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In flood-prone areas, why is insurance so rare?

In the aftermath of hurricanes Harvey and Irma, countless Texans continue to grapple with the complex insurance laws in the state. Yet despite the financial predicament the natural disasters have introduced, many are concerned about the details of future flood insurance. Why do so many residents in flood-prone areas go without this type of coverage? As the laws continuously change, an equal amount of controversy surrounding flood insurance follows.

A feature in Quartz poses the complicated question of why most homeowners go without flood insurance, even in places scientists have long feared were the breeding ground for weather-related destruction. The answer may seem much simpler than the question: according to Quartz, only a small number of homeowners in "100-year-floodplain" locations have to buy this type of insurance. The worst of Harvey and Irma may be over, but many experts fear this trend in lacking flood insurance will only spread as climate change continues to affect the potential desctruction of natural disaster. Although relief has come to the rescue, many homeowners are deciding to build in the same locations as before, where they are still at risk of flooding.

USA Today dovetails with this notion that Texas homeowners simply are not encouraged to take proactive steps toward total home coverage. With only 2 out of every 10 homeowners having insurance, the issue appears to lie in the limited coverage of preexisting options. Today shares that homeowners insurance is usually limited to wind damage; for protection from flood damage, homeowners must seek coverage from the National Flood Insurance Program. It is likely that the number of those with coverage in the state will drastically increase--when the needs of customers shift to this degree, there is no better call for change among the insurance regulations that protect them.    



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