How to handle flood damage after a hurricane if you're uninsured

There are fewer flood insurance policies in North Carolina in 2017 than there were in 2012

When it comes to damage from Hurricanes Harvey and Irma, several types of insurance come into play.

Flood risk for homeowners in the US is nearly entirely assumed by the US National Flood Insurance Programme, with the private market for primary flood coverage limited to a handful of surplus lines writers, admitted companies, and Lloyd's of London syndicates.

"There is no flood coverage unless they have a flood insurance policy", he said. Many homeowners, no doubt, will be grateful at the help their flood-insurance payouts provide. These included public works projects - levees, dams and other interventions - that signaled the national government would control flooding in high-risk areas.

Tragically for the homeowners, most homes in Harvey and Irma's paths don't have flood insurance.

"Homeowners in Houston who lack flood insurance [will] face the high costs of home fix, and some may enter bankruptcy", Green said.

Across the state, very few residents carry flood insurance. In only 13 counties does coverage exceed 10 percent of all properties.

Supreme Court puts Texas redistricting on hold
The state and those suing had been set to meet last week to fix violations and take up remedial maps. New districts would likely have increased the chances for Democrats and minorities to capture them.

North Korea Threatens US After Sanctions Imposed By UN
North Korea has a mysterious government department, known as Office 39, that operates as a kind of royal slush fund. Chinese President Xi Jinping had invited Trump to visit China during their meeting in April in Palm Beach, Florida.

Junior Cert partygoers will be breathalysed
In maths and in Irish a trend which sees more students opting for higher level papers continues. The number of students achieving top marks in the Junior Certificate has fallen this year.

The folly of the government's flood insurance program has been evident for decades, and some Midwestern communities have been in on the action. "And that's not true", said Michelle Osborne, chief deputy commissioner of insurance with the N.C. Department of Insurance. "In my opinion, pretty much everyone is at risk". While the crop insurance program is a well-run public/private partnership that, in most years, actually returns a profit to the government, the federal flood insurance program is a massive political boondoggle that costs the US treasury billions of dollars.

Plus, flood insurance actually subsidizes wealthier people. This is as the program has struggled financially to cover increasing amounts of losses from increasingly frequent flooding events.

In Texas, for example, President Trump has asked Congress for almost $8 billion in aid. It also raised concerns about an increasingly popular idea: government-backed flood insurance. One likely culprit is the increase in premiums. In North Carolina, 26 different counties saw a more than 25 percent average premium increase from 2012 to 2017, and 17 counties saw their annual premiums increase by $200 or more. So what if your home were to flood from a hurricane, or just a localized storm?

From 1980 to 2013, the United States suffered more than $260 billion in damages from flood-related disasters, making it the costliest and most common disaster threat in the nation - in fact, 90 percent of all natural disasters in the US involve flooding. Although lenders typically require flood insurance on mortgaged properties within these zones, once the mortgage is paid off, homeowners may decide to eliminate the expense.

'The country has been here before, and we know what happens if the National Flood Insurance Program expires. Because of major storms like Katrina, Sandy and Matthew, the NFIP is $25 billion in debt to the government. "We the citizenry of this country are in many cases paying for the risk that people take in living in risky places, such as along shore lines and so forth", he said.

Given the subsidized flood insurance, should we be surprised that millions of Americans live in harm's way, on flood plains? Without another reauthorization, home sales could stall in some places because flood insurance will not be available. This would have updated flood maps and forced existing properties to pay premiums commensurate with the real risks faced by flooding. However, an outcry from homeowners in high-risk areas such as coastal Florida led to the Homeowners Flood Insurance Affordability Act, passed in 2014, that limited or rescinded numerous Biggert-Waters rate increases. The same subsidies advocate might say that to take a position against subsidies is to prevent growth and push people into rural areas where they prefer not to live.

Related:

  • Burberry Group plc's Sell Recommendation Reiterated at Bryan, Garnier Co

    Burberry Group plc's Sell Recommendation Reiterated at Bryan, Garnier Co

    The New York-based Clearbridge Invs Ltd Liability Company has invested 0% in Smith & Nephew plc (LON:SN). The stock of SKY PLC (LON:SKY) has "Overweight" rating given on Monday, September 19 by Morgan Stanley.
    New Apple Store to open along Chicago River on October  20

    New Apple Store to open along Chicago River on October 20

    The company also took the opportunity to address its retail business and store designs, notably its revised Fifth Avenue store. Additionally Apple mentioned that there will be areas setup just to hang out within Town Squares called the "Forum".
    About half of DeKalb County lost power due to Hurricane Irma

    About half of DeKalb County lost power due to Hurricane Irma

    Georgia Power says that it could days - or even weeks - for electricity to return to some areas of the state. Georgia EMC utilities brought in 3,000 crew members from 13 states to help out.
  • Health Insurance Innovations, Inc. (NASDAQ:HIIQ) Upgraded by ValuEngine to Buy

    Capital World Investors acquired a new stake in shares of Health Insurance Innovations in the second quarter worth $11,680,000. Nationwide Fund Advisors bought a new stake in Health Insurance Innovations in the 2nd quarter valued at about $149,000.
    Rate of Texans without health insurance falls, still tops US

    Rate of Texans without health insurance falls, still tops US

    The ACA helped lower the uninsured rate by ushering in new health insurance requirements and expanding eligibility for coverage. About 67.5% of those with insurance coverage were privately insured in 2016, while 37.3% were enrolled in government programs.

    A Technical Perspective on Micron Technology, Inc. (MU)

    On average, equities research analysts anticipate that Micron Technology will post $4.72 earnings per share for the current year. For shareholders, given the total diluted outstanding shares of 1.18 billion, this means overall earnings per share of 1.40.
  • Cricket Board Confirms Explosion At Stadium Gate

    Cricket Board Confirms Explosion At Stadium Gate

    Two members of Afghan security forces have been killed in a bomb attack carried out near a cricket stadium in the capital Kabul . As per the reports, the attack is a case of suicide bombing and took place at 3:45 pm (local time) on Wednesday afternoon.

    Trending Stock Buzz: Chicago Bridge & Iron Company NV (CBI)

    The company's shares were given away at $31.03 per share worth to an income of some $1,511,161 on account of Ray Edgar C . It dropped, as 68 investors sold PEP shares while 674 reduced holdings. 29 funds opened positions while 37 raised stakes.

    Taylor Morrison Home Corp (NYSE:TMHC): Institutional Investor Sentiment Up to 1.2

    The Massachusetts-based Essex Inv Mgmt Limited Liability has invested 0.2% in Taylor Morrison Home Corp (NYSE:TMHC). Dimensional Fund L P, a Texas-based fund reported 1.10 million shares. (NYSE:SLB) for 14,737 shares. (NASDAQ:REFR).
  • Average Brokerage Rating Of CVS Health Corporation (CVS), Morgan Stanley (MS)

    Average Brokerage Rating Of CVS Health Corporation (CVS), Morgan Stanley (MS)

    CVS Health Corporation ( CVS ) have shown a high EPS growth of 13.60% in the last 5 years and has earnings rose of 5.60% yoy. ValuEngine lowered CVS Health Corporation from a "buy" rating to a "hold" rating in a research report on Friday, June 2nd.
    Apple's newest iPhone boasts bigger screen -- and price tag

    Apple's newest iPhone boasts bigger screen -- and price tag

    If you step away from your handset, though, the Watch automatically switches its radios on and uses the same number as the phone. The iPhone X (pronounced iPhone "ten") was launched on Tuesday morning, alongside an updated Apple Watch and Apple TV .
    US Supreme Court restores Trump's travel ban on refugees

    US Supreme Court restores Trump's travel ban on refugees

    Supreme Court allowed President Trump to broadly implement a ban on refugees around the world from entering the country. . The order was not the court's last word on the travel policy that Trump first rolled out in January.

Comments

Latest news

Devon Energy Corporation (DVN) To Go Ex-Dividend on September 14th
This is calculated by taking weekly log normal returns and standard deviation of the share price over one year annualized. The stock of Devon Energy Corp (NYSE:DVN) has "Market Perform" rating given on Wednesday, January 11 by Wells Fargo.

Centre to act on petrol, diesel price hike: Minister
The oil basket had gained over a dollar at the start of last week on Monday to close at $51.34 for a barrel of 159 litres. At present, petroleum products have been put outside the Goods and Services Tax Bill ambit.

Irma death toll in US rises to 11
Irma hit Florida on Sunday morning as a risky Category 4 storm, the second highest level on the five-step Saffir-Simpson scale. A woman sits atop a fire hydrant on a flooded street in Miami as Hurricane Irma hits Florida on September 10.

Randy Jackson claims Janet was verbally abused by Wissam Al Mana
Adding now, 'Everybody in the family knows'. "I have a lot of Muslim friends and they don't act that way at all", he said. The track, featured on her 1997 album The Velvet Rope, was performed with her back-up dancers playing out abuse scenes.

Fewer South Georgia residents without power Wednesday morning
We're with crews as they go around restoring power to customers, on Channel 2 Action News starting at 4 p.m. They may be electrified by a downed line out of sight and conduct electricity over great distances.

Russian cyclists file lawsuit against Wada and Dr Richard McLaren
They had launched an appeal before the Court of Arbitration for Sport (CAS) prior to the Olympics but lost. In terms of cycling, the decision was made by governing body the UCI.

Cullen/Frost Bankers, Inc. (NYSE:CFR) Traded -5.6% Below Its 50 Day Average
RBC Capital Markets maintained the shares of CFR in report on Thursday, January 28 with "Sector Perform" rating. QIWI plc is a provider of payment services in Russian Federation and the Commonwealth of Independent States.

Sadio Mane Gets Straight Red Card For High Tackle; Liverpool Thrashed
Jamie Vardy got one back for Leicester with a penalty and Conte said: "We must be delighted". "We should have scored". Guardiola said: "We play so high the goalkeeper has to play on the 18-yard box to help us with these forward balls".

Amid Rohingya uproar, Myanmar leader to skip United Nations meeting
There were at least a million members of the Rohingya ethnic group living in Myanmar, a lot of them Muslim, though some are Hindu. Fear and violence stalks Rakhine state as communities turn on each other and villages continue to be set alight.

Chelsea star Cesc Fabregas reacts to Qarabag Champions League hammering
Chelsea manager Antonio Conte heaps praise on his side's "great performance" during their 6-0 Champions League victory over Qarabag FK .

Government announces new Rs 100 coins to mark MGR birth centenary
According to a statement by the Ministry of Finance, the government will also roll out new Rs 5 coins to mark this occasion. The Reserve Bank of India has issued several new notes since it demonetised Rs 500 and Rs 1,000 notes in November 2016.

Should Strictly Come Dancing feature same-sex couples?
Speaking on ITV's Lorraine , Craig said he hoped to see same sex couples on the show while he was still a judge. "And... it's not just about sex it's about dancing".

Ederson returns to Manchester City training wearing protective helmet
We don't want to underestimate this, it looks very bad and Ederson was lucky nothing more serious happened in this situation. Us goalkeepers know this can happen, but you never expect it. 'In sport, things like this can happen.

Remembering Sept. 11, 2001: America under attack
The ceremony focuses on the first responders who perished in the attacks of September 11, 2001, at the World Trade Center in NY . The September 11 Memorial & Museum's " Tribute in Light " art installation switched on just after sundown Monday.

IEA Sees Oil Inventory Reaching This Key OPEC Target 'Very Soon'
The International Energy Agency says that global oil demand will grow at a much faster rate this year than previously estimated. Meanwhile, the Energy Information Administration will report weekly US crude stockpile and production data at 10:30 a.m.

Other news