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<p>Flood insurance could mitigate the negative shock from climate-induced disasters, yet many households are still not covered. Here, using data on expected flood damage and National Flood Insurance Program policies, we provide estimates of annual flood risk protection gaps and underinsurance among single-family residences in the contiguous USA. Annually, 70% (US$17.1 billion) of total flood losses would be uninsured. Underinsurance, defined as protection gaps among properties whose current coverage is under the optimal level, totals US$15.7 billion annually. Among at-risk households, 88% are underinsured and average underinsurance is US$7,208 per year. Underinsurance persists both inside and outside the Federal Emergency Management Agency’s special flood hazard areas, suggesting frictions in the provision of risk information and regulatory compliance. Underinsurance falls disproportionately on low-income communities. At least 70% of at-risk households would benefit from purchasing flood insurance, even as prevailing prices rise.</p>

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Measuring flood underinsurance in the USA

  • 期刊论文

  • 发表日期：

    2025年8月15日

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  • Natee Amornsiripanitch,
  • Siddhartha Biswas,
  • John Orellana-Li,
  • David Zink

摘要

Flood insurance could mitigate the negative shock from climate-induced disasters, yet many households are still not covered. Here, using data on expected flood damage and National Flood Insurance Program policies, we provide estimates of annual flood risk protection gaps and underinsurance among single-family residences in the contiguous USA. Annually, 70% (US$17.1 billion) of total flood losses would be uninsured. Underinsurance, defined as protection gaps among properties whose current coverage is under the optimal level, totals US$15.7 billion annually. Among at-risk households, 88% are underinsured and average underinsurance is US$7,208 per year. Underinsurance persists both inside and outside the Federal Emergency Management Agency’s special flood hazard areas, suggesting frictions in the provision of risk information and regulatory compliance. Underinsurance falls disproportionately on low-income communities. At least 70% of at-risk households would benefit from purchasing flood insurance, even as prevailing prices rise.