Floods in two states cause significant damage and loss of life
Both Texas and Oklahoma have been inundated with rain this month, which is somewhat unseasonable for both of these states. Severe rainstorms have caused a massive amount of flooding in both states, leading to damage to thousands of homes and vehicles and even the loss of life. Insurance adjusters have been deployed to these states in order to assess the damage caused by floods. For many homeowners, damage caused by floods will not be covered by their insurance policies, as these policies do not offer flood protection.
As many of 4,000 properties in Houston alone may have been affected by severe flooding
An estimated 19 people have lost their lives to the flooding in both Texas and Oklahoma. Property damage has been reported as being significant and widespread, but insurers are not sure of the exact extent of the damage as they are still assessing disaster areas. In Houston, Texas, an estimated 1,4000 properties have been damaged by floods. Houston Mayor Annise Parker believes that as many as 4,000 properties have been damaged, however, due to the far reach of the floods in the area.
Those lacking flood insurance may be in some trouble
Homeowners may run into complications when filing claims for their damaged property. Conventional homeowners insurance policies do not offer flood protection. Without flood insurance coverage, homeowners are exposed to losses that are related to flooding disasters. The only place for homeowners to find this coverage is through the National Flood Insurance Program. Those in high-risk areas are required to have flood insurance coverage, but others are not.
Those affected by flooding disaster urged to contact their insurance provider
The financial impact of these floods is not yet clear. Insurers will continue to assess the damage caused by these disasters in order to understand the scope of damage. Those without flood insurance coverage are being encouraged to contact their insurer in order to evaluate their options. Without the appropriate coverage, homeowners could face a troubling financial situation that may place them under a significant degree of stress.