114,552 properties in Massachusetts are at risk for flooding but aren’t in a FEMA designated flood zone, according to a Boston Globe article, quoting a report by First Street Foundation, a non-profit that studies building risks across the country.
Flood insurance is required for properties located within FEMA’s flood zones, but most homeowners aren’t aware that their policies likely won’t cover flooding, even as flooding becomes more of an issue.
While storms in Florida make national headlines, the northeastern US has the highest risk of loss potential, due to the density of housing and lack of adequate flood prevention measures. Just one inch of rain can cause about $25,000 in damage, according to the article.
And when homeowners do purchase flood insurance, they may be surprised to learn that coverage maxes out at $250,000 for a 1-4 unit home.