Summary
Flooding is a common issue in the United States, but only 4% of homeowners have flood insurance. Many people's regular home insurance doesn't cover flood damage, and federal help usually only covers a small part of the repair costs. As climate change leads to more intense rainstorms, the need for flood insurance is increasing, but costs can be high.
Key Facts
- Just 4% of U.S. homeowners have flood insurance.
- Many home insurance policies do not cover flood damage.
- Federal aid for flood damage often covers only part of repair costs.
- Climate change is causing more frequent and intense rainstorms.
- The National Flood Insurance Program offers policies, but prices can be high.
- Federal flood insurance provides up to $250,000 for homes and $500,000 for businesses.
- Over 90% of U.S. counties have residents eligible for federal flood insurance.
- The government started the National Flood Insurance Program in 1968 after private insurers stopped offering flood coverage.
