Consumers whose personal finances have already been damaged by the recent recession could face disaster if their uninsured homes are struck by a natural disaster, according to a survey from HNTB Corporation.
HNTB flood management practice leader Rob Vining said that “recent flooding in Nashville put our flood management and levee systems to the test – and they failed.” Residents with a sudden financial strain placed upon them by a natural disaster – cleanup costs for flood damage, say – could encounter serious debt problems.
Levee systems in disrepair, while clearly in the minority, exist across the nation, HNTB said, and it could require a years-long, highly expensive commitment from the Army Corps of Engineers to fix them. In the mean time, many Americans could be unaware that their home is located in a flood area protected by a defective levee.
Experts say that, while home and flood insurance are important to protecting the value of their homes, those with problems saving money should consult with a professional to determine if the coverage would be worth the price.