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Hurricanes Harvey, Irma and Maria: The Lasting Effects

October 2nd, 2017

The long lasting effects of recent hurricanes Harvey, Irma and Maria could cost up to $40 Billion in damages according to CoreLogic analysis – the real estate information and analytics company.  In Texas alone, nearly 233,000 homes are at risk of storm damage.

Hundreds of thousands of people in the areas hardest hit by these tragic storms could be displaces for weeks or even months. To make matters even worse, 9 out of 10 of the homes affected were not covered by flood insurance. The cost of this oversight alone could cost homeowners a combined  $20.8 billion. CEO of Landmark Research Group, Randall Bell, believes that many homeowners, unable to afford such large loss, will just walk away from their homes.  Many of the homeowners who choose to stay, will fight the insurance companies to determine if damage was caused by flood or wind.

Another issue that has arisen, is that the National Flood Insurance Program expired September 30 and the program had a cap of $5.8 billion in claims it could submit.

The recovery will be especially slow and hard for many due to these and other conditions that continue to arise.

A vehicle stands outside an apartment complex in floodwaters due to Hurricane Harvey in Spring, Texas, U.S., on Monday, Aug. 28, 2017. Photographer: Luke Sharrett/Bloomberg



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    Disclosure © 2017 United Security Financial Corp. All Rights Reserved. We are not affiliated with any government agencies, including the VA, FHA, or the HUD. United Security Financial Corp, NMLS #94915, a lender approved by Fannie Mae, HUD, and VA to originate conventional, FHA, and VA mortgages. We are not the Department of Veterans Affairs or any other government agency. The Department of Veterans Affairs does not generally make mortgage loans to borrowers. United Security Financial Corp. is a direct lender originating home loans across the United States. Our primary lending offices are located at 930 E 6600 S, Murray, UT 84121.