The Texas Flooding Is a Reminder of the Importance of Insurance

As a desperate search for survivors continues in the areas of Texas walloped by weekend floods, one reality persists: Americans and their properties are not prepared for the severe-weather impacts of a changing climate.

As of now, the death toll stands at over 100 people, with at least 160 still missing. At Camp Mystic, an all-girls summer camp in Kerr County, 27 children and counselors died in the flooding.

"One of the more devastating things about this event was that it was known risk," said Jeremy Porter, head of climate implications at real estate data provider First Street. Camp Mystic was right on the edge of a Special Flood Hazard Area, as designated by FEMA. And in 1987, 10 teens at a camp in the same area were killed by the same causes: sudden heavy rain leading to flash flooding from the same river that surged recently.

But even knowing the risks may not be enough to protect American homeowners.

The Insurance Gap Problem