Why do HCFCD, Houstons mayor, and CCFCC strongly recommend that all homes in this area be covered by flood insurance?
Due to the high risk of flooding and the low cost of insurance relative to the level of damages that might be incurred, flood insurance makes sense. During a typical thirty-year mortgage period, one out of four homes is at risk of flooding. Prior to Tropical Storm Allison, the average flood insurance policy cost $409 and the average repair bill for homes damaged by flooding cost about $27,000. (Note: During the period 2005-06, construction costs in the Houston area reportedly rose another 35%).
Related Questions
- Will OPS urge, strongly recommend, or encourage inspectors to utilize a master list of covered tasks to inspect operators?
- Why do HCFCD, Houstons mayor, and CCFCC strongly recommend that all homes in this area be covered by flood insurance?
- Is flood insurance mandatory for homes in a special flood hazard area?
