The recent devastation caused by Hurricane Ian has shown the cracks in Florida’s flood insurance market. With many affected homeowners left without the coverage they need to repair their flood-damaged properties, the question arises: why aren’t they insured?
The National Flood Insurance Program (NFIP) is the largest provider of flood insurance in the country, but it’s plagued with problems like outdated flood maps and unaffordable insurance rates. As a result, taxpayers are effectively subsidizing federal flood insurance policies.
One major reason for the lack of flood insurance coverage in Florida is that FEMA’s requirements are outdated and don’t account for the increased risk of catastrophic events due to climate change. This means that homeowners in many inland areas that aren’t exposed to routine flooding aren’t required to have insurance, even though they could still experience severe flooding.
Another barrier to obtaining flood insurance is affordability. The rapid inflation and economic impact of the pandemic have caused many households to let their policies lapse. For example, only 29% of the 1.8 million households in the nine counties affected by Hurricane Ian had federal flood insurance. The county with the lowest coverage rate, Hardee County, also has the lowest income levels and is 44% Hispanic or Latino. With flood insurance costing around $1,000 per year, it can feel like a luxury for many households.
FEMA requires disaster survivors in high-risk areas to have flood insurance in order to qualify for other forms of disaster assistance. However, this requirement can punish low-income households that can’t afford to pay their premiums, especially with recent changes to FEMA’s NFIP policy that have increased premiums for high-risk properties. As a result, low-income households not only miss out on insurance payouts post-disaster but are also disqualified from receiving federal assistance.
Protect Your Home with Flood Insurance from FloodWiser
As a Florida resident, you can’t afford to take the risk of not having flood insurance. FloodWiser offers affordable flood insurance coverage that fits your needs and budget. We understand the challenges facing the flood insurance market and are committed to helping you protect your home and family.
Don’t wait until it’s too late. Contact FloodWiser today at www.floodwiser.com or give us a call at (305) 452-0587 and get peace of mind knowing that your home is protected from flood damage. Invest in your future and protect your family and assets with comprehensive flood insurance coverage. So, Hurry up! Get your Flood Insurance today!