Insurance payouts for Llano River flooding may hit $24 million
The price tag is only for insured structures, so it doesn't include repairs that property owners without flood insurance are paying for themselves. Gov.
Even if a disaster declaration eventually is made, however,
"All the disaster funds are authorized to assist with are those items which make the home safe, secure and sanitary," Smith said.
So far, 1,015 claims on flood insurance policies backed by the National Flood Insurance Program have been filed related to property damage from the
Of 233 insurance claims processed already, 82 have been approved and a combined
The total tab for all 1,015 claims filed would work out to about
But the total could climb, because private insurance companies that sell and service flood insurance underwritten by the National Flood Insurance Program might submit more claims for federal reimbursement, Smith said.
Standard residential and business insurance policies don't cover damage from floods, but property owners within designated 100-year flood plains generally are required by their mortgage lenders to buy separate flood insurance backed by the National Flood Insurance Program.
Smith said
Even if a home isn't technically within a flood plain, "if you can see water flowing down the street when it your rains, you're in a flood zone," she said. "Everybody is in a flood zone -- it's just a question of how great is your risk."
According to
In addition, Smith said, the payout on a claim made under a federal disaster declaration averages about
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