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There are 62 million homes in the United States with a moderate to extreme risk of flooding, according "Sizing the Personal Flood Insurance Market," recent analysis published by Verisk Analytics, the insurance data analytics provider. The report echoed communications from the Federal Emergency Management Agency (FEMA), which houses the National Flood Insurance Program (NFIP). According to those agencies, flooding is the now the most frequent and expensive natural disaster in the U.S. What's more, 90% of all natural disasters in the U.S. involve flooding, according to the National Association of Insurance Commissioners.

Despite all of that, the Insurance Information Institute (I.I.I.) says only about 15% of U.S. homeowners carry flood insurance. And some research indicates that percentage is much lower. ValuePenguin.com conducted a study in May 2019 that determined 9 out of 10 American families aren't adequately insured against flood damage, and that just 7% of U.S. homeowners have a flood insurance policy, based on U.S. Census Bureau statistics.