The Federal Emergency Management Agency (FEMA) has announced that it will “rush recovery money” for National Flood Insurance Program (NFIP) policyholders.
“When a policyholder contacts his/her insurer and verifies his/her identity, he/she can receive an advance payment for up to $5,000 on a flood claim, without an adjuster visit or additional documentation,” the agency said in a statement.
Celebrate excellence in insurance. Nominate a worthy colleague for the Insurance Business Awards!
“Up to $20,000 may be advanced to a policyholder who provides photos and/or videos depicting damage and receipts validating out-of-pocket expenses related to flood loss, or a contractor's itemized estimate.”
FEMA also stated that policyholders affected by Hurricane Harvey who have not been able to renew their policies will receive a grace period of 120 days to accomplish the task.
Learn more about flood insurance at the Future of Flood event being held in Miami, Florida on November 16. Click here for more details and to register.
CNN reported that it would take between 10 and 15 days for floodwaters to recede, based on data Houston authorities revealed.
Mexico is also set to offer relief supplies and up to 50 medical professionals to aid US residents who were hit the hardest by the hurricane.
Following in the wake of Harvey, the nearby Hurricane Irma currently churning in the Atlantic Ocean has been classified as a Category 4 storm and could hit Florida, CNN warned.
Related stories:
Why Berkshire Hathaway won’t be hammered by Harvey claims
On the frontline of Hurricane Harvey response
.jpg)
