It will be weeks before damage estimates from Hurricane Harvey are finalized, but there is no doubt that insurers will see figures in the billions of dollars.
After Hurricane Katrina, the National Flood Insurance Program (NFIP), a federal program managed by the U.S. Federal Emergency Management Agency (FEMA), experienced more than $15 billion in losses in Louisiana and Mississippi.
Flood coverage
While a homeowners insurance policy will cover a number of specific perils, a standard policy will not provide coverage for flood damage. It may provide some coverage for rain or wind, but flooding from overflowing rivers and streets will not be covered.
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Patricia L. Harman
Patricia L. Harman is the editor-in-chief of Claims magazine, a contributing editor to PropertyCasualty360.com, and chairs the annual America's Claims Event (ACE), which focuses on providing claims professionals with cutting-edge education and networking opportunities. She covers auto, property & casualty, workers' compensation, fraud, risk and cybersecurity, and is a frequent speaker at insurance industry events. Contact her at [email protected]
