Millions Who Need Flood Insurance the Most Don’t Have It as Flawed Federal Program Raises Prices
AP analysis shows 4.5 million federal flood policies cover just 2.4% of properties, while average premiums have risen about 90% in five years.
- An Associated Press analysis reveals that nationwide, only 2.4% of properties are covered by federal flood insurance, even though 8.4% face severe or extreme flood risks.
- The typical cost of a flood insurance policy is $1,100 per year, up roughly 90% in five years; Louisiana Sen. Bill Cassidy argues that Risk Rating 2.0 has made coverage unaffordable for many families.
- During the July 2022 floods in eastern Kentucky, the Federal Emergency Management Agency provided nearly $90 million in direct assistance to uninsured victims, while residents like Jennifer Campbell and Libby Honeycutt struggled to rebuild without insurance.
- The National Flood Insurance Program is in more than $20 billion of debt, yet legislative efforts to overhaul the program remain stalled; Columbia University faculty director Jeffrey Schlegelmilch notes stakeholders agree the system is "broken."
- FEMA is developing the Future of Flood Risk Data to better mandate coverage in high-risk zones, though without policy changes, the agency continues to rely on disaster declarations to assist uninsured homeowners after flooding occurs.
11 Articles
11 Articles
Millions who need flood insurance the most don’t have it as flawed federal program raises prices – WTOP News
WASHINGTON (AP) — In eastern Kentucky, Libby Honeycutt listened upstairs to the sound of glass breaking below as floodwaters tore apart her house. Twenty-six miles to the south, Ronald Conley rescued his dogs from his elevated house with a pontoon boat. Jennifer Campbell heard the screams from across the river of a neighbor desperate for...
Takeaways from the AP’s analysis on the fundamental flaws in the national flood insurance program
WASHINGTON (AP) — The nation’s flood insurance program struggles to balance affordability, flood protection and cost to taxpayers, leaving millions vulnerable at a time when climate change is driving flood risk higher.
The Toronto Star
Millions who need flood insurance the most don’t have it as flawed federal program raises prices
WASHINGTON (AP) — In eastern Kentucky, Libby Honeycutt listened upstairs to the sound of glass breaking below as floodwaters tore apart her house. Twenty-six miles to the south, Ronald Conley rescued his dogs from his elevated house with a pontoon…
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