Hurricane Debby’s Uninsured Losses Could Top $9.7 Billion, Report Shows | Insurify

Thousands of homeowners and businesses that suffered flood damage during Hurricane Debby in early August may be on their own to recover. A new report from climate risk analysis company First Street found that 78% of properties flooded in Debby are outside flood zones A or V.

Borrowers with federally backed mortgages who own property in one of those high-risk zones — known as FEMA Special Flood Hazard Areas (SFHAs) — are required to buy flood insurance. But the federal government doesn’t require flood insurance for properties outside those zones. Homeowners and businesses in those areas might not have flood insurance if their private mortgage lenders don’t require it.