#flood-insurance

#flood-insurance

The expiration of the National Flood Insurance Program during the recent federal government shutdown has put coverage for millions of homes at risk, affecting home closings and buyers in flood-prone areas. An analysis in Miami and Tampa shows that homes with lower flood risk have seen faster price appreciation over the past decade, highlighting changing buyer preferences. Market trends indicate a shift toward prioritizing flood risk data in home-buying decisions, with younger buyers leading the change.

Slogging through a thick slop of mud and rock, Brian Hill passed the roof that Hurricane Helene's floodwaters had just ripped off someone's barn and dumped into his yard. Then he peered into the unrecognizable chaos inside what had been his family's dream home. The century-old white farmhouse, surrounded by the rugged peaks of western North Carolina, sat less than 15 yards from the normally tranquil Cattail Creek.

Homeowner loss ratios have increased from 75% in 2021 to 85% in 2023, with forecasted elevated ratios due to anticipated hurricane activity in 2024.

"Building financial resiliency is a crucial part in preparing for climate disasters," said Theodora Makris, senior program manager at the Center for NYC Neighborhoods (CNYCN). Makris explains that getting flood insurance, which you can read more about here, and creating an emergency fund ahead of the next big storm is the best way to protect your home from a severe weather event. And New Yorkers are no strangers to harsh storms.