Market Insights

Why don’t property owners have flood insurance?

Despite rising flood risks, less than 7% of homes and high-risk properties are insured for this peril.

By Gregory Knuffke, CPCU | Updated on October 05, 2015

By failing to prepare, you are preparing to fail. – Benjamin Franklin

Superstorm Sandy was the largest Atlantic hurricane on record, spanning 1,100 miles, affecting 24 states from Florida to Maine and as far west as Michigan. In New Jersey and New York, the storm surge reached 14 feet above average low tide, crippling the financial center of the world. In Sandy’s wake were 285 dead and $70 billion in damage. From an insurance perspective, less than half of those affected were insured. [Aon Benfield 2013/NOAA]

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