Mortgage Daily

Published On: September 20, 2005
Flood Claims Kicking InFEMA reports 149,000 claims submitted

September 20, 2005

By COCO SALAZAR

 

Slightly more than half of flood insurance policy holders in areas damaged by Katrina have filed claims, the Federal Emergency Management Agency said.

As of Monday, around 149,000 flood insurance claims had been made, said Ed Pasterick, a FEMA senior advisor of the flood insurance program litigation division.

Katrina was “a big storm,” he told MortgageDaily.com. “We’re just hoping we can expeditiously get to all these claims. But there’s just so many and that makes it difficult.”

Pasterick said there are approximately 271,000 total flood insurance policies in the areas affected by the hurricane.

Louisiana holds the most, with about 217,000 policies spread throughout the Orleans, Jefferson, St. Bernard and Plauqemines perishes, according to the senior advisor.

Alabama’s Baldwin and Mobile counties constitute around 27,000 of the policies and Mississippi’s counties of Hancock, Harrison and Jackson hold the other 27,000, he said.

The total number of structures in the impacted areas is difficult to assess, given that Census data determines the number of households and not structures, Pasterick said.

He pointed out, however, that research of structures located in high-hazard areas shows that about 60 percent of structures in the South have flood insurance, which is higher than other parts of the country and expected because the region is aware of its high level of water and storm activity.

RELATED:

Katrina’s Impact on Mortgage Industry
Analysts pouring through loan transactions backed by properties in areas affected by Hurricane Katrina see little impact to the mortgage industry from what may be one of the country’s worst natural disasters.

Flood Insurance Softens Blow to Lenders
Mortgage lenders are obligated to require borrowers on properties in designated flood zones to obtain federal flood insurance, and many of the devastated homes in New Orleans are covered.

FREE CALCULATORS TO HELP YOU SUCCEED
Tools for Your Next Big Decision.

Amortization Calculator

Affordability Calculator

Mortgage Calculator

Refinance Calculator

FHA Mortgage Calculator

VA Mortgage Calculator

Real Estate Calculator

Tags

Pre-Approval Resources!

Making well educated decions in a matter of minutes and stay up to date on the latest news Mortgage Daily has to offer. Read our latest articles to stay up to date on what’s going on…

Resource Center

Since 1998, Mortgage Daily has helped millions of people such as yourself navigate the complicated hurdles of the mortgage industry. See our popular topics below, search our website. With over 300,000 articles, we are guaranteed to have something for you.

Your mortgages approval starts here.

Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here.

Stay Up To Date with Today’s Latest Rates

Mortgage

Today’s rates starting at

4.63%

5/1 ARM
$200,000 LOAN

Home Refinance

Today’s rates starting at

4.75%

30 YEAR FIXED
$200,000 LOAN

Home Equity

Today’s rates starting at

3.99%

3 YEAR
$200,000 LOAN

HELOC

Today’s rates starting at

2.24%

30 YEAR FIXED
$200,000 LOAN