Stronger storms + a strained insurance industry + ineffective state regulations = big problems for millions of low-income Florida residents at the start of hurricane season.
The crisis in Florida's insurance industry has escalated with the shutdown of seven companies since February last year, leaving countless individuals vulnerable to the devastating impacts of flooding.
Despite having home insurance, Mercado didn't have flood insurance and quickly realized she couldn't afford the out-of-pocket costs of repairs, which were estimated between $50,000 and $70,000. Florida is one of 21 states with no requirements to disclose flood risks to home buyers, according to the Natural Resources Defense Council, a nonprofit organization. Sellers do not have to say whether the property is in a flood zone, if they are required to have flood insurance, or if the home has flooded before.
Rob Moore, a senior policy analyst for the Natural Resources Defense Council, said the impact of flooding is most felt among lower-income individuals.
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