The Cost of Recovery When Most Are Uninsured
Experts say the unique nature of Harvey’s devastation means affected residents — and FEMA’s already-broke flood insurance plan — will be the ones reaching into their pockets to rebuild.
flood damage could collectively total between $70 billion and $90 billion. For residents of Houston and other waterlogged communities, the more pressing questions pertain to insurance: What’s covered, and who is responsible for those losses.
Most Homeowners Aren't Covered
But this might not hurt these insurers as much as might be expected — and individuals could find themselves with far less coverage than they expected. While most comprehensive car insurance policies cover flood damage, as a rule, homeowners’ policies don’t cover water damage resulting from floods; if wind shears off a roof and rain pours in, that damage is typically covered, but overflowing rivers or reservoirs or storm surges are not.
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RBR.... None
Can anyone say "We're screwed!" Many will be !
Not having flood insurance when living in a hurricane zone is irresponsible as hell.
I lived in Florida for 17 years every year I paid for flood insurance every damn year and never needed it,
BUT IF I had, I was covered.
Some people seem to need to learn stuff the hard way. many just did !