Homeowners suffering flood damage from Harvey are more likely to be on the hook for losses than victims of prior storms, with insurance experts estimating only a small fraction of homeowners in Harvey’s path of destruction to have flood insurance.
Only two of 10 homeowners have coverage, according to some analysts.
That means families with flooded basements, soaked furniture and water-damaged walls will have to dig deep into their pockets or take on more debt to fix up their homes. Some may be forced to sell, if they can, and leave their communities. Read more here.