"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."
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