Why 85% of Houston homeowners have no flood insurance

Mumbai residents told to abandon cars as heavy rain batters city

mumbai flodds
People continued with celebrations for Ganesh Chaturthi, a Hindu festival, in the city on Tuesday despite the persistent downpour.

Heavy rainfall paralyzed parts of the Indian financial capital of Mumbai on Tuesday, as traffic chaos sparked by flooding streets prompted officials to warn residents to abandon stranded vehicles and remain indoors.

An unrelenting downpour has battered low-lying parts of the city since the early hours of Tuesday, with some areas receiving almost 12 inches of rain. Weather forecasts suggested that the rain will continue over the next 48 hours before it begins to decrease.

Vehicles gingerly made their way through waterlogged roadways as residents sloshed through flooded streets — navigating waist-high water in some areas — after being sent home early from offices and schools…


Why 85% of Houston homeowners have no flood insurance

Tens of thousands of people have been displaced in Houston, Texas alone by Hurricane Harvey. The long-term damage from the catastrophic flooding engulfing the US’s Gulf Coast is expected to cost companies, small businesses, and homeowners as much as $100 billion, according to Imperial Capital. The insurance industry alone may pay out $10-$20 billion, JP Morgan estimates.

While big corporations will probably survive the hit, many individual homeowners in Houston could be forced into debt or bankruptcy because they don’t have flood insurance. That’s despite the fact that scientists have been warning for years that unchecked development and climate change could cause severe flooding in Houston.

As of August 2016, just 15% of the 1.6 million homes in Harris County, where Houston is located, had flood insurance, according…


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