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			Situs Newswatch: Flood damage in Texas from Hurricane Harvey may equal that resulting from 2005’s Hurricane Katrina | US Market News Latest		</title>
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		<h1>Situs Newswatch: Flood damage in Texas from Hurricane Harvey may equal that resulting from 2005’s Hurricane Katrina</h1>
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																																			<span class="article-header-meta-date">August 31</span>
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											<span class="head-time">20:23</span>
											<span class="head-year">2017</span>
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					<p style="text-align: justify;">Flood damage in Texas from Hurricane Harvey may equal that resulting from 2005&rsquo;s Hurricane Katrina, the costliest natural disaster in U.S. history, according to the&nbsp;Insurance Information Institute.</p>
<p style="text-align: justify;"><img style="float: left; margin: 5px;" src="https://fiverr-res.cloudinary.com/t_message_attachment_large,q_auto,f_auto/message_attachements/478120098/original/Screen_Shot_20170831_at_203129.png" alt="" width="164" height="183" />&ldquo;Houston, the coastal area and a wide swath of inland Texas have been hammered by this storm that doesn&rsquo;t seem to let up,&rdquo; says&nbsp;<strong>Situs&nbsp;Chief Executive Officer Steve Powel</strong>.&nbsp;&ldquo;The level of property damage to commercial, industrial and residential real estate is unprecedented to anything I have experienced, in almost three decades of residence in Houston.&nbsp;Of significant concern is the fact that so many residences and businesses don&rsquo;t have flood insurance, because they are located outside of the federally designated flood zone areas. One colleague said today, this is like the &lsquo;800-year flood!&rsquo; No doubt property and casualty insurers will have their hands full, but the federal government is likely to bear a significant monetary burden of the underinsured, and the significant investments that will be required to address the city&rsquo;s necessary infrastructure improvements.&rdquo;</p>
<p style="text-align: justify;">Powel adds, &ldquo;Based on past experiences from major storms in the U.S. and Caribbean, aside from the hardships experienced by so many families, the rebuilding effort will no doubt be a stimulus to the Houston economy, which has been challenged by the adverse impact of the depressed energy sector over the past two years.&nbsp;While no one would suggest that the storm was a good thing, rebuilding the fourth largest city in the U.S. will present future opportunities.&rdquo;</p>
<p style="text-align: justify;">The storm settled over Houston creating flooding of &ldquo;historic proportions&rdquo; in the nation&rsquo;s fourth largest city, according to the National Weather Service. The images emerging from the area are horrifying and with up to 50 inches of rain forecast, the storm conditions continue.</p>
<p style="text-align: justify;">FEMA Administrator Brock Long, who expects 450,000-plus people to apply for federal assistance says, &ldquo;The state of Texas is about to undergo one of the largest recovery housing missions the nation has ever seen.&rdquo;</p>
<p style="text-align: justify;">For more information, visit <a rel="nofollow"  href="https://www.situs.com/situs-newswatch-8302017/">https://www.situs.com/situs-newswatch-8302017/</a></p>
<p class="caps"><span style='font-size:18px !important;'>Media Contact</span><br /><strong>Company Name:</strong> SITUS<br /><strong>Contact Person:</strong> CECILIA PANOZZO<br /><strong>Email:</strong> <a href="/cdn-cgi/l/email-protection" class="__cf_email__" data-cfemail="e1828482888d8880cf91808f8e9b9b8ea19288959492cf828e8c">[email&#160;protected]</a><br /><strong>Phone:</strong> 212-294-1304 <br /><strong>City:</strong> New York City<br /><strong>State:</strong> New York<br /><strong>Country:</strong> United States<br /><strong>Website:</strong> <a rel="nofollow" href="http://www.situs.com" target="_blank" >http://www.situs.com</a></p>
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