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66 As extreme weather and flooding continues to plague the U.S., so, too, does the threat of property damage. e National Oceanic and Atmospheric Administration (NOAA), in its midseason update, reaffirmed its initial assessment that the 2021 Atlantic hurricane season would be above normal, predicting 15 to 21 named storms. While the worst is likely behind us, it is imperative that landlords and renters have a firm grasp on flood risk and take steps to protect themselves and their property from flood damage. WHAT'S AT STAKE? While statistics vary, 2020 testimony from Federal Emergency Management Agency (FEMA) representative Michael Grimm revealed that between 2010 and 2018 the cost of flood damage was about $17 billion annually in the U.S. As we look ahead 30 years into the future, flood damage is estimated to increase by 61%—equating to $32 billion in damages by 2051—according to research by First Street Foundation. Unfortunately, most landlords and renters don't realize that their standard insurance policies exclude flood. e juxtaposition of COVID-19-era migration to vacation hot spots prone to flooding against the reality that only one in six homes in the U.S. are insured against flood could illustrate a very real problem hiding in plain sight. Moreover, as 90% of natural catastrophes in the country involve flooding, according to the Insurance Information Institute, a lack of flood insurance could be a ticking timebomb for so many landlords and renters across the country. COMMON MISCONCEPTIONS AND BLIND SPOTS Landlords who own homes in FEMA- designated Special Flood Hazard Areas (SFHAs), historically, tend to be underprepared for flooding. e same study by First Street Foundation found that nearly 4.3 million residential homes are threatened with substantial flood risk across the country, which could result in financial losses. is underscores the importance of landlords and renters alike having proper flood insurance policies in place to protect their property (in the case of the landlord) and personal artifacts (in the case of the renter). Unfortunately, flood insurance is often Feature By: Natascha DeVries A TICKING TIMEBOMB While flood damage is estimated to increase by 61% over the next 30 years, rates of flood insurance coverage lag behind—a mounting threat for property owners.

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