Damages for homeowners from Tropical Storm Harvey could reach $30 billion to $35 billion, according to preliminary estimates. Only 40 percent of the final tally is expected to be covered by insurance, however, and most of that will be picked up by the federal government through the National Flood Insurance Program. Many people in flood-prone areas don't keep their coverage current, even in areas where it is mandatory. In Harris County, where Houston is, only 15 percent of homes are covered by flood insurance. "All these people taken out in boats, they have a second problem: They have no insurance," said Robert Hunter, director of insurance at the Consumer Federation of America. Source: The New York Times, The Associated Press |
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