Puerto Rico Floods No Strain On Coverage
By Mark E. Ruquet
NU Online News Service, Dec. 12, 9:59 a.m. EST?Floods that hit Puerto Rico last month caused millions of dollars in damage, but insured losses covered by the National Flood Insurance Program were minor, according to an official.[@@]
Mark Steven, a spokesman for the program, said the Federal Emergency Management Administration is still in the process of calculating the cost of the storm, but it is becoming clear that in terms of flood claims, this is a negligible event.
To date there have been 202 claims filed under the program, he said. Mr. Stevens compared this to flooding from Hurricane Isabel in September where there were 24,000 claims amounting to $200 million on the island.
Mr. Stevens said that there are 52,140 flood insurance policies in force in the Commonwealth amounting to more than $3 billion in coverage in force.
The flooding has resulted in millions of dollars in government relief costs. FEMA said it has disbursed close to $21 million in aid to applicants in 19 municipalities that have been declared disaster areas. FEMA reported that 21,578 individuals have filed for disaster relief. The rains caused flooding and landslides during Nov. 10-23.
Roberto Fonseca, vice president of Consuelo Revuelta Insurance Brokers in Hato Rey, Puerto Rico, and president of the board of directors for the Professional Insurance Agents of Puerto Rico, said brokers are working on claims throughout the island and taking care of clients. He said that many of the losses have occurred on the eastern and central part of the island. Those who are claiming flood losses for a second time with FEMA and have not obtained flood insurance since the first loss are not receiving aid, he added.
Press reports put estimates of total damage from the November storms at around $50 million.
Calls to government officials in the Commonwealth for comment and confirmation of loss figures were not returned.
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