Flood Insurance Concerns Underestimated By Outdated Maps
Shawn Rice for Law360
March 16, 2022
Excerpts from the Article
There were more than 790,000 square miles of flood prone areas not identified by FEMA's 100-year floodplain, according to the North Carolina State researchers who looked at the likelihood of flood damage for more than a million square miles of land across the U.S. over a 14-year period.
Industry observers agree the FEMA maps aren't highlighting the future risk for flooding that would help with how and where to build. A better approach is needed as outdated information in FEMA's maps means homeowners aren't getting the necessary flood insurance to protect themselves, experts say.
Private flood carriers who pushed for updated flood maps are seeing stronger homeowner interest, according to Shannon Bowes, senior vice president—product management for PURE Insurance. The National Flood Insurance Program is starting to look like "a market of last resort," she said.