Most Harvey Flood Victims Not Covered By National Flood Insurance

Many of those hit hard in Texas may be out of luck when it comes to national flood insurance policy.

Hurricane Harvey continues to batter south-eastern Texas, and even though the storm has not yet reached its conclusion, analysts are already starting to speculate that the financial damage inflicted: make it one of the costliest disasters to hit the US ever. David Havens, an insurance analyst at Imperial Capital in New York, told Bloomberg has estimated that the cost of the damage could be as high as $100 billion. This compares with a loss worth $120 billion for hurricane Katrina and $75 billion of losses for Sandy in 2012.

Using inflation-adjusted figures, analysts at Morgan Stanley calculate that Hurricane Katrina in 2005 inflicted...