Tag: Texas flood insurance

Federal flood insurance program stuck on hold as Hurricane Harvey tallies climb

H. Cutner
Federal Flood Insurance - US Congress

Southeastern Texas was devastated by the storm, placing the focus back on NFIP and the GOP restructuring effort. The Federal flood insurance program is in limbo at the moment while Texans face catastrophe following Hurricane Harvey. The Republicans have been trying to restructure the National Flood Insurance Program (NFIP). Their goal has been to partially privatize it. NFIP is a subsidized program that costs taxpayers tens of billions in federal subsidies. The federal flood insurance program is facing an upcoming deadline of September 30. Unless Congress agrees to extend the…

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Hurricane Harvey damage to be among “top 10 most costly” for insurers, JPMorgan

Logan B.
hurricane harvey damage global insurance and reinsurance

The financial services company told its clients that the costs could be between $10 billion and $20 billion. JPMorgan informed its clients that the Hurricane Harvey damage left behind in Texas could be as high as $10 billion to $20 billion. This would place it among the “10 most costly” hurricanes to make landfall in the United States, said the company. The storm first struck Texas last weekend and was a Category 4 at the time, before being downgraded. Gradually, it wound itself down to tropical storm status, though it…

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Flood insurance tips for Texas homeowners

Julie Campbell
Flood Insurance and reinsurance

Benefiting from the coverage starts with purchasing it in the first place. The season for flooding has arrived, and homeowners in Texas are looking into flood insurance as they balance the dry summer of 2011 with the downpours of this year. Insurers are stressing the importance of preparedness and the right types of coverage. Homeowners in the state are being advised to take the time to understand the risks associated with flooding, and to discover tips that can help them to prepare if their homes should ever be threatened by…

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Homeowners in the Lone Star State may want to reconsider flood insurance

S.Vagus

The Federal Emergency Management Agency (FEMA) is saying that Texas residents are not prepared for flooding in the state. According to federal officials, only 8% of Texans have flood insurance and, given the frequency of recent catastrophic events, that is not good enough. Most insurance policies do not cover flooding and homeowners will have to go through a third party to obtain appropriate coverage. “The most alarming thing we have found is the lack of people who have flood insurance,” says Philip Beasly, FEMA’s director of external affairs. FEMA is…

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A spring cleaning of America’s flood insurance program

Nordstrom

With spring now insight, it’s time to prepare for nasty weather. Depending on what part of the nation you live in, that could mean tornados and hail, or spring rains and flooding. This is a good time to examine your homeowner’s policy for any needed updates that may need to be made. Last year we had amazing weather activity. In the United States, we saw abundant rainfall; with many states receiving record amounts and other states getting well over normal. Snow and bitter cold temperatures set seasonal records, and numerous…

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