This year, Hurricanes Helene and Milton caused unprecedented property damage in the southeastern United States.
Some of the affected areas, like Asheville, North Carolina, hadn’t experienced significant flood damage in more than 100 years. Since property insurance policies typically don’t include coverage for flooding, business owners and residents are left on the hook for tens of thousands of dollars in property damage.
The gap between property and flood insurance will only grow more pernicious as regions across the U.S. experience an increase in hurricanes, severe convective storms, atmospheric rivers and torrential rains. Flood-prone areas of the country are expected to grow by 45% by 2100, according to the FEMA Climate Change Report published by AECOM. This will leave an even greater share of property owners vulnerable, especially in areas like Asheville that historically haven’t needed robust flood coverage.
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