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#33
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Flood insurance: Harvey tests a broken system
The flooding in the Houston area caused by Hurricane Harvey is just the latest problem for the already troubled National Flood Insurance Program. The federally-funded program, which is part of FEMA, is the only protection against flooding that most homeowners and businesses can hope to get, since private policies typically only cover the wind damage that's associated with hurricanes, but not flood damage. But after a series of major storm caused floods in the last 12 years, including Hurricane Katrina in 2005 and Superstorm Sandy in 2012, the program is roughly $25 billion in debt. It has less than $2 billion in cash on hand, with only $6 billion more leftin borrowing capacity as it prepares for the claims that will be filed due to Harvey. 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. *SNIP* http://www.msn.com/en-us/news/us/flo...cid=spartandhp |
#34
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Federal Aid Request for Harvey Damage Expected to Top Katrina
Hurricane Harvey left a rising number of deaths and costly destruction in Texas, where Gov. Greg Abbott forecast federal funding needs are “far in excess” of $125 billion, topping Hurricane Katrina. Gov. Abbott said he expects the congressional appropriation needed for restoration will be larger than the roughly $120 billion provided to New Orleans after Katrina. “The worst is not yet over for Southeast Texas as far as the rain is concerned,” he said, referring to a region that includes the cities of Beaumont and Port Arthur, where more than 2 feet of rain fell in just 24 hours as Harvey neared land again. Harvey-related payouts by private-sector insurers are expected to exceed $10 billion and possibly hit $20 billion, according to Wall Street analysts. The wide range reflects the many unprecedented aspects of the still-unfolding disaster. At the top end of that range, it would near the cost of superstorm Sandy in 2012, according to the trade group Insurance Information Institute, but trail Hurricane Andrew in 1992 and Hurricane Katrina in 2005, which cost the insurance industry $49.79 billion in 2016 dollars. *SNIP* http://www.msn.com/en-us/news/us/fed...cid=spartandhp |
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I fear you are correct. This will quickly outstrip the costs with rebuilding after Katrina. We have collected over $10,000 in donations and water/food and as soon as the waters subside are headed out there to assist. The Deuce is loaded and ready
We plan on starting in the Baytown and Port Arthur areas so if anyone knows of anyone with a need in that area, PM me. Our church has an advance group of 15-20 guys going down, then we will coordinate with affiliates to assist with the gutting of homes for the elderly, single parents and those in need. Texas was here for LA, and now its our chance to help Texas! Rich
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Rich Pern |
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These are the road closures, the blue dots are closed roads:
Great link here for keeping up with road conditions: https://drivetexas.org/#/7/30.455/-95.984?future=false (click continue) Rich
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Rich Pern |
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Stevie Ray Vaughan Statue - Texas Flood
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I like solid lifter cars, big cams and cars w/ 3 pedals in them. |
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