Flood Insurance Update

Flooding is the most common and expensive natural disaster in the U.S. and 96.7% of homes don’t have flood insurance, according to a report by ValuePenguin.

In 2024, the average home sustained nearly $34,000 in flood damage, the data showed, with the most significant flood losses related to Hurricanes Helene and Milton in Florida, Georgia, Kentucky, North Carolina, South Carolina, Tennessee and Virginia.

• Only 3.3% of homes (4.7 million) have Flood insurance coverage — and less than 1% of homes in 26 states have flood insurance. In Minnesota, Wisconsin, Utah, Michigan and Ohio less than 0.4% of homes have flood insurance.
• In 2024, 36 states saw a decline in flood insurance enrollment. The biggest drops were in Utah (37.5%), North Dakota (10.1%) and West Virginia (87.6%).
• The average flood insurance claim in 2024 was $33,906. Hurricanes Helene and Milton caused the most significant flood losses in 2024, with claims in Florida averaging $38,970 and North Carolina claims averaging $23,757.
• In 2024, 30.6% of reported flood losses were outside of FEMA-designated Special Flood Hazard Areas (SFHA). The states with the highest percentage of losses outside these are the District of Columbia (85.6%), Utah (81.3%) and Wyoming (61.6%).

Independent Insurance Agents of Virginia