Unfortunately, only about 12% of US homeowners have flood insurance, according to the Insurance Information Institute, even though 4 out of 5 natural disasters involve flooding. Similar take-up rates are found in neighboring counties, though the rate drops off the further inland from the immediate coastline.
Tens of thousands of people have been displaced in Houston, Texas alone by Hurricane Harvey.
German-based Munich Re and Hannover Re, two of the world's largest reinsurers, said current information suggests that insured losses from Harvey are likely to fall well short of the $75 billion for Katrina in 2005 and $30 billion for Sandy in 2012.
Why? The NFIP has been around since 1968 and was created to "reduce the impact of flooding on private and public structures", according to the program's official government website.
The insurance program could also provide home buyers better information about properties' flooding history.
As Texas continues to attempt managing the destruction from Hurricane Harvey, Congress is due to consider an appropriations package that, as is, would rescind almost $876 million from the Federal Emergency Management Agency's Disaster Relief Fund. Meanwhile, The Trump administration's proposed budget would cut $190 million from the flood insurance program-specifically, from the funds allocated for updating those old flooding maps.
Houston's flood maps were updated late a year ago for the first time in a decade. Some critics of the program say that underpricing flood insurance exposes more people to risky flooding because it encourages developers to build homes in flood-prone areas.
"They are more severe".
If flooding occurs during the blackout period, your policy won't pay to fix damage to your home or belongings. The first task for homeowners therefore is to contact their insurer and get a claim number, and then wait for the company to contact them. Just one inch of water in a home can run up costs of $20,000, according to the National Flood Insurance Program.
Geoff Henley, a partner at Henley & Henley P.C.in Dallas, laughed at Abbott's claim that the law would save homeowners money.
The CFA also warned about rising premiums in the wake of the storm.
Q: Who sells flood insurance? An "X" Zone designation means you have the lowest risk and can obtain the least expensive policy, generally, $450 a year for a home in central Florida.
Some critique NFIP for the debt it's carrying - roughly $25 billion - but that may be beside the point. He would like to shift the costs of disaster relief away from the federal government to states, cities, and homeowners.
Hurricane Harvey is not the first costly flood to hit Houston since that 1998 report.
But the government-sponsored program faces a slew of problems. Provided you're able to buy a policy, there won't be a waiting period.
"Purchasing flood insurance is an important consideration for Georgia consumers, even if you think a flood is unlikely in your area", Hudgens said.