Fitch Ratings has said that hurricane Harvey is unlikely to result in any ratings downgrades of property/casualty re/insurers as the storm is expected to be an earnings event, and while the insured loss is likely to fall within insurers' retentions, the storm could wipe out the National Flood Insurance Program's (NFIP) reinsurance program. At that stage, the city of Houston was forecasted to receive between one and two feet of rain.
Hurricane Harvey pummeled the Houston area with an unprecedented 4 feet of rain, making it the most extreme rain event in USA history.
With FEMA saying an estimated 450,000 people are possibly eligible for federal flood assistance, those affected can also go to DisasterAssistance.gov where they can apply online to seek help. The most important thing is for these victims is to look at the types of policies you have - potentially homeowner's, flood and a windstorm policy - and notify all your agents.
The industry has long argued it can not afford to pay for the extensive and expensive damage that come with severe floods. But because of New York's size, that amounts to more than 560,000 people - greater than the number of people living in flood zones in Tampa Bay.
Democrats have said they would not go along with any Republican attempts to offset Harvey relief funding.
Abbott said homeowners should not worry about filing claims before the new law takes effect Friday. FEMA estimates there are more than 65,000 flood policies in MA. And even then, areas must be part of a FEMA-funded restudy or the community in question has to provide new information to FEMA.
Some Texans forced out of their homes by Hurricane Harvey may soon return and start thinking about rebuilding. According to FEMA, more than 20 percent of claims are paid out to people who don't live in high-risk flood zones, and the percentage of such payouts would be higher if more homeowners had flood insurance. Chuck Schumer called on federal lawmakers to renew the national flood insurance program, which is set expire September 30, saying that, without it, flood-prone communities like Long Beach could be in jeopardy. Officials believe the change could end up saving some residents thousands of dollars in flood insurance. - As Harvey made its third landfall in Texas, the cost of damages to homes is rising. The goal will be to quickly make repairs to get people back in their homes, he said. That is a false and risky message to send. Also, work with your insurance company or the Better Business Bureau to find reputable contractors before attempting to fix anything. The struggle between life and death continues in south Texas, but the vagaries and uncertainties regarding flood insurance for homeowners, and the costs associated with it, will continue to play out for months and years to come.