prensaestatal.com
prensaestatal.com Setiembre 26, 2017


Karen Clarke puts Harvey insured loss at $15bn

03 Setiembre 2017, 01:57 | Dolorita Barahona

Volunteers rescue people from their flooded homes in Houston after Hurricane Harvey. The Washington Post The Washington Post Getty Images

Hurricane Harvey

FEMA flood maps determine the cost of these policies' premiums once homeowners purchase them.

Now nearly half a century old, the NFIP grew out of what was, at the time, a basic reality of the insurance business: Flooding risks were actuarially imponderable, so insuring against them was uneconomic for the private sector, especially in places such as the hurricane-prone Gulf of Mexico.

The other way that property owners may have coverage, of course, is through flood insurance, which is typically provided by the federal government. It also slammed FEMA for leaving the federal flood insurance program - called the National Flood Insurance Program at "risk for fraud, waste, abuse, or mismanagement". "They don't want to make the investment", he said, and they rationalize that a major flood is unlikely to happen to them. "It's a bit of a perverse incentive for people to live in high-risk areas".

The Blank Rome guidance notes that "Several different types of insurance policies may provide insurance for storm-related losses, but the most common are first-party property policies-including Commercial Property, Marine Property, and Marine Open Cargo, just to name a few-that protect a policyholder's place of operations and inventory and provide coverage for lost or damaged property". Their problems revealed widespread dysfunction within the system that makes flood insurance possible, as PBS brought to light in a report past year.

New preliminary data from CoreLogic, a property analytics firm, predicts that between $25 billion and $37 billion worth of flood loss has hit homes across southeast Texas and southwest Louisiana. In Spartz's home of Broward County, it's only 13 percent. In New Orleans, it's 46 percent. Texans have filed an estimated 100,000 windstorm damage claims and 100,000 auto insurance claims so far, according to Mark Hanna, a spokesman for the Insurance Council of Texas, a trade group that represents the state's insurers.

DeHart says anyone living in the Tennessee Valley area who is considering buying a flood insurance policy should probably consider this.

The Washington Post reported that President Donald Trump could seek an aid package from Congress as soon as next week.

"Homeowners without flood insurance are eligible for FEMA assistance", Goodman said.

"At a time like this you can't really worry about TVs, entertainment centers, things like that", Walsh said. In fact, it only just started working with insurance companies to offset potential losses, purchasing reinsurance for storm losses above $4 billion earlier this year, according to Bloomberg Intelligence. It's about consumer education. "There is not one moonshot solution to reducing flood risk", she said. It's about communities galvanizing around it.

The director of the National Flood Insurance Program acknowledges the drop in policies is alarming and says he hopes to double the number of policies sold in the near future.

In the last two months alone, floods have killed more than 1,000 people across India, southern Nepal and northern Bangladesh. Others who do have it often discover they are not covered for flooding. The grants can cover temporary housing, emergency home repairs, uninsured and under-insured personal property losses and medical, dental and funeral expenses caused by the disaster.

"We should have a reserve fund in this program so that when you have a disaster like Harvey or Katrina or Sandy, we have resources there to pay it". Congress could direct FEMA to help cities buy out homes that have flooded repeatedly. When the requirement is lifted, homeowners gamble or believe their home is no longer in danger. The Flood Insurance Market Parity Act will encourage the development of a private flood insurance market while giving states the right to regulate flood insurance. The looming deadline is making many lawmakers reconsider the system. He was lucky. The water only reached 10 feet from his door. He used about $16,000 from FEMA to pay for some repairs; he paid the rest himself.

"I was told, 'You'll never flood". "I don't care where I am: I'm getting flood insurance".

Our home was in a flood zone when we bought it in 1982, but we are now out of the zone.

It's useful in case there is undiscovered damage that comes to light later, he said.



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