The vast majority of homeowners in the area devastated by Hurricane Harvey lack flood insurance, leaving many who escaped the storm with little financial help to rebuild their homes and lives.
“I wish I had flood insurance now,” lamented Leroy Moore, a 58-year-old whose home in Northeast Houston filled with water. He cancelled his flood policy when it grew too expensive. He and his wife were rescued from the rising waters on Sunday by National Guard troops and are now sleeping in a church. “When it's a choice to make between things and life, sometimes you've just got to let the things go and hang on to life.”
Regular home insurance covers wind damage but not flooding. Homeowners have to purchase separate flood insurance policies from the government-run National Flood Insurance Program, which will end in late September unless Congress renews it. In Texas, the average cost for a NFIP plan is $500 a year, but it can rise to more than $2,000 for homes inside a floodplain.
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Doesn't matter, when the companies can claim bankruptcy or just not pay you out right...
ReplyDeleteThis is sad that is the percentage. The only thing is that the people collecting and donating money to build it back up with the state and federal government funds is cheated so bad by some of the builders and suppliers and do take advantage of these poor people. Seen it to many times from other Hurricanes. Should have a watchdog committee to handle the money and payouts.
ReplyDeleteLess and less of OC is now in the flood zone demanding flood insurance and some people are so thankful because they don't have the high payment but I think it is a good way for insurance company to get out of paying out big sums of money that is 100% certain.
ReplyDelete