The Consumer Financial Protection Bureau (CFPB) reports that homeowners facing inland flooding are often underinsured, with over 400,000 homes disproportionately at risk in the U.S.
Analysis of mortgage applications reveals that coastal homeowners generally possess higher incomes and assets, which equips them better for flood recovery compared to those living near rivers.
The CFPB emphasizes that the National Flood Insurance Program's reliance on potentially inaccurate FEMA flood maps may misrepresent future flood risk exposure for more than 400,000 mortgaged homes.
Homeowners situated by rivers and creeks often face significant financial vulnerability post-flooding due to their limited access to insurance and financial recovery resources.
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