AP Exclusive: Flood insurance policies plunged before Harvey
The sharp, 9 percent drop in coverage means many residents fleeing Harvey's floodwaters have no financial backup to fix up their homes and will have to draw on savings or go into debt — or perhaps be forced to sell.
A former head of the federal flood insurance program called the drops "unbelievable" and criticized the
"When you start to see policies drop like this,
In percentage terms, the drop was even more dramatic in certain sections of the county: In Pasadena, just southeast of
The current head of the flood insurance program,
He said he is working to close to gap, but noted that the decision to keep or drop coverage largely lies with individuals.
"I can educate and make the product available, but ultimately this is a pocketbook decision made by each individual homeowner," said Wright, director of the National Flood Insurance Program.
Experts say another reason for the lack of coverage in the
In total,
The number of policies in
Under current rules, most homeowners with mortgages living in high risk areas for flooding, called Special Flood Hazard Zones, must buy flood insurance.
Most of the
One problem with the flood risk maps highlighted by Tropical Storm Harvey: They don't take into account the risk of flooding from overcapacity drainage sewers and ditches or from water flowing toward a sewer or bayou. More than half of the flooding in
For
On Monday, Walsh was evacuated from his east
He fears everything is gone.
Condon and Sweet reported from


Global Cyber Insurance Market Size, Status and Forecast 2022
Advisor News
- The 6X Formula for leveraging content marketing with AI
- When a home becomes difficult to insure, the plan changes
- The inheritance gap: Helping clients plan for money that hasn’t arrived
- After the midterms: Addressing your clients’ tax concerns
- Berkeley arts tax heads toward passage while public bank measure looks likely to fail
More Advisor NewsAnnuity News
- DOL, trade groups, state AGs file briefs supporting Alcoa in PRT lawsuit
- John Hancock launches new fixed indexed annuity suite
- Annuities to play a larger role in workplace retirement plans
- FHLBank Pittsburgh Announces Results in 2026 Board Election
- Regulators advance shorter, streamlined annuity buyers guide
More Annuity NewsHealth/Employee Benefits News
- High costs limit rural Nebraskans’ access to health care
- Medicare is already reading your 2026 tax return
- LUJAN, WARNOCK LEAD BROAD COALITION OF SENATORS TO PUSH SENATE LEADERSHIP TO DELAY REPUBLICAN MEDICAID CUTS OVER CONCERNS ABOUT COVERAGE LOSS
- WARNOCK LEADS BROAD COALITION OF SENATORS TO PUSH SENATE LEADERSHIP TO DELAY REPUBLICAN MEDICAID CUTS OVER CONCERNS ABOUT COVERAGE LOSS
- What happens when Medicare coverage begins
More Health/Employee Benefits NewsLife Insurance News
- Three lawsuits put life insurers’ cost-of-insurance practices under scrutiny
- Military Briefs: November 12-18
- Security Benefit Series B Preferred Stock Dividend Rate Resets to 10.286%
- FHLBank Pittsburgh Announces Results in 2026 Board Election
- New Jackson Study Finds the "Sandwich Generation" Squeeze Comes from More Than Two Sides and It’s Quietly Draining Retirement Savings
More Life Insurance News