More Mainers in flood-hazard zones going without insurance policies

More Mainers in flood-hazard zones going without insurance policies

The glib response is to blame the severity of these catastrophes on climate change, but are we looking in the wrong direction?

Despite the inability to hedge risk, people continued to move into flood-prone areas.

Not having insurance put owners on the hook for expenses in rehabilitating a flooded home.

"Lloyd's is actively pursuing the further development of the private flood insurance market in the USA, which will help to promote flood insurance and encourage more people to take up cover". The National Flood Insurance Program was established in 1968 to address the lack of availability of flood insurance in the private market and reduce the demand for federal disaster assistance for uninsured flood losses. Because of major storms like Katrina, Sandy and Matthew, the NFIP is $25 billion in debt to the government.

The group says thousands of homeowners affected by Hurricane Sandy, one of the costliest hurricanes in USA history, still haven't been paid what they're owed five years after the storm ravaged the East Coast. In flood zones, lenders typically require flood insurance. Instead, the newly created Flood Insurance Administration attempted to launch the program on a national scale with insufficient resources.

The National Flood Insurance Program's activities are funded largely by the premiums and fees paid by its policyholders, supplemented by a small amount of general funds to help pay for flood risk mapping. For example, wetlands are lost to distorted growth. Those who suffered wind damage, will make claims under their homeowners insurance which comes from private companies. But Houston's low-lying flatlands keep booming.

With a National Flood Insurance Program policy, a homeowner can purchase coverage on a dwelling up to US$250,000 and the contents of a home up to $100,000. According to the Federal Emergency Management Agency, mitigation projects already save more than $1 billion in prevented damages each year, with every dollar spent on mitigating natural disasters saving $4 in costs borne by society later on.

Despite the unprecedented scale of this disaster, we fear that those who are calling Harvey a once-in-a-generation event are wrong.

"The problem is that we are all at risk", he said. If your agent can't help you, contact your insurance company.

If you have a history of drunk driving, that increases the chances you'll make an insurance claim on your auto - so your premiums will be higher, and that encourages you not to drive in the future (or to drive sober in the first place).

If you bought a fancy sports auto, that would increase the loss to the company if your vehicle gets damaged - so your premiums would be higher. That might encourage you to buy a less-expensive vehicle.

If the risk is high, premiums will be prohibitive.

Another way Louisiana consumers could be affected has to do with comprehensive coverage provided as part of their auto insurance policy. comprehensive covers flooding of cars so McCarty says people may see some rate increases. But they pay rates far lower than the risks warrant.

Unfortunately, the prospects for reform are low. Last week, Congress gave the flood program a three month lifeline to allow it to process and payout new claims. The two main reasons are that the cost of premiums has increased, and in 2014 a surcharge was added for homes that are not the policyholder's primary residence, he said. And a big factor in the low cost of housing in the Houston area is that developers are free to build nearly anywhere, including marshy, low-lying areas where land is cheap.



Related Posts

Itau Unibanco Banco Holding SA (NYSE:ITUB) to Buyback 60000000 Outstanding Stock
Citigroup Inc. cut Itau Unibanco Banco Holding SA from a "buy" rating to a "neutral" rating in a report on Friday, August 25th. Four research analysts have rated the stock with a hold rating and one has given a strong buy rating to the company's stock.

Eli Lilly and Company (LLY) Shares Bought by Bank of Nova Scotia
Equities research analysts anticipate that Eli Lilly and Company will post $4.16 earnings per share for the current fiscal year. In other news, SVP Susan Mahony sold 20,242 shares of Eli Lilly and Company stock in a transaction dated Friday, December 16th.

United Continental Holdings, Inc. (UAL), KeyCorp (KEY)
United Continental Holdings, Inc ( UAL ) is a holding company and its principal subsidiary is United Air Lines, Inc (United). Raymond James Advsrs has 115,864 shares for 0.03% of their portfolio. invested in 7.81 million shares or 0.07% of the stock.

Mom hit by falling Central Park tree to sue city, attorney says
Her attorneys believe the tree was diseased and decayed. "It's a small miracle that her children weren't even more injured". Goldman was on maternity leave from her position as director of Social Media at Tory Burch. "Ms.

60% of S. Koreans Support Idea of S. Korea Having Nukes
North Korea has continued ratcheting up tensions with a series of provocations since Moon took office. Moon temporarily halted the THAAD installation for environmental reviews to ease residents' concerns.

Earnings Estimates Analysis: Graphic Packaging Holding Company (GPK)
During the last 52 weeks, the price has been as high as $38.55 and as low as $30.13. 100,000 are owned by Ksa Mgmt Ltd Llc. Its up 0.24, from 0.93 in 2016Q3. 295.52 million shares or 2.46% less from 302.96 million shares in 2016Q3 were reported.

Teen shot on Boston Common, police say
"BPD confirming person shot (male victim) with life threatening injuries near 139 Tremont St ( Boston Common)". No word on the identities or the exact ages of the suspects.

Apple iPhones finally get wireless charging, but no 'charging mat' this year
As expected, Apple upgraded its existing iPhone 7 with internal improvements, including wireless charging and faster processors. In the Steve Jobs Theatre , Cook told the audience of 1000 the iPhone X "will set the path for technology for the next decade".

American Axle & Manufact. Holdings, Inc
During the same quarter in the prior year, the company posted $0.90 earnings per share . 1,730K shares changed hands on Wednesday. RBC Capital Markets maintained the shares of AXL in report on Tuesday, February 16 with "Sector Perform" rating.

'Golmaal Again' trailer to release with 'Judwaa 2'
The song "Aa Toh Sahi" has been sung by Meet Bros and Neha Kakkar and they shot the song on the attractive beaches of Mauritius. While the teaser has been released today, the peppy song Aa Toh Sahi would be out tomorrow at 11 am.

© 2015 ExpressNewsline. All Rights reserved.