![]() ![]() For everyone else, flood insurance is voluntary, and those not subject to the mandate often don’t buy it. To ensure those at higher risk have financial protection from floods, Congress mandates those with a mortgage from a federally backed or regulated lender who are located in high-risk areas, as mapped by the Federal Emergency Management Agency (FEMA), purchase flood insurance. While some private firms offer flood insurance, the majority is sold by the federal National Flood Insurance Program (NFIP). Floods are not included in a standard homeowners or renters policy households must buy a separate flood policy to cover storm surges, river flooding, or flooding from heavy rain. More than 85 percent of homeowners have property insurance, which covers wind damage, but only a much smaller percentage are insured against floods. There is no such thing as hurricane insurance in the United States. Without a national plan to make flood insurance affordable and accessible, many more will continue to struggle after these storms. This is why insurance can be so critical to recovery, and yet far too many of those now picking through the rubble of their homes lack flood insurance to replace what they’ve lost. Most residents don’t have sufficient savings to cover their losses. Federal disaster relief is insufficient and can be slow in coming. Floods and hurricanes impose huge costs on households. One important place to start is financing recovery. ![]()
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