A decentralised insurance platform has announced its support for the first blockchain-enabled insurance product to…
The New York Post: Lack of flood insurance means Puerto Ricans got only $121,000 from FEMA
9 months ago kakp2 Comments Off on The New York Post: Lack of flood insurance means Puerto Ricans got only $121,000 from FEMA
FEMA has paid $2.8 billion in federal flood-insurance cash to people impacted by Hurricane Harvey and $179 million to those hit by Hurricane Irma — but just a measly $121,000 to people in areas devastated by Hurricane Maria, a new report said Friday.
The reason, according to an Axios report, is that few people in Puerto Rico, which bore the brunt of Maria, even have flood insurance.
And the National Flood Insurance Program isn’t even available on much of the island.
Buying federal flood insurance requires municipalities and counties to maintain reasonable flood standards, which may cost too much for the island.