“Climate change continues to drive sea-level increases and make weather more extreme,” said ValuePenguin home insurance expert Divya Sangameshwar.
“As a result, flood-prone areas around the country are expected to grow by nearly half in just this century,” she added. “Two years of back-to-back decreases in active flood insurance policies indicates that many homeowners aren’t fully aware of the growing risks of flooding.”
“Sadly, this means many homeowners are putting themselves at significant financial risk from future flood damages — especially when just one inch of flood water can cause $25,000 in damage,” said Sangameshwar.
“Even if flood insurance is only required for a small subsection of homeowners, low flood risk doesn’t mean zero flood risk,” she continued. “And homeowners insurance and renters insurance don’t cover flooding.”
Alice J. Roden started working for Trending Insurance News at the end of 2021. Alice grew up in Salt Lake City, UT. A writer with a vast insurance industry background Alice has help with several of the biggest insurance companies. Before joining Trending Insurance News, Alice briefly worked as a freelance journalist for several radio stations. She covers home, renters and other property insurance stories.