Hurricane Idalia Brings Flood Insurance into Focus
The severe flooding in the Southeast U.S. brought by Hurricane Idalia highlights the importance of flood insurance.
The severe flooding in the Southeast U.S. brought by Hurricane Idalia highlights the importance of flood insurance.
Despite the frequency of flooding, inflation and an uncertain economic outlook can make flood insurance a difficult sell.
“Both the NFIP and the private market will remain extremely important,” says independent agent Jeffrey Wyrsch. “We need to have both because they both offer advantages in different situations.”
Mandatory flood insurance purchase requirements have covered flood losses that would have otherwise been uninsured.
As the recent string of storms and flooding on the West Coast have likely hit property owners with unmitigated costs, many Americans mistakenly believe they are covered against floods, according to Neptune Flood.
Thirty years after Hurricane Andrew, a report from CoreLogic examines the impact of the storm and what might happen if an Andrew-like event were to occur again.
Nationally, nearly 7.8 million single and multifamily homes with more than $2.3 trillion in combined reconstruction cost value are at risk of storm surge, according to CoreLogic.