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Wednesday, July 24, 2024

Congress eyes flood insurance fix as tsunami nears


WASHINGTON (Reuters) – As a tsunami bore down on the western United States, a congressional panel explored ways to fix the broken National Flood Insurance Program, which covers more than 5.6 million U.S. property owners.

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1 thought on “Congress eyes flood insurance fix as tsunami nears”

  1. We have a condo in Galveston,Texas that is right on Seawall Blvd. It is part of a complex of 276 units and is not a time share but is in a rental pool for income when we do not use it. Hurricane Ike caused a few million in damages but it was not the units since they are elevated on pylons. The water that came into the complex flooded the elevator shafts, damaged swimming pools and took out offices and meeting rooms that were not elevated, but the major problem was all electrical boards were ruined since they were only about six feet off the ground.That is the question of damage recovery.

    Each owner had to kick in $5,000 to cover damages until and insurance settlement was reached. One insurer paid pronto for what was their responsibility but Texas Windstorm and Lloyd’s have refused to pay. I will not even begin to describe their convoluted reasoning behind this but essentially it comes down to the fact that what they have done is forced thousands of property owners to either accept their offer, sue them or go to arbitration. The process is time consuming and expensive and the Condo Association is taking the suing route. The reality is for these major insurers it is quite profitable to just do exactly that. There is no punishment for them in Texas for their actions and I assume Texas is not unique.

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