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People need to consider flood insurance

People need to consider flood insurance

Texans should have the facts about insurance claims following Hurricane Harvey. (Congress did the same thing after Hurricane Katrina.) In Houston alone, more than 1 million people have federal flood insurance coverage.

For reinsurance companies, Fitch expects that the insured loss from the storm will fall within primary players retention levels under catastrophe programs, with perhaps a small portion transferred to reinsurers. The insurance can be purchased through the National Flood Insurance Program or through private insurers.

But an extension will likely further plunge the program into debt, pushing it near its current borrowing limit of $30 billion. "Entire houses and businesses are gone".

Sanford said the goal for the bill is to allow insurance companies the chance to properly settle claims that the property owner isn't satisfied with, and give notice to the company.

The same is expected to be true for Bloomington-based State Farm, a privately held mutual insurance firm with a national reach.

Report your damage claim promptly.

Furthermore, 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.

And moving this type of litigation to federal court, where civil cases tend to take longer due to a high bench vacancy rate, and making it more hard for attorneys representing property owners to collect fees awarded by the courts, will make it more hard for the average consumer to find a lawyer willing to take their case. The Texas Department of Insurance says the new law will have little impact on flood victims.

Superstorm Sandy survivor Anthony Carone recalled his dismay when he discovered the destruction in the basement of his home after the storm moved through, and remembered thinking: "It makes you really stop and wonder what the federal government will do to help".

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In Illinois, the numbers are also on the low side.

The commission was tipped off to the scam by the Federal Emergency Management Agency.

Residents in those counties recently dealt with the ramifications of intense flooding. Riskier areas cost more.

"If you have $30,000 in damages, you can get maybe $25,000", Hunter said.

What that exactly means will have to be hashed out. Only about 7 percent of the city's population lives in a flood area that is moderate- to high-risk.

Yes, easier said than done.

According to the NFIP website, a person can get flood insurance by going to their homeowners or renters insurance agent.

Experts say there are important lessons to be learned for Floridians from Harvey.

Still, if the flood insurance program were to expire, she said, her premiums would significantly increase. Andrew Martin, the risk analyst for FEMA who helped redraw Paterson's map, said flooding remains the most frequent and costliest kind of natural disaster in the United States.

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