Cars flooded from Imelda may be hitting the market

    Posted by Soules Insurance on Wed, Oct 16, 2019

    A month after Tropical Storm Imelda, the Texas Department of Insurance reminds consumers to be on the lookout for flood-damaged vehicles hitting the resale market.

    Unscrupulous sellers will buy salvage cars at auction and resell them to unsuspecting buyers across the state and nation. Once an engine gets waterlogged, it’s almost impossible to ever make it right. 

    “If you’re shopping for a used car, make sure to look for signs of water damage,” said Insurance Commissioner Kent Sullivan. “There’s often a reason when the deal looks too good to be true.” 

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    Tags: Flood, Flood Damage, Flood Vehicle Fraud, Flooding, Flooded Vehicles, How to avoid flooded vehicles, Flooded Cars, Avoid Flooded Vehicles, Imelda

    News Update - National Flood Insurance Program Re-authorized through May 31, 2019

    Posted by Soules Insurance on Wed, Dec 26, 2018

    As of Friday, December 21st, Congress has re-authorized NFIP until May 31, 2019.  The President is expected to sign the reauthorizing legislation.

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    Tags: flood insurance, Flood Damage, Floods, Flooding, NFIP, Flood Insurance Coverage, FEMA, Flood Reform, National Flood Insurance Program, Federal Emergency Management Agency, Lapse, Flood Insurance Program Reinstated, Congress has re-authorized NFIP, National Flood Insurance Program Re-authorized

    Breaking News - Important NFIP Reauthorization Update

    Posted by Soules Insurance on Fri, Dec 21, 2018

    As of Friday, December 21 Congress has not yet acted to reauthorize the National Flood Insurance Program. The NFIP authority is set to expire tonight at 11:59 pm. Should reauthorization not occur prior to 11:59 pm tonight, the program will fall into a lapse period. 

    Congress must now reauthorize the NFIP by no later than 11:59 pm on Dec. 21, 2018. 

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    Tags: flood insurance, Flood Damage, Floods, Flooding, NFIP, Flood Insurance Coverage, FEMA, Flood Reform, National Flood Insurance Program, Federal Emergency Management Agency, Lapse

    Prepare for incoming storms with this checklist

    Posted by Soules Insurance on Thu, Sep 13, 2018

    As Hurricane Florence continues to intensify, there is no question that its damage to the East Coast will be astronomical. It’s threat to lives, homes, agriculture and the waning tourist season have prompted multiple governors to declare a state of emergency, as well as mandatory evacuations throughout the coastal areas of the Carolinas and Virginia.

    During Hurricane season it is especially important to prepare for possible flooding. In an effort to help minimize the damage that may occur as a result of flooding, Allianz Risk Consulting has developed a checklist, meant to be used as a guide, that should be completed before, during and after a flood.

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    Tags: flood insurance, Flood Damage, Flooding, Hurricane Season, Hurricane Preparedness, Flood Insurance Coverage, Hurricane Tips, Hurricane Season 2018, Prepare for a Hurricane, Preparing for a tropical storm, Tropical Depression, Tropical Storm, Flooding from Hurricane, Prepare for flooding

    FEMA eyes letting people rebuild homes after taxpayer buyouts

    Posted by Soules Insurance on Fri, Apr 27, 2018

    The Federal Emergency Management Agency is proposing to allow owners of homes destroyed by storms and bought out by the government to rebuild on the same flood-prone land. Currently, FEMA offers to buy homes that have been repeatedly damaged by flooding but then tears down the structure and turns the land into open space. The policy is intended to limit future disaster costs, by removing buildings in locations that make them particularly vulnerable to floods.

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    Tags: hurricane, Flood, Flood Damage, Hurricane Harvey, FEMA, Rebuild Home, Taxpayer, Buyout, Rebuild after Harvey, Rebuild, Taxpayer Buyouts, Harvey, Federal Emergency Management Agency

    How to avoid buying a flooded car in the wake of Harvey

    Posted by Soules Insurance on Tue, Nov 14, 2017

    In the destructive aftermath of Hurricanes Harvey and Irma, hundreds of thousands of new and used cars were left flooded. While many end up being sent to the scrapyard, oftentimes flood-damaged cars can be sold again to unsuspecting consumers, leaving them with a faulty car and a significant loss of money.

    According to a recent report from Carfax, about 325,000 flooded vehicles were already in use across the country, a 20 percent increase from 2016. Now, hundreds of thousands more could join them. Some reports indicated that 500,000 to 1 million vehicles may have been flooded during Harvey alone.

    Continue reading to find out how you can spot a vehicle that may have suffered flood damage during Harvey.

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    Tags: Flood Damage, Hurricane Harvey, Flooded Vehicles, Damage from Hurricane Harvey, Flood Damage to Vehicles, Harvey Damage, How to avoid flooded vehicles, Flooded Cars, Hurricane Irma

    How to Avoid Becoming a Victim of 'Flood Vehicle' Fraud

    Posted by Soules Insurance on Mon, Oct 10, 2016

    Flooding has devasted many areas of the United States over the past few years, creating enormous damage to properties and thousands of vehicles. Flood-damaged vehicles offer a tempting opportunity for criminals to defraud unsuspecting consumers. 

    Fraud involving vehicles damaged by storm flooding which later appear in used car lots and auction sales is common, according to the Insurance Information Institute. In some states, vehicles that have been flooded bear the words “salvage only” on their titles, usually after damage to the vehicle has reached about 75 percent of its value.

    However, if the vehicle’s owner doesn’t have comprehensive insurance coverage at the time, or the repair bill didn’t exceed a certain amount, the vehicle might not get a ‘salvage’ or branded title at all. 

    Here's important information and tips on how to avoid becoming victimized by flood vehicle fraud.
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    Tags: Flood Damage, Flood Vehicle Fraud