Millions Face Flood Risks Amid Rising Insurance Costs
Flood risks are increasing across the United States, yet millions of properties remain uninsured due to rising costs and systemic flaws in the National Flood Insurance Program (NFIP). According to an Associated Press analysis, only 2.4% of properties nationwide are covered by federal flood insurance policies, while 8.4% are at severe or extreme risk of flooding. The NFIP, established in 1968, aims to provide affordable flood insurance and manage flood risks, but affordability issues and outdated FEMA flood maps have left many vulnerable. In eastern Kentucky, for example, only 2.1% of properties are insured despite nearly half being at high risk. Climate change is exacerbating flooding risks, with heavier downpours and stronger hurricanes affecting inland and coastal areas alike. High insurance premiums, which have risen by 90% over the past five years, are a major deterrent for homeowners, especially in economically disadvantaged regions.
