Understanding the Flood Insurance Crisis Post Hurricane Helene
The Severity of the Flood Insurance Gap
Flood insurance is essential for homeowners, yet a staggering number of U.S. residents affected by Hurricane Helene find themselves without this crucial protection. Experts warn that the unsettling trend of insufficient flood insurance poses serious challenges in recovery efforts following the hurricane's devastation.
Statistics on Flood Insurance Coverage
- In Florida, flood insurance coverage ranges dramatically, with as few as 25% insured in some counties.
- Worryingly, outside Florida, only 1% of homeowners who experienced flooding from Helene were covered.
- Federal regulations mandate flood insurance in high-risk areas.
- Many property owners drop their insurance once their mortgage is paid.
Consequences of Insufficient Coverage
With a national average of only 4% homeowners holding flood insurance, many are left exposed, challenging their financial stability. As the need for flood insurance grows, particularly during hurricane season, the message remains clear: prepare and protect your assets.
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