New Texas law may suggest filing flood insurance claims by Friday

paladin

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waldoputty said:
New Texas law means Harvey victims have good reason to file claims by Friday
A new law, set to take effect Friday, aims to crack down on frivolous insurance lawsuits. But House Bill 1774 also reduces the penalty fees that insurance companies face for late payments if the policyholder files a lawsuit.

https://www.texastribune.org/2017/08/28/harvey-insurance-claims/
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Talking outta my hat here but:
Isn't it true that:
Homeowners insurance doesn't cover floods, that's covered thru an additional policy that's backed by the Feds.
That policy is req'd when getting a mortgage if your property lays within a "100 year flood plain" - but this was a 500 year flood!
&
If that's true then only a minor % of Harvey's victims are eligible for claims & will have to rely entirely on additional Fed intervention.
I feel ignorant for not knowing this already.
 
65fastback2plus2

65fastback2plus2

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paladin78749 said:
Talking outta my hat here but:
Isn't it true that:
Homeowners insurance doesn't cover floods, that's covered thru an additional policy that's backed by the Feds.
That policy is req'd when getting a mortgage if your property lays within a "100 year flood plain" - but this was a 500 year flood!
&
If that's true then only a minor % of Harvey's victims are eligible for claims & will have to rely entirely on additional Fed intervention.
I feel ignorant for not knowing this already.
Click to expand...

Flood policies can be bought through your normal insurance company, but like FHA loans, they're federally subsidized and backed.
 
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