HOUSTON - A new report reveals how the insurance crisis made the July 4th floods in Central Texas even worse for so many people who lost their homes and businesses.

The Insurance Fairness Project just issued a new report revealing only 3% of homes that were damaged had federal flood insurance, known as the National Flood Insurance Program.

The authors of the report, " Underwater and Uninsured: How the Insurance Crisis Exacerbated July 4th’s Texas Disaster, " say that these catastrophic financial losses could happen again, when the next disaster strikes.

Flood damage impact on Central Texas

By the numbers:

The report unpacks the level of devastation, as entire neighborhoods and business districts in Central Texas were submerged in water when the Guadalupe River rose 26 feet.

The f

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