their offices. 
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Insurance Won't Cover Game Studio Flood Damage
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Ashbringer
Supreme [H]ardness
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Pretty common for home insurance. Flood coverage is a separate policy. Sucks to get flooded without coverage
Sucks when your home is considered to be in a flood zone, and the bank demands you get flood insurance. Even though there never was or will never be a flood in my area. I live in Jersey where Sandy hit, and there was no flood. But because the whole state was hit hard the insurance companies here are flipping out. What's worse, the people that were flooded aren't getting any money.
Insurance companies are a waste of money.
D
Deleted member 88227
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South Mississippi has a similar problem with the aftermath of Hurricane Katrina that got a direct hit from Hurricane Katrina.
temujin987
[H]ard|Gawd
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exactly. insurance companies work like casinos: they are only profitable if more people lose than win. that is, on average you're better off without insurance. sure, what if something happens. well, what if nothing happens which is the more likely case. otherwise noone would take the risk to insure you.
Ocellaris
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I have flood insurance and live on top of of a hill. If I ever get to file a flood claim, it will be with Moses.
kcmastrpc
[H]ard|Gawd
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Common sense: Dirt cheap rent in a warehouse near a river = flood zone.
Yeah but, why shouldnt they? You got insurance to insure your shit, only to find out that you needed extra super duper cherry on top insurance for that one thing that it didnt cover? Wtf is that? I think a lot of people just arent expecting their insurance to be so selective about what it actually insures.
Ocellaris
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So you want people living in trailers and people living in mansions with millions if dollars in antiques to have the same policies that cover everything?
D
Deleted member 88227
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That's right. The only digression should be total property value which should reflect on the payments. IE: Someone who has a total property value (of everything) worth $2m shouldn't pay the same premiums as someone who has a total property value of $200k. However, no matter how the damage occurs it should be covered.
Quite common for insurance companies, anything that is considered high risk is usually a separate insurance. Flood damage in flood zones, earthquake damage in earthquake prone zones etc etc.
It kinda sucks and in general its quite clear that insurance usually are moot however they are usually required by any lender.
It kinda sucks and in general its quite clear that insurance usually are moot however they are usually required by any lender.
sure and lets make it a law and make it illegal not to have it
will call it Obamasurance
oh wait....
I didn't read beyond the graphic, but I suspect this company is in Austin TX. If so, then the flooding was very unusual. It's often hard to get flood insurance unless you're in an area where you can buy it from the government.
If it's elsewhere, then I'd have to read more than that, and I've never heard of the company, so my interest isn't that high
I didn't read beyond the graphic, but I suspect this company is in Austin TX. If so, then the flooding was very unusual. It's often hard to get flood insurance unless you're in an area where you can buy it from the government.
If it's elsewhere, then I'd have to read more than that, and I've never heard of the company, so my interest isn't that high
Rereading the graphic, it looks like they are in a floodzone, so they should have been eligible for flood insurance.....well that or the insurance company is lying and they just don't want to pay. Again, if it's in Austin, that flood was unusual. TX doens't get 12-18" of rain in a day very often. Hell, even NOLA doesn't have that happen that often (only once in the decade I was there). It wasn't pretty, and we had a levy and pumps.
Better double check that.
My buddy had Allstate, brought a brand new car home and paid his premium 6 months in advance.
Wind storm that night, tree fell over and totaled his car.
Allstate claimed act of god, refused his claim.
He took them to court, Allstate sent him a refund check in the mail and told the judge he was never covered to begin with.
My buddy got screwed out of a $30k car.
Remember, you're in good hands!
Spazturtle
[H]ard|Gawd
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Depends on the country, in most countries they do.
SuicidalGoat
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Even flood insurance isn't really flood insurance. (you read that correctly) Within this past year the area where I live got hit hard with rain and some unusual spots got flooded. Many people DID have flood insurance. But if you read the super duper fine print, it says the flood insurance only pays out if the water level reaches the 2nd story of the home.
as someone who is from (and my family still lives) on the Coast (South Mississippi), I can attest that the flood damage has been a nightmare for residents there. IIRC, State Farm and Allstate both had length court battles establishing that flood damage should be covered despite the policies (in addition to the insurance companies' malicious attempt to attribute things to water when they were wind damage and vice versa)
sfsuphysics
[H]F Junkie
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Lets not forget the general insurance that doesn't cover "acts of god" so basically saying if anything other than someone driving into your house, or you burning it down yourself then you're not covered
kcmastrpc
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nothing quite like leveraging a little Diety to screw someone over. Insurance is a fraud, I personally think it's awesome that our (US) government is mandating that we have it.
This is the cold, hard truth.
Just adjust the premium of the policy accordingly.
Please dont defend an organization who's sole purpose is to misdirect and confuse people into giving them unnecessary amounts of money, and then do everything possible to avoid paying out.
Sounds like Organizing For Action.
Flood insurance is simple. For a claim to work, there has to be damage to atleast one other property, and it must damage covered areas of the property. Illegally enclosed areas of a home do not count (converting a garage below the Base flood elevation to a living area for example).
Other than that, you get the money in a week or less after the adjuster comes. I know all all about South Mississippi, I lived in Pascagoula in a C flood zone when Katrina hit. We did not have flood insurance (wasn't needed - or so I thought) and got nothing for flood damage. The problem with State Farm, All State, and other insurance Co's during Katrina is they would blame everything on flood and nothing on Wind, causing massive loses to the NFIP fund.
Flood insurance is 400 a year in a low risk zone, and is generally 1200 - 2000 in a high risk zone. If you live in a high risk zone (1% chance), you are more likely to flood than burn down - also, if you live in a low risk zone, 25% of all claims come from those areas. Call your local community and ask if your area has flooded or how frequently it has happened, get informed, and than make a decision on your property.
One last time, a home policy DOES NOT cover flood damage (unless you have a wind policy and you lose your roof and get water damage that way, but that really isn't flooding, its getting rained on - and it sucks too (happened to my parent's home in Hurricane Fred in 84.
Other than that, you get the money in a week or less after the adjuster comes. I know all all about South Mississippi, I lived in Pascagoula in a C flood zone when Katrina hit. We did not have flood insurance (wasn't needed - or so I thought) and got nothing for flood damage. The problem with State Farm, All State, and other insurance Co's during Katrina is they would blame everything on flood and nothing on Wind, causing massive loses to the NFIP fund.
Flood insurance is 400 a year in a low risk zone, and is generally 1200 - 2000 in a high risk zone. If you live in a high risk zone (1% chance), you are more likely to flood than burn down - also, if you live in a low risk zone, 25% of all claims come from those areas. Call your local community and ask if your area has flooded or how frequently it has happened, get informed, and than make a decision on your property.
One last time, a home policy DOES NOT cover flood damage (unless you have a wind policy and you lose your roof and get water damage that way, but that really isn't flooding, its getting rained on - and it sucks too (happened to my parent's home in Hurricane Fred in 84.
If you get a survey and your land around your home is higher than the flood zone requirement, you can get a C-LOMA (Conditional -Letter of Map Amendment) and pay lower rates (400 per year), or none at all if you elect because you will be classified low risk. Engineer, Surveyor, or Architect that is state licensed can get the form and do the necessary survey for you.
Kalabalana
[H]ard|Gawd
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Well the real loss is prob all their work
I concur on that specific point. but, in that case, they are dumb if they didn't have an off-site backup plan.
Yep. You possess something of significant value? Protect it.
Well that's strange, because my auto insurance always covered acts of God. In fact, when I rented a car and a storm did exactly what you're describing, insurance covered it. There's got to be some special circumstances we're not aware of.
Yeah, no.
Building in a flood zone is stupid. Building in a flood zone and not getting flood insurance is going full retard.
I just make sure my insurance agent is an Atheist so there's no debate.
Pretty common for home insurance. Flood coverage is a separate policy. Sucks to get flooded without coverage
Same with Earthquake. In general: large-scale natural disasters that are predictable for your property are *NOT* covered by standard homeowners insurance.
I swear every time we finally decided it was time to get earthquake insurance on our house, a tiny earthquake happened within a day. Of course, after *ANY* measurable earthquake, they won't sell new insurance (in case it was really a precursor to a big earthquake.)
Finally got it a few years ago when we switched insurance providers. Thankfully, we're not in a flood zone. Ironically, our PROPERTY is, but the house itself is a good 50 ft. above the creek that is what declares the flood zone. And we have enough distance between the house and where the hill slopes down that we're in zero danger of landslide - unlike the neighbor to one side whose house is set so far back on the property, it's right on the hill. And no, there is exactly *ZERO* chance of that creek flooding our house - if that creek got enough water to flood our house, then every other creek/stream/river/etc in the metro area would be so flooded it would be something like a million-year-flood that would wipe out the whole city...