As Harvey continues dumping rain upon the Houston space, greater than half of the houses and companies are in “excessive” or “average” danger of flooding — which aren’t required to hold flood insurance coverage.
The forty eight % who’re in “Excessive” or “Very Excessive” danger areas are required to hold flood insurance coverage, however provided that they’ve a federally backed mortgage.
A catastrophe modeler with Enki Analysis stated it’s possible that lower than a 3rd of the anticipated losses can be insured; potential injury estimates to date vary upward of $10 billion.
“If it was a standard hurricane it might be a $2 billion storm, perhaps $three billion, however that isn’t what this storm is about,” stated Chuck Watson.
The Nationwide Flood Insurance coverage Program covers insurance policies provided by way of personal insurers and doesn’t cowl every part that flood waters might injury. Contents and constructing protection are separate protection.
Illinois has had greater than four,four hundred flood “occasions” from 1996 via February; Texas had greater than eleven,600 in the identical time-frame.