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Hurricane Helene Shows How Broken the US Insurance System Is
Many homeowners in North Carolina won’t be insured against flooding or landslides due to the fragmented way in which disasters are covered.
Helene made landfall southeast of Tallahassee, Florida, last week with winds up to 140 miles per hour, downing trees and bringing record-breaking storm surges to areas along the Gulf Coast before charging up through Georgia. The NFIP is undergoing a series of changes to update the way it calculates rates for flood insurance—but it faces political minefields in potentially expanding the number of homeowners mandated to buy policies. Many experts agree that the private market needs to reflect in some way the true cost of living in a disaster-prone area: in other words, it should be more expensive for people to move to a city where it’s more likely your house will be wiped off the map by a storm.
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