Why Insurance Companies Aren't Worried About Irene

Friday, September 02, 2011

A flood damaged Burnham Hollow Road in the Catskills. (Courtesy of Rebecca Clarke)

Tropical Storm Irene recently stormed across the northeastern United States, leaving somewhere billions of dollars in damages in its wake. But it won't be insurance companies footing the bill — most likely, it'll be taxpayers. This is partly due to the fact that most people that the storm affected don't have insurance that covers floods, but the federal government's insurance program is also billions of dollars in debt. 

Steven Stichter, chief operating officer at Kinetic Analysis Corporation, on how this could happen and what this could mean for the millions of victims of Hurricane Irene. Stuart Hurd, town manager of Bennington, Vermont, gives the latest from his town.


Stuart Hurd and Steven Stitcher

Produced by:

Hsi-Chang Lin

Comments [2]

Water Damage from Dhaka

Have you finally decided to waterproof your basement? Have you researched to decide which method of waterproofing you will use? An easy way to protect your basement from water damage is by painting them. Using waterproofing basement paint is a relatively inexpensive and any homeowner can use this technique.

Mar. 20 2012 09:48 AM

I agree with the first comment. I def. didnt realize how vulnerable we are... I was spared any physical damage( thank the lord) but Just loosing power for a few days was an eye opener.... living check to check and pitching the food in your fridge is a wake up. the previous commenter was right, what if it happened in the winter???

Sep. 02 2011 09:30 AM

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