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Study shows US flood cover ‘disparity’

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About 47% of Americans say flood insurance is important, but only 17% have taken out such cover, a National Association of Insurance Commissioners (NAIC) survey has found.

“This disparity perhaps reflects the common, though incorrect, assumption that homeowners’ insurance covers flooding,” NAIC President Eric Cioppa said.

The survey of 1000 adults last month shows Millennials are nearly three times more likely to buy flood cover than Baby Boomers.

More than 50% of Millennials agree flood insurance is important, compared with 24% for Baby Boomers.

According to the Federal Emergency Management Agency, only 3% of US homeowners have flood cover.