Flood risk is growing for US homeowners due to climate change. Current insurance rates greatly underestimate the threat, a new report finds
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 were to purchase flood insurance to protect against potential damage, premiums would need to increa...
Source: keyt.com