The U.S. National Flood Insurance Program (NFIP) is increasingly making repeat payouts to properties affected by flooding, particularly after recent hurricanes like Helene, which caused significant damage in areas such as St. Petersburg, Florida. A notable rise in “severe repetitive loss properties” has been recorded, with about 40,000 identified in 2022, a stark increase from around 10,000 in 2000. Despite ongoing mitigation efforts, such as upgraded infrastructure in flood-prone areas, many properties remain vulnerable, highlighting a pressing need for more comprehensive flood risk management strategies. The NFIP, created in 1968, aims to both insure against flood risks and encourage local communities to adopt better floodplain management practices.
