With the crisis in Florida’s insurance industry escalating, countless individuals have been left vulnerable to the devastating impacts of flooding. More than one-third of Florida properties are at risk of severe flooding over the next 30 years, although many are unaware of the risks their homes are facing. In Florida, the average cost of flood insurance is nearly $1,000 per year.
A combination of factors has placed millions of low-income Florida residents at risk of a major insurance coverage gap. These factors include:
- Stronger storms fuelled by climate change
- A strained insurance industry
- Ineffective state regulations
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