Before Harvey, big drop in flood coverage

An unusually large share of Hurricane Harvey victims lack adequate insurance according to early estimates

An unusually large share of Hurricane Harvey victims lack adequate insurance according to early estimates

What's more, the law authorizing the National Flood Insurance Program, or NFIP, is set to expire on September 30, meaning lawmakers must vote to extend it even as they debate bills to raise the nation's $20 trillion national-debt limit and approve new spending to avoid a government shutdown.

Whatever the NFIP reauthorization bill ultimately looks like, Colten believes the country's latest natural disaster could ultimately result in a better system, which would ultimately be good for Louisiana and other flood-prone areas.

"Now you know what it's like".

The new law reduces the penalty insurance companies face for delaying, denying or underpaying claims, moves storm insurance litigation to federal court and makes it hard for plaintiffs' attorneys to recover their fees. The remnants of Hurricane Harvey sent devastating floods pouring into Houston Sunday as rising water chased thousands of people to rooftops or higher ground.

Schumer said he will push for reforms that protect policyholders from high premiums and fraud, which repeatedly occurred in the wake of Sandy. States increasingly turned to the federal government for disaster relief.

Lynne McChristian, spokesperson for the Insurance Information Institute, an industry organization, said that Florida homeowner insurance rates shouldn't be affected for one simple reason: rates are set at the state level and are based on what happens within the state.

While consumer groups and news outlets in Texas have recommended that homeowners buy flood insurance in recent years, not many have. During a massive Texas flood in May 2016, Micky and George Hartz found their Magnolia neighborhood under six feet of water, with their home taking in some of that.

He said that by reducing the penalty insurance companies face if they owe damages, the new law will do less to deter companies from acting in bad faith.

But after a catastrophic storm like Harvey, it's instantly clear why flood insurance is crucial even for lower-risk properties. The update placed about 8,000 new homeowners into the Special Flood Hazard Area, which made them eligible for temporary discounts on flood insurance. Very few of them are likely to have flood insurance.

The NFIP has another problem, in that the maps it uses to determine the areas most at risk of flooding are out of date.

Perhaps if floods of the severity of Harvey did come around every 500 years, that's a risk worth taking, in the name of another worthy public policy goal of creating more housing stock.

That would make it one of the costliest storms in history for USA insurers, but could ultimately help insurers and reinsurers to raise rates, some analysts said, after a period of low premiums. "Three or four years later, we're back to where we started".

Recommended News

  • Sharad Yadav vows to build national level Grand Alliance

    Sharad Yadav vows to build national level Grand Alliance

    Tyagi told this newspaper: "He ended his long association with the party by attending the rally organised by the RJD". Reacting to Sharad Yadav's presence at the rally, JD (U) secretary general K.C.
    Palestinians need Trump two-state pledge before peace

    Palestinians need Trump two-state pledge before peace

    Meanwhile, Egypt's Foreign Minister Sameh Shoukry cancelled a Wednesday meeting with the USA delegation. As a candidate, Trump pledged to move the U.S. embassy in Israel from Tel Aviv to Jerusalem.
    Stenson in Wyndham lead

    Stenson in Wyndham lead

    Simpson had sole possession of the lead late in the round, before Stenson caught him during his birdie binge on the back nine. Davis Love shot a three-under 67 and is three shots back in a tie for sixth with Richy Werenski (64) and Harold Varner (66).
  • Google offers test for depression

    Google offers test for depression

    The clinically validated test, called PHQ-9, asks about energy, appetite and concentration levels, among other things. The self-assessment is private and is meant to help steer people who might be depressed toward in-person evaluations.
    BBCI: Sixteen US staff in Cuba hurt in 'acoustic attack'

    BBCI: Sixteen US staff in Cuba hurt in 'acoustic attack'

    US embassy workers in Cuba have also reported vehicle vandalism, constant surveillance, and home break-ins, CBS News reported. The U.S. officials weren't authorized to discuss the investigation publicly and spoke on condition of anonymity.
    Joc Pederson Optioned to Triple-A After Dodgers Trade for Curtis Granderson

    Joc Pederson Optioned to Triple-A After Dodgers Trade for Curtis Granderson

    Granderson stayed through the July 31 non-waiver trade deadline, but rumors surfaced again after he cleared waivers in August. In Los Angeles, Granderson adds to an outfield that already has Yasiel Puig , Joc Pederson and Chris Taylor in its lineup.
  • US Navy Recovers Remains of All 10 Sailors From USS McCain Collision

    US Navy Recovers Remains of All 10 Sailors From USS McCain Collision

    The collision with the tanker tore a large hole in the destroyer's portside hull, flooding nearby compartments. Drake's sister has said the family was notified Monday he was missing.
    Who could Manchester United draw in the Champions League?

    Who could Manchester United draw in the Champions League?

    "On the night it's mixed emotions because we didn't defend well enough and our possession at times wasn't good enough either", he told BT Sport .
    Gionee X1 Debuts In India With An Affordable $140 Price Tag

    Gionee X1 Debuts In India With An Affordable $140 Price Tag

    Promotional offers that come with the phone include 10 GB additional data per month for Airtel subscribers for 6 recharges. Under the hood is the MediaTek MT6737 quad-core processor clocked at 1.3GHz and comes coupled with Mali-T720 MP2 GPU.
  • Corinne Olympios Speaks Out in Defense of DeMario Jackson Over BIP Scandal

    Corinne Olympios Speaks Out in Defense of DeMario Jackson Over BIP Scandal

    Olympios will appear on tonight's episode of Bachelor in Paradise to further discuss the incident with host Chris Harrison . According to her , while she was not taking sides, Goode knew that the allegations against Jackson were not true.
    Cameron Meredith believed to have torn ACL

    Cameron Meredith believed to have torn ACL

    The injury, which should be confirmed within the next 24 hours, will obviously knock Meredith out for the remainder of 2017. He had two catches for 44 yards before being hurt on Sunday and had two catches for 26 yards in the team's previous game.
    Is Xbox One X The Least Desirable Console Ever?

    Is Xbox One X The Least Desirable Console Ever?

    Don't do that until you fully understand the exclusive Xbox One X features you can expect from Microsoft's latest console. Microsoft announced that this edition of the Xbox One S will be a variant with 1 TB of storage, as noted by The Verge .

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.