Hurricanes Milton and Helene expose serious government failures: Thousands of homes left uninsured
Homeowners were not forced to purchase flood insurance due to FEMA's failure to update flood hazard area maps. Of the estimated $250 billion in losses from Helene, only $5 billion is covered.
Damage caused by Hurricane Helene.
Hurricanes Milton and Helene have exposed significant gaps in insurance coverage for many homeowners. As Milton approaches the Tampa, Fla., region, its potential for mass destruction could exacerbate the already critical situation left by Helene in much of the southeastern United States. The situation highlighted the poor preparedness of the affected communities, many with inadequate or fraudulent insurance.
FEMA failed to update high-risk flood area maps
Milton, heading toward the west coast of Florida, threatens to have a devastating impact due to the geography of Tampa Bay, which could amplify its force and generate catastrophic flooding. This comes just weeks after Helene caused multimillion-dollar damage in the Southeast. AccuWeather estimates that losses from Helene could reach $250 billion, with a great majority not covered by any insurance.
According to Federal Emergency Management Agency (FEMA) maps, much of these affected areas are not classified as high-risk flood areas, which left thousands of homeowners unprotected, especially in mountainous regions such as western North Carolina, where only 1% of homes have flood insurance. In all, only $5 billion of Helene's losses are insured.
An outdated system in crisis
FEMA's flood maps, which have not been properly reassessed in decades, have left millions of homeowners in limbo. The failure to update these maps has left many without flood insurance despite being at risk. Even in areas with greater coverage, such as Florida, less than 25% of homes have FEMA flood insurance.
The impact of Milton, coupled with the as-yet-unquantified damage from Helene, could seriously hamper rebuilding in affected areas. Insurers argue that high premiums are necessary to offset the risk, but this leaves many families and small businesses in a precarious financial situation.
LATEST
