News Ticker:

Flood insurance: Harvey tests a broken system – Aug. 30, 2017

Most homes in the affected area don’t have flood insurance, but about 400,000 homes in the counties affected by Harvey do have policies. The average claim in the last 12 years has been for about $50,000, which means this storm could quickly deplete the fund’s remaining resources.

And the financial strain is only going to get worse, experts say, thanks to a combination of climate change and more sprawling development, which can make flooding worse, since asphalt can’t absorb rain the way undeveloped land can.

“More development coupled with rising sea levels is [putting] more people being at risk, more assets at risk and [leading to] more expensive claims,” said Laura Lightbody, director of the Pew Charitable Trusts’ project to reduce the impact of weather-related catastrophes.

Source: Flood insurance: Harvey tests a broken system – Aug. 30, 2017

Thanks!

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: