Billions of dollars in insurance claims have been processed since Harvey hit the Texas coast, but billions more are still pending.
With just 15 percent of homes in Harris County covered by flood insurance, it's still not clear how much will be paid by providers or the government.
“From the flood losses alone, FEMA has paid out billions of dollars, they expect to payout $11 billion to insured flooded homes,” says Mark Hanna with the Insurance Council of Texas. “The industry has already paid out $2 billion for all the cars and trucks that were flooded.”
Hanna says insurers have been quick to process auto claims, but homes will take much longer.
“If you're talking about the auto and truck losses from the floods, roughly 90 percent of those claims have already been paid,” he says. “When it comes to homes, a lot of that money is going to be coming from FEMA and that's just going to take some time.”
In mid-October, the Texas Windstorm Insurance Association reported losses from Hurricane Harvey should total $1.13 billion when all claims have been settled. The agency said it had received almost 70,000 windstorm claims and closed approximately half of them.