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The average payment for a Hurricane Ian-related claim was more than $104,000, according to FEMA.
Flooding is the most common and expensive natural disaster in the U.S., according to NOAA.
The combined reconstruction value of the structures at risk totals more than $2 billion, according to CoreLogic.
While Florida hurricanes are not unusual, this storm created claims complexities because of new statutory reforms, homeowners without flood insurance, and supply chain and worker shortages.
Many homeowners who need flood insurance do not have that protection in place. Why?
No single event accounted for a majority of the losses seen during the past year, but disasters were seen across the country.
The good news is, there are options for homeowners struggling to find satisfactory insurance.
Review the events that shaped flood insurance in 2022 and where the sector is heading in the new year.
Once consumers know the facts about flood coverage, they can make wiser insurance choices.
Previously, only NFIP insurance was allowed for FHA-insured mortgages, which limited consumers' options, HUD reported.
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