Flood Insurance Market to See Huge Growth by 2026 | Allstate, Chubb, Allianz texasguardian.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from texasguardian.com Daily Mail and Mail on Sunday newspapers.
hurricane michael putting 57,000 homes in the path of the storm. rebuilding costs estimated at 13 billion including wind and flood damage. this is preliminary, of course. when it comes to flooding, floridians are better prepared to handle this than any other state. florida has a big private flood insurance market, and homeowners there own one-third of the five million policies issued by the national flood insurance program, that s run by fema. the government program, though, overall is struggling. it has borrowed $40 million to pay out claims since hurricane katrina. currently has $20 billion in debt. premiums paid by policyholders should cover the cost of claims, but the amount of major flood events is on the rise. the income the program generates can no longer keep up. congress also backed off %-p from americans who live in these flood zones. but 57,000 homes in the path of the storm. ape storm that we have not a