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In the wake of hurricane season, will insurance be the answer?

At this point in the year, most of the nation is aware of the catastrophes that swept across areas in Texas earlier this fall season. Hurricanes Harvey and Irma left countless citizens without basic necessities--and, as a result, in significant danger. In the aftermath of these disasters, many are left sorting through the details of insurance claims. The details of insurance in such situations can be complex and overwhelming. Some are hopeful that adequate funding will come to the rescue, while others are skeptical that the thousands of homeowners left to sift through the damage will lack insurance coverage. 

The Washington Post released an article in the midst of Hurricanes Harvey and Irma, warning readers that the National Flood Insurance Program's hand in the matter could come with negative results. This is due to the fact that, although the NFIP's purpose is to provide affordable insurance, most of this insurance is housed by private firms. A large majority of these private firms backed out of the flood insurance market after the Mississippi River flood in 1927, having concluded that insurance and natural disasters are often a risky combination due to the high cost of most premiums. The initial goal of the NFIP was to make insurance more widely available, but simultaneously required premiums to subsidize in order for it to be affordable.

CNN Money takes a closer look at the damage caused by Harvey and Irma, pointing out that 70 percent of home damage costs are not covered by insurance. Data provided by CoreLogic showed that southwest Texas and southwest Louisiana faced between $25 billion and $37 billion in flood losses. To make matters worse, only roughly $6.5 billion to $9.5 billion of those losses are in the hands of insurers. Many are turning to online fundraisers for support, but CNN acknowledges the unexpected and deadly turns the hurricanes took, leaving mountains in damage across these states.      




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