Good Tuesday morning.
It’s my pleasure to begin the morning by congratulating Joanna Fearnley and Brad Swanson on their recent engagement. We love you both.
I asked Brad to give me some details about their engagement; the president of Florida Internet and Television gushed, “She is my everything soul mate who finishes my sentences and makes every second better than the one before … I have never been loved more and loved more myself.”
Now, on to the serious policy stuff.
New research shows that flood insurance is woefully underpriced; Nearly 1 million Florida properties have a substantial flood risk.
First Street Foundation yesterday released new research demonstrating the state of flood risk in the U.S. The nonprofit that quantifies flood risks for individual homes found nearly 4.3 million American homes with substantial flood risks that would result in a financial loss to the owner. Worse, if those properties were covered through the National Flood Insurance Program, rates would need to increase by 460% to keep the program afloat.
The critical piece for Florida — There are 906,465 residential (1-4 unit) properties at substantial flood risk that are expected to have a collective loss of $7,957.3