Nearly three-quarters of expected flood damage to American homes is currently uninsured, according to new data released by the Federal Reserve — and Republicans and those who don’t believe they’re personally threatened by climate change are more likely to be among those underinsured.
In a new Federal Reserve working paper, researchers estimate that there will be $24.4 billion in future annual financial losses as a result of flood damage to single-family homes — and more than $17 billion of that potential damage is currently uninsured. What’s more, 80 percent of households at risk of flood damage do not have adequate coverage, with the average home needing roughly $7,000 more in insurance to cover potential damage.
