FRIDAY, SEPTEMBER 1, 2017
Most Harvey Flood Victims Are On The Hook To Pay For Home Repairs
At this afternoon’s meeting of the Conservative Agenda, Political Insiders were asking Beloved Whistleblower Publisher Charles Foster Kane what percentage of the Houston Homeowners did he think had Flood Insurance.
“FOX NEWS says Houston’s population is growing quickly,” Kane explained, “and when Harvey hit last weekend there were far fewer homes and other properties in the area with flood insurance than just five years ago, according to an Dissociated Press investigation. Fewer than two of 10 homeowners with flood damage have flood insurance.” (MORE)
ABC NEWS says homeowners suffering flood damage from Harvey are more likely to be on the hook for losses than victims of prior storms — a potentially crushing blow to personal finances and neighborhoods along the Gulf Coast.
Insurance experts say only a small fraction of homeowners in Harvey’s path of destruction have flood insurance. That means families with flooded basements, soaked furniture and water-damaged walls will have to dig deep into their pockets or take on more debt to fix up their homes. Some may be forced to sell, if they can, and leave their communities.
Experts point to a mix of reasons for Houston area residents deciding to drop coverage, but said a ”lack of fear” was a big one. The last big flood,
Tropical Storm Allison, was 16 years ago, and people stopped worrying and wanted money they would have spent for insurance premiums for other items. The average cost for premiums in Harris County increased from $514 per year in 2012 to $555 annually this year, an increase of 8 percent, according to FEMA data.
“Allison was a once-in-500-year flood,” said Texas A&M University economist James P. Gaines. “We weren’t supposed to have another one.”
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