News outlets are reporting that Texas properties may be uninhabitable for weeks or months due to the catastrophic flooding from Hurricane Harvey. Unfortunately, it may be that many of these homeowners do not have flood insurance. For those that do, they may be eligible for advance payments under their federal flood insurance policy. To obtain payments under a National Flood Insurance Policy (“NFIP”), the policyholder must submit a proof of loss form before an advance payment is issued. However, FEMA issued a bulletin dated August 29, 2017,1 stating that it will waive this standard requirement if certain requirements are met.
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Commemorating the start of the 2017 Hurricane season, CoreLogic, a leading global property information, analytics, and data-enable solutions provider, released its 2017 Storm Surge Report on June 1, 2017. Alarmingly, this report projects that almost 6.9 million homes along the Atlantic and Gulf Coasts are at potential risk of hurricane storm surge damage with a total Reconstruction Cost Value (RCV) of more than $1.5 trillion.


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