AUSTIN, Texas –The National Flood Insurance Program has paid over $280 million to Texas policyholders six weeks after Tropical Storm Imelda impacted the state. Of that, nearly $82 million are from advance payments on flood insurance claims. Advance payments can be dispersed in as little as five days to help kick-start recovery. Advance payments are deducted from a policyholder’s final claim settlement amount. Advance payments may only be used according to the terms of the policy. For example, if a policyholder has a flood insurance policy for a building, the advance...
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