Febrero 20, 2018

Check If You Need Flood Insurance

03 Setiembre 2017, 01:49 | Dolorita Barahona

Getty Images

Getty Images

Friends and family may have photos as well, from holiday celebrations or other occasions at your home. He says he can't afford it.

"There are no teeth in FEMA or the NFIP to whack you over the head if you, the consumer, don't renew your flood policy", he said.

"England, France, Belgium have flood insurance". "But it's also a awful potential second disaster because so numerous people are not going to be insured".

"Hurricane Harvey is the latest example of why we must act swiftly in reauthorizing and reforming our National Flood Insurance Program", Rubio said in a statement. This will help lift the burden off of property owners for determining their own flood risks, and will give more flexibility to the NFIP and private insurers to offer rates that accurately reflect the risk that a property faces.

A Texas Department of Insurance report from this year showed a 1,400-percent increase in the number of hail- and windstorm-related claims between 2012 and 2015. It is not clear if the cost of policies is preventing locals, who are generally less well off than those in the cities, from taking out insurance. "But it's still a loan". The cost is considerable: about $1,800 a year in premiums for the two houses combined.

People in those areas and near them have complained for years that the premiums are too high, though they would be much higher still if not subsidized by the federal government. It would be unfair to drop the program at the drop of a hat, for the homeowners who already live in such areas.

Such grants are capped at $30,000.

No matter how much a home is worth, the most a policy will pay to rebuild or fix it is $250,000. Just wasn't really given the right information. They're not to bring your home back to pre-disaster conditions. "So we need to rethink the total risk map for areas like this", he says.

Harvey also took an unexpected course.

That also could make it less worthwhile to pursue cases in court against insurers, he said.

Earlier this year, Texas passed HB 1774, a tort reform bill created to target insurance abuse surrounding hailstorms. The NFIP's data determining which zones are flood zones can be years, or even decades, out of date (pdf, p. 3).

"That is all fine and good", said Jimi Grande, senior vice president of government affairs for the National Association of Mutual Insurance Companies. As FEMA explains, "it takes 30 days after you purchase flood insurance for it to go into effect". Adding to the trauma and stress following a national disaster can be confusion over insurance policies and how to begin the recovery process.

Copyright 2017 NPR. To see more, visit The Federal Flood Risk Management Standard was just such a prudent measure, a reasonable precaution to limit damages from future Harveys. That's not a final count. Typical homeowner's policies don't cover flood damage at all, Hunter said. NPR's Jim Zarroli has more.

Mark Hanna, spokesman for the Insurance Council of Texas, said the law's opponents are spreading misinformation.

"It's pretty heartbreaking. Just come home, see all this". And given that this is very much a flood event, that's going to be problematic for lots of people.

Most of the Houston area falls outside those most vulnerable zones, and many homeowners who aren't forced to have coverage have made a decision to do without.

Miami Republican Rep. Ileana Ros-Lehtinen, who represents low-lying areas of downtown Miami and Miami Beach, urged a flood insurance solution that doesn't disproportionately affect coastal residents. "I don't care where I am: I'm getting flood insurance". I can't afford a thousand dollars a month.

ZARROLI: For people without flood insurance, there are a few options. The group estimates that buying many of these homes would cost less than the government spends in rebuilding them over and over. "But there will be interest, and then you have your mortgage". That same day, meteorologists had upgraded Harvey from a tropical depression to a full-blown hurricane, and the news would only get worse.

However, Hanna said people have plenty of time to file claims.

"Excess flood insurance" is additional coverage you can buy from private insurers on top of an NFIP policy.

The U.S. program that provides nearly all homeowners' flood insurance could face up to $9 billion in claims from Hurricane Harvey, an amount that would exhaust the funding of the federal program that provides the coverage.

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