For many people, flood insurance is another bill they can't afford.
New data reveals that many people are opting out of flood insurance despite the risk of severe rain happening at any time in southeast Texas.
The cost of flood insurance has increased for thousands of families in Harris County after Federal Emergency Management Agency implemented new rates.Charles Smith has taken on new problems since his family members passed their house down to him.Flooding has left his house ruined, and Smith cannot invest in flood insurance despite the home sitting in a flood zone.In 2021, FEMA changed the way it calculates flood insurance rates.
The agency says the new rates would be less expensive for some homeowners. However, according to our partners at theQuoteWizard, an organization that analyzes flood insurance, found that nearly 45,000 homeowners dropped their coverage within the last year. "It can be financially devastating if your house floods," ABC13's chief meteorologist Travis Herzog said."Just one inch of water coming into your home is not going to threaten your life but it could ruin you financially because it could do tens of thousands of dollars in damage," Herzog said."If you can afford it, it is worth it because you're far more likely to experience flooding than any other kind of home disaster," Herzog said.
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