Private flood insurance is rare as it doesn't spread the risk out for companies.īut the federal program, which the Federal Emergency Management Agency administers, carries nearly $25 billion in debt to the Treasury Department and pays nearly $400 million per year in interest. Most comprehensive auto insurance policies cover flood damage, said Loretta Worters, spokeswoman for the Insurance Information Institute, a New York-based trade association.įor homeowners, however, most flood insurance policies come through the National Flood Insurance Program. Thousands of cars and trucks have been submerged, and more than half likely will be total losses. Only 1 in 5 people living in the Houston area have flood insurance, Hanna said.
Roadways have turned to rivers, Hanna said. "You've got boats thrown into restaurants you've got boats on roadways you've just got trees down, power lines completely gone, no power, cell service." "130-mph winds, you can imagine what that did," he said.
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