"But Congress has never turned its back on flood-insurance policyholders before, and I can't imagine them doing that now".
With total debt now at $24.6 billion, the program is nearing its overall borrowing limit of $30.4 billion.
"While PCI and our members support meaningful reforms to the program, passing a minimum six-month extension of the program will allow time for numerous claims from Hurricane Harvey to be settled and any ongoing concerns identified and addressed before Congress and FEMA make significant reforms to the program", he said in a statement on Wednesday.
Twelve years ago, Hurricane Katrina slammed into Louisiana, Mississippi and Alabama, causing $35 billion in flood damage alone.
The Hartzes had flood insurance, but the home also had a detached garage that was not covered under their policy.
Homeowners should also note there are different policies for those who own and live in their home as opposed to a home that you own but rent, or a home that you own that is unoccupied.
"It's good because any time there's rising water from the ground up, that's flood insurance, and your homeowners insurance will not cover that", Farmer said.
The law applies to commercial and residential policies - which do not typically include flood insurance - but exempts National Flood Insurance claims and the Texas Windstorm Insurance Association. Some critics of the program say that underpricing flood insurance exposes more people to risky flooding because it encourages developers to build homes in flood-prone areas.
After previous storms like Katrina and Sandy, the government stepped into help uninsured homeowners, but it can be hard to get paid.
Aside from actual property losses, both insured and uninsured, economists try to gauge the economic impact from lost jobs and reduced wages, interruptions in production and supply lines, environmental risks and many other factors.
Insurance agents say, someone has to pay when disasters strike.
Unlike Corpus Christi and Rockport, much of the Houston area was damaged by flooding, not winds. Owners of properties in participating NFIP communities get access to insurance - the city and county of Houston in Texas are both participating NFIP communities.
That home was located in Houston, along with more than half of America's worst "repetitive loss properties" identified in the report. In some instances, your claim won't be covered if you have the wrong policy based on the occupancy of your home.
"My homeowner's insurance will cover it". "If you're in a low risk area, they don't require you to buy it, so unless you're required to buy it, most people don't". These unscrupulous actors have taken advantage of thousands of hard-working Texans over the past several years.
Flood insurance is available through a federal program that accepts anyone who wants coverage.
Badger is backed up by the Texas Department of Insurance, Federal Emergency Management Agency and even the Texas Catholic Conference of Bishops.
For homeowners facing big bills, some banks may be willing to help.
Industry specialists said there are so many variables - from the scale of losses, to the response from Congress - that it's unclear what will happen to insurance rates in MA and other regions of the country at higher risk of flood because of Harvey.