"It’s a glaring weak spot in climate protection: Millions of U.S. residents don’t have flood insurance and face financial ruin if their home is inundated.

But the nation’s insurance gap would shrink under a dramatic proposal that could require millions of property owners to buy flood coverage for the first time, potentially costing them thousands of dollars a year.

The proposal by a federal advisory panel urges the government to expand the areas considered by regulators to be at high risk of flooding, according to a report by the panel that was provided to E&E News.

The consequences would be far-reaching and costly because property owners in those areas are required by law to have flood insurance if their property is secured by a federally backed mortgage.

Flood coverage is sold separately from homeowners insurance, and a small fraction of U.S. households have flood policies."

Thomas Frank reports for E&E News October 27, 2023. [2]