Floodwaters from the overflowing Salinas River surround a building in Salinas, California, US, on Friday, Jan. 13, 2023. Storm-weary California is bracing for new round of drenching rains, heavy snowfall and dangerous winds as the death toll from a series of atmospheric rivers reached 19 people. (Photo: Josh Edelson for Bloomberg)
(Bloomberg) — As climate change worsens extreme weather around the U.S., floods are increasing the risk of home foreclosure, according to a new report by First Street Technology Inc., a climate-data company.
A big part of the reason why is that unlike damage from hurricane winds and wildfires, flood damage isn’t covered by standard home insurance. Only a small percentage of Americans hold separate flood insurance.
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