{"id":5987,"date":"2017-08-28T00:00:00","date_gmt":"2017-08-28T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/harvey-sparks-flood-insurance-disaster\/"},"modified":"2020-09-17T21:44:44","modified_gmt":"2020-09-17T21:44:44","slug":"harvey-sparks-flood-insurance-disaster","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/harvey-sparks-flood-insurance-disaster\/","title":{"rendered":"Harvey Sparks Flood Insurance Disaster"},"content":{"rendered":"

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Only 15 percent of homeowners in Houston have flood insurance on their properties. The city is under two feet of water after Hurricane Harvey ravaged the Texas coastline over the weekend. (Getty Images)<\/em><\/h3>\r\n <\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\nThe majority of the thousands of Texas homes submerged in floodwaters after Hurricane Harvey slammed the coastline over the weekend do not have flood insurance<\/a>\u2014a costly reminder of the importance of extending the National Flood Insurance Program<\/strong>, which the National Association of REALTORS\u00ae is fighting to support. Only 15 percent of homes in Harris County\u2014which includes Houston, now under two feet of water\u2014are covered by flood insurance, CNN reports. Only 20 percent in the coastal town of Corpus Christie are covered. Fannie Mae alone says more than 36,500 homes in its portfolio are in the storm\u2019s path, according to Fox Business. Standard homeowners insurance<\/a> polices cover wind damage caused by a hurricane, but not damage caused by flooding<\/a> from storm surges or overflowing rivers. Harvey, now downgraded to a tropical storm that could dump up to 50 inches of rain on parts of Texas by Tuesday, will leave many homeowners in the storm\u2019s path unable to cover the costs of repairs to their homes. \u201cThis could be the worst flooding disaster in U.S. history,\u201d Greg Postel, a meteorologist with The Weather Channel, told news agency UPI. NAR is assessing the situation as it worsens and expects to send an all-member email about relief efforts for homeowners and renters displaced by the storm. Federal financial regulators also have urged lenders<\/a> to work with customers affected by Harvey to accommodate their needs. Freddie Mac has announced the availability of disaster relief options,\u00a0including forbearance programs, for borrowers living in places that have officially been declared major disaster areas. \u201cWe strongly encourage the many American families whose homes or businesses are being impacted by Hurricane Harvey to call their mortgage<\/a> servicer if the Federal Emergency Management Agency\u2019s declaration is announced,\u201d said Yvette Gilmore, Freddie Mac\u2019s vice president of single-family servicer performance management. \u201cRelief\u2014including forbearance on mortgage payments for up to one year\u2014may be available.\u201d The Department of Housing<\/a> and Urban Development also announced measures to provide disaster relief to homeowners affected by Hurricane Harvey, including reallocating existing federal funds<\/a> to recovery efforts in Texas, granting a foreclosure<\/a> moratorium and forbearance in affected areas, and providing mortgage insurance to victims. \u201cOur thoughts and prayers are with those who are beginning the process of recovering from Hurricane Harvey,\u201d HUD Secretary Ben Carson said in a statement. \u201cAs FEMA begins to assess the damage and respond to the immediate needs of residents, HUD will be there to offer<\/a> assistance and support the longer-term housing recovery efforts.\u201d \u2014REALTOR\u00ae Magazine<\/em>\r\n\r\n<\/div>\r\n<\/pre>\n\n<\/div>\n\n\n<\/p>\n","protected":false},"excerpt":{"rendered":"

    Only 15 percent of homeowners in Houston have flood insurance on their properties. The … Harvey Sparks Flood Insurance Disaster<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":5988,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[4751,518,1264,1276,1280,1268,1267,1269,1273,1272,1270,1274,1277,1265,1266,1281,1275,1279,12908,543,627,127,344,1271,698,408,1007,41,1278],"class_list":["post-5987","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-amazing","tag-america","tag-flood-insurance","tag-flood-insurance-allstate","tag-flood-insurance-average-cost","tag-flood-insurance-cost","tag-flood-insurance-fema","tag-flood-insurance-florida","tag-flood-insurance-geico","tag-flood-insurance-how-much","tag-flood-insurance-in-florida","tag-flood-insurance-in-texas","tag-flood-insurance-progressive","tag-flood-insurance-quote","tag-flood-insurance-rate-map","tag-flood-insurance-state-farm","tag-flood-insurance-texas","tag-flood-insurance-usaa","tag-home","tag-home-buying-guide","tag-homeowners","tag-homes","tag-housing","tag-how-much-flood-insurance","tag-insurance","tag-mortgage","tag-owners","tag-property","tag-what-does-flood-insurance-cover"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/08\/Harvey.jpg?fit=400%2C266&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":6116,"url":"https:\/\/amazingproperty.com.ng\/blog\/nar-urges-congress-act-on-flood-insurance-fast\/","url_meta":{"origin":5987,"position":0},"title":"NAR Urges Congress: Act on Flood Insurance, Fast","author":"Amazing Property","date":"September 6, 2017","format":false,"excerpt":"Amid Hurricane Harvey and now a looming threat from Hurricane Irma, the National Association of REALTORS\u00ae warns Congress that letting the National Flood Insurance Program\u00a0expire at the end of the month could have dire consequences. NAR says thousands of homeowners, consumers, and commercial property owners could soon find themselves unprotected\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"NAR-Flood2-instagram.jpg","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/09\/NAR-Flood2-instagram.jpg?fit=1080%2C1081&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/09\/NAR-Flood2-instagram.jpg?fit=1080%2C1081&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/09\/NAR-Flood2-instagram.jpg?fit=1080%2C1081&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/09\/NAR-Flood2-instagram.jpg?fit=1080%2C1081&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/09\/NAR-Flood2-instagram.jpg?fit=1080%2C1081&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":6118,"url":"https:\/\/amazingproperty.com.ng\/blog\/what-are-your-rights-and-responsibilities-if-you-lose-your-home-to-a-natural-disaster\/","url_meta":{"origin":5987,"position":1},"title":"What Are Your Rights If You Lose Your Home To A Natural Disaster","author":"Amazing Property","date":"September 6, 2017","format":false,"excerpt":"Natural Disaster : Hurricane Harvey just wiped out Houston and various other parts of the Gulf. 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