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Why don't property owners have flood insurance?

Superstorm Sandy was the largest Atlantic hurricane on record, spanning 1,100 miles, affecting 24 states from Florida to Maine and as far west as Michigan. From an insurance perspective, less than half of those affected were insured.

By Gregory Knuffke, CPCU | Updated on September 30, 2015

By failing to prepare, you are preparing to fail. — Benjamin Franklin

Superstorm Sandy was the largest Atlantic hurricane on record, spanning 1,100 miles, affecting 24 states from Florida to Maine and as far west as Michigan. In New Jersey and New York, the storm surge reached 14 feet above average low tide, crippling the financial center of the world. In Sandy’s wake were 285 dead and $70 billion in damage. From an insurance perspective, less than half of those affected were insured. [Aon Benfield 2013/NOAA]

Less than one year later, torrential rains resulted in a flash flood in Boulder, Colo., causing $2 billion in damage with less than 2 percent of losses insured. [FEMA] In 2015, Texas and Oklahoma experienced catastrophic flooding with projected losses exceeding $3 billion, with only one third insured. [Aon 2015]

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