Growing Vulnerability of Inland Areas to Flooding Yet Homeowners Don’t Have Flood Insurance Coverage or Believe It’s Necessary: Triple-I
Inland areas are increasingly vulnerable to flooding from both tropical storms and severe convective storms, yet the number of homeowners who purchase flood insurance is dismal, reflecting consumer misunderstandings about the coverage, according to the
Flood: State of the Risk examines the flood insurance gap throughout the
The devastation wrought by Hurricane Helene across a 500-mile swath of the
In
“Though approximately 90% of all
More than half of all homeowners with flood insurance are covered by NFIP, which is part of
In recent years, insurers have grown more comfortable taking on flood risk, thanks in large part to improved data and analytics capabilities. The private flood market has changed since 2016, when only 12.6% of coverage was written by 16 insurers. In 2019, federal regulators allowed mortgage lenders to accept private flood insurance if the policies abided by regulatory definitions. The already-growing private appetite for flood risk gained steam after that.
“Private insurers are accounting for a bigger piece of a growing flood risk pie,” said Porfilio. “This increased interest in flood among private insurers offers hope for improved affordability of coverage at a time when NFIP’s Risk Rating 2.0 reforms have more accurately aligned pricing with flood risk,” he said.
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With more than 50 insurance company members — including regional, super-regional, national and global carriers — the
Unlike other sources, Triple-I’s sole focus is creating and disseminating information to empower consumers. It neither lobbies nor sells insurance.
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