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The importance of having flooding insurance

The importance of having flooding insurance”

The federally-funded program, which is part of FEMA, is the only protection against flooding that most homeowners and businesses can hope to get, since private policies typically only cover the wind damage that's associated with hurricanes, but not flood damage.

Eighty percent of the homeowners affected by Hurricane Harvey don't have flood insurance. But lawmakers worry about angering homeowners who are required to buy flood insurance, and that expensive policies would only discourage other people from buying them.

More detailed information on personal and commercial insurance losses will emerge in following weeks to unveil the full impact of Hurricane Harvey, however, based on early estimates, S&P echoes other analysts' prediction that the catastrophe will likely be an earnings event rather than a capital event for broader and more diversified property/casualty (P/C) re/insurers.

It's a lesson learned the hard way by metro Atlanta residents in 2009, when floods proved devastating in communities like Austell and Powder Springs in Cobb County.

Kulda says the reason that flooding covered under homeowners insurance goes back several decades.

And Congress is now on the clock to reauthorize the program when it's slated to expire on September 30. Hurricane Katrina was the costliest natural disaster in the USA history causing $15 billion in flood insurance losses. Congress created the NFIP in 1968 in response to the rising cost of taxpayer-funded disaster relief for flood victims and the increasing amount of damage caused by floods.

But FEMA's help is a poor substitute for flood insurance: The grants, meant to help residents rebuild homes and cover hotel stays until permanent housing is available, are capped at $33,300.

Until 2005 the premiums collected under the program pretty much covered the cost of claims paid.

Perhaps by coming up with new and better ways to insure against severe floods, we can do more about the weather than just talk about it. "If you live in a low-risk zone, flood insurance is about $500 a year", said McChristian.

And Congress is widely expected to approve billions of dollars in additional aid.

The waiting period might be shorter - around 10 to 14 days - if you buy private flood insurance. Well-meaning but drenched in perverse incentives, they are complicit in the horrifying destruction now racking the Texas gulf coast.

"Nothing like this has happened before in Houston". She spent Sunday sitting with her husband on the stairs watching water seep into their home. Critics have said the programme provides a misguided tax subsidy to coastal and river valley property owners, encouraging development in flood-prone, often environmentally sensitive areas such as wetlands. Her employer has already reached out to offer a low-priced loan. It's the country's energy hub, and it has thrived thanks to the shale gas boom. "These people are in a situation that no one wants to find themselves in".



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