Aug
30
Homeowners (and Taxpayers) Face Billions in Losses From Harvey Flooding
ByHurricane Harvey may inflict as much as $30 billion in damages on homeowners, according to preliminary estimates. But only 40 percent of that total may be covered by insurance — and of that, the federal government will bear the biggest liability.
Private homeowners’ policies generally cover wind damage and, in certain cases, water damage from storm surges. But for almost half a century, all other homeowners’ flood coverage has been underwritten by the National Flood Insurance Program, a federal program that itself faces financial uncertainty…
Homeowners (and Taxpayers) Face Billions in Losses From Harvey Flooding
