![]() ![]() “The FEMA maps are wrong and FEMA knows it,” said Trevor Burgess, CEO of Neptune Flood, one of the largest providers of private flood insurance in the country.Ī Rice University report in 2020 reached similar conclusions, noting that almost twice as many properties are at risk from a 100-year flood than the maps indicate. The NC State study echoes what some private flood insurance companies and other research has found in recent years. But outside of those zones, but still in low-lying and vulnerable areas, flood insurance is not strictly required, prompting many property owners to forego policies, even though coverage can cost less than $2,000 a year on average, experts have said. Most federally backed mortgages require homeowners in those areas to purchase flood insurance. The FEMA flood maps show designated flood zones, known as special flood hazard areas, that are considered most susceptible to a so-called 100-year flood event. Thousands of homeowners were flooded in the storm and its aftermath, but few carried flood coverage through FEMA’s National Flood Insurance Program or through private carriers, reports have indicated. Hurricane Ian put a stark spotlight on the issue when it caused widespread storm surge and inland flooding across parts of Florida in late September and into mid-October. “In fact, only about 4% of homeowners nationwide have flood insurance - a problem that can be largely attributed to the flood maps created by the Federal Emergency Management Agency,” reads the report, based on research by Georgina Sanchez, a research associate at NC State’s Center for Geospatial Analytics.
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