100k+ Mass homes uninsured and at-risk of flooding

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.

Americans living in areas prone to natural disasters may not be able to get insurance coverage

The Boston Globe shared a story from the Washington Post informing readers that major home and auto insurers are pulling coverage in those areas most prone to loss from hurricanes, tornados, wildfires and flooding. All the things that most people rely on insurance for.The increased risk of loss from natural disasters means insurance companies lose money on their policies. In the first six months of 2023, there were $40 billion in insured losses from natural catastrophes. This is the 3rd most expensive January-June on record.Where does that leave people who must insure their homes and autos when there are no policies to be had?