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".

Like this



31 August 2017
Hot Stock Overview: Annaly Capital Management, Inc. (NLY)
Following the completion of the purchase, the director now directly owns 13,500 shares of the company's stock, valued at $165,915. Aureus Asset Management Limited Liability holds 0.05% or 1,102 shares. 168 funds opened positions while 262 raised stakes.

31 August 2017
Capcom Is Re-Releasing Street Fighter 2 On A SNES Cartridge
For $100, you can preorder the limited edition cartridge right now, though it isn't expected to ship until November. The Product is sold "as is". "Nintendo of America is in no way associated with the release of this Product".

31 August 2017
Megyn Kelly Morning Show in 'Total Panic,' NBC Insiders Say
Officially, NBC is excited about the show which is will include a live audience in a specially built studio at 30 Rockefeller Plaza.

31 August 2017
New ASUS gaming laptop: GeForce GTX 1080 + 144Hz display
Asus also threw Radeon owners a bone with the ROG Strix XG35VQ gaming monitor. It has merely unveiled the gaming laptop at IFA 2017 today.

31 August 2017
Matic: United hope to show staying power
United are also one of only two teams - alongside newly-promoted Huddersfield Town - who are yet to concede a goal this season. Matic is a powerful midfielder who plays as an anchorman in the defensive midfield role.

31 August 2017
Hurricane Harvey forces Houston Astros to move games
The Houston Astros will play their series against the Texas Rangers at Tropicana Field in St. But MLB announced that it has not yet determined a location for the Mets-Astros series.

31 August 2017
Hallmark Capital Management Boosted Oracle (ORCL) Holding By $407170; CODE GREEN APPAREL
The average Wall Street analyst rating for Oracle Corporation is Strong Buy, according to the average of 27 analyst scores. We believe the company's growing cloud market share will continue to drive top-line growth for the foreseeable future.

31 August 2017
New Asus Laptops 2017: Luxury ZenBook laptops steal the show
The GTX 1050 is a decent upgrade on the performance side and saves power over the GTX 950 used before. Finally, Asus also announced a more traditional laptop: the incredibly thin and light VivoBook S14.

31 August 2017
Stocks Views And Recommendations: Hewlett Packard Enterprise Company (HPE), Sterling Bancorp (STL)
Of those insider trades, 0 shares of Hewlett Packard Enterprise Company were purchased and 2.03 million shares were sold. Hewlett Packard Enterprise Company earnings have declined with an annualized rate of 0% over the last 5 years.

31 August 2017
Bank Holiday heatwave to see temperatures soar to 29C
The forecast says: "With limited amounts of cloud, and light winds, it will turn very warm, perhaps hot in places". Bank Holiday Monday looks set to be the hottest day, with the best of the weather in the southern half of the UK.