INDIANAPOLIS – As search and rescue operations continue in Texas, officials have been left unable to gauge the exact scale of the crisis and how many homes across Southeast Texas are underwater and in ruins.
Insurance experts predict a majority of impacted homeowners don’t have flood insurance, which will add life-changing challenges to an already unfolding personal crisis.
“Tens-of-thousands of people are going to have to handle the recovery financially on their own,” Pete the Planner said, a financial expert.
Indiana is no stranger to severe weather, like tornadoes, floods and storms that leave the potential to destroy homes and finances.
“It’s critical to have coverage in place before,” Suzanne Henderson said, director of public relations and communications with Indiana Farm Bureau Insurance.
Flood insurance is administered through the National Flood Insurance Program as part of FEMA, which Henderson said can be discussed with local insurance agents as part of a larger review of policies.
“It’s very important Hoosiers talk with their local insurance agents and go through their policies in-depth and make sure they have the proper coverage in place before they experience a loss,” Henderson said.
In Texas, homeowners are still left to image the looming damage, a warning insurance experts say to prepare now for the unimaginable.
“Anytime something like Harvey hits, that burden can get unbearable,” Pete the Planner said. “And I think that’s what we’re going to see. People of all financial walks of life got affected, but unfortunately and normally the people who are in the worst financial situation are going to be even worse.”