Most homes in Tropical Storm Harvey's path don't have flood insurance

[B2G]

by Chris Isidore @CNNMoney
August 26, 2017: 2:59 PM ET

Most homes in the path of Tropical Storm Harvey don't have the flood insurance that owners would need to rebuild if their homes are damaged or destroyed.

Standard homeowners insurance policies cover damage from the high winds that are associated with a hurricane, but they don't cover damage from rain or flood waters, such as storm surges or overflowing rivers. But the National Hurricane Center is forecasting up to 35 inches of rain in some locations by the middle of next week due to the storm, which could bring flooding far beyond the Texas coastline.

Figures from the National Flood Insurance Program show that only 15% of homes in Harris Country, which includes Houston, have flood insurance, while only 20% of homes in Nueces County, where the coastal city of Corpus Christie is located, are covered. Coverage rates are higher in the area's flood zones, but many homes still aren't covered.

"If the homeowner is not required to buy flood insurance by their mortgage lender, they often chose not to," said Michael Barry, spokesman for the Insurance Information Institute, a consumer education group funded by the insurance industry. He adds that there is a widely-held misconception that homeowners who aren't in floodplains can't get coverage. "Almost all homeowners can get coverage," he said.

http://money.cnn.com/2017/08/25/news/economy/hurricane-harvey-flood-insurance/index.html

[ollie10]

1. Home Owners should examine the flood maps....

Yes, your home may not be in the flood zone which would require flood insurance. However, keep in mind that the lines are arbitrary. If your home is close to the zone, it may still be a good idea to purchase flood insurance even if not required. Just sayin'.

You can find flood zone maps easy enough on line.

[KatyMan]

2. We've lived in our house for 9 years

and were required to have flood insurance the first 8, but had a letter from FEMA last year saying they reevaluated our flood plain data yadda yadda yadda and we aren't required to have it any more. We re-upped anyway, no way we'd go without in this area.

We're in Katy TX 30 miles or so west of Houston. had something like 30" of rain in the area and it's still raining, hard.

[no_hypocrisy]

4. Be safe. Be strong. Wishing you the best.

[KatyMan]

5. Thank you!

So many people have it much worse than us, we're very lucky. Wind and rain, but we still have power, gas and water. We just can't move much more than a mile beyond our house!
All the best to you and yours as well no_hypocrisy.

[no_hypocrisy]

3. And those who DO have flood insurance will see their rates soar.

It's only impossible until something happens.

[haele]

6. It's not whether or not homeowners in flood plains can get coverage...

It's whether or not they can afford it or are willing to pay the extra for it.

Natural disaster (flood or wind) insurance in areas that are prone to that disaster is f'ng expensive and have been over the past 20 years; insurance assessors are very precise about the potential for risk and, and even if the GOP and fossil fuel fanatics are poo-pooing Climate change since the Clinton era, insurance companies are taking climate change seriously enough that if there's any sort of geologic record of even a 500-year flood event available, they're going to charge accordingly - to the street address level of assessment.

Here in California, I've seen the cost for fire coverage in rural areas triple over fifteen years, while earthquake coverage has pretty much remained the same.
The average homeowner is probably not able to afford the extra $1000 (or more) a year tacked on to their insurance policy, and might not be willing to "waste that money" on something that isn't going to happen, especially since their Church, the Government, talk radio and Faux news all tell them they don't have to worry, there's no Climate Change, and life is going to just go on as normal...

Haele

[NewJeffCT]

7. Flood insurance can be very pricey

my friend in Houston pays only a few hundred dollars per year for his insurance, but a neighbor only a few houses down has to $3,000 to $4,000 per year. That cost is not affordable to many people.

[dembotoz]

8. I live on a man made mini lake connected to a river

Most beautiful view in the whole damn development...not just my opinion.
Anyway I may or may not be on the hundred year flood plain.
With my minimal risk the coverage is quite cheap. So I bought a policy
Inexpensive piece of mind.
If a hurricane does make it to Wisconsin that will be news
With climate change I am adverse to taking undo risk