Mitigation Administratio News Today

Currently, there are nearly 4.3 million residential properties around the country with a substantial risk of financial loss due to flooding. The report defines “substantial risk” as carrying a 1% chance of flooding in any year. But the report finds that those homes face losses each year which dwarf the costs of their NFIP premiums. The average NFIP premium cost today for those properties is around $981, but their expected annual loses are $4,694 per property. If all of those property owners...

Flooding is the most costly natural disaster in the United States. As climate change increases the risk of flood damage, a new report finds that the country's National Flood Insurance Program is greatly underestimating the financial threat to homeowners.