Harvey’s Devastating Flooding Boosts Insurance In Texas

 Monday, July 30, 2018

 Insurance News Net

Little more than two months before Hurricane Harvey slammed the Gulf Coast of Texas, Alberto Castañeda let his home’s flood insurance lapse. He had never filed a claim on the policy in 10 years and he needed the extra cash to expand his restaurant business. Standing inside his suburban Houston home nearly a year later, Castañeda tallies the cost of the destructive floods to himself and his uninsured neighbors: one couple in their 70s let their home go into foreclosure; two people, overwhelmed by the difficulties of rebuilding, committed suicide; Castañeda, 52, ended up using nearly $135,000 from his business to cover repairs to his home that Harvey submerged under more than 2 feet (60 centimeters) of water.