Harvey insured loss within insurers' retentions but could erode NFIP's reinsurance program

Harvey insured loss within insurers' retentions but could erode NFIP's reinsurance program

Harvey insured loss within insurers' retentions but could erode NFIP's reinsurance program

"The new law will not apply to most claims or lawsuits arising from Harvey, because most of the policyholders' claims will be for damage caused by flooding", Texans for Lawsuit Reform, which supports the new law, said in a statement.

Celebrate excellence in insurance. The storm could cost the area about $42 billion, up from an earlier estimate of $24 billion Sunday, according to Chuck Watson, a disaster modeler with Enki Research.

"Texas is a wakeup call", Robert Norberg, president of the Independent Insurance Agents of Palm Beach County said. Be sure to write down your claim number and keep receipts for any immediate repairs you need to make to secure your home along with any living expenses you incur. Here is a look at Harvey's possible price-tag and who will foot the bill.

Almost two decades before the storm's historic assault on homes and businesses along the Gulf Coast of Texas this week, the National Wildlife Federation released a groundbreaking report about the United States government's dysfunctional flood insurance program, demonstrating how it was making catastrophes worse by encouraging Americans to build and rebuild in flood-prone areas.

"Flood insurance is going to be more expensive in high-risk areas such as New Orleans, or the areas that would be affected by it", Farmer said.

Hurricane insurance may seem like something you don't really need... until you do.

Only 15 to 20 percent of Corpus Christi and Houston homeowners are insured for flooding, according to a state insurance group.

Flood damage is most often not covered in someone's homeowners or renters insurance policy, only through a separate flood insurance policy.

A new law aimed at cracking down on frivolous insurance lawsuits, set to take effect this Friday, may have negative consequences for victims of Hurricane Harvey.

"While the NFIP is in desperate need of improvements - from protecting homeowners from outrageous premiums and storm victims from fraud and abuse - the program can not be allowed to lapse, because then tens of thousands of New Yorkers and millions of Americans would be in jeopardy", said Senate Democratic leader Charles E. Schumer of NY.

HUNTER: You end up with a low-interest loan.

Those without flood insurance are limited to private charities and aid from the Federal Emergency Management Agency (FEMA).

Bowman has already been out in the field surveying damage. He says his house is covered for fire and other hazards but not flooding. They are still looking at other issues including whether temporary locations for schools will be needed, Long said.

Many policies severely restrict how much money you'll get to replace your possession, and limit or even exclude some common household items from your policy.

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