Houses have historically been a key driver of middle-class wealth creation, but floods convert them into liabilities, impacting millions of Americans this hurricane season.
The vast majority of Americans lack flood insurance despite soaring premiums, complicating how homeowners can protect themselves amidst increasing climate-related risks.
FEMA primarily administers flood insurance, being perpetually in debt, showcasing the inability of private insurers to effectively cover flood-related damages amidst escalating disasters.
The costs from hurricanes like Helene and Milton highlight the financial strain on both homeowners and the insurance market, potentially bankrupting insurers who are already under pressure.
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