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.
Debby’s damages are “staggering,” First Street’s report notes, estimating damages in areas outside high-risk flood zones will run around $9.7 billion.
How many properties lack flood insurance?
It’s difficult to pin down how many American homeowners actually have flood insurance. Estimates vary widely — from 4% to 27% — but most people lack coverage for such an event.
Forgoing flood insurance can leave homeowners in grave financial risk, even if they don’t live in a high-risk zone. Since 1996, 99% of U.S. counties have experienced flooding. And more than 25% of National Flood Insurance Program (NFIP) claims originate outside areas at high risk of flooding.
What’s next? Staggering uninsured losses
Homeowners insurance doesn’t cover damage from flooding. Property owners who need protection for flood risks must buy a flood insurance policy. Most Americans who have flood insurance buy it through the NFIP. But in recent years, more insurers have entered the private flood insurance marketplace.
Private market insurance losses from Debby will fall below $1.5 billion, and NFIP losses will be less than $300 million, according to estimates by Moody’s RMS Event Response.
Hurricane Debby caused $12.3 billion in damages, according to First Street — with $9.7 billion of that cost occurring outside FEMA SFHAs. The analysis company estimates roughly 124,000 flood-affected properties were “likely not subject to the mandatory flood insurance purchase requirement.”
“Under the assumption that most of these properties likely do not have flood insurance, the estimated preliminary uninsured damage of Hurricane Debby ranges between $7.6 billion to $12.6 billion,” the report states.
This article originally appeared on Insurify.com and was syndicated by MediaFeed.org.
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The Best 20 States for a Last-Minute Summer Road Trip
A good road trip is hard to define. Some may prioritize scenic views or unique attractions, while others might have a stronger preference for affordability and safety.
Insurify’s data team analyzed all 50 states, considering factors like road quality, the proportion of drivers with a driving violation on their record, traffic fatality rates, gas prices, hotel and Airbnb availability and cost, landmarks, attractions, activities, and more.
The team then ranked the top routes in the U.S. for summer road-trippers based on a variety of criteria, creating lists for the best states overall, the best states based on affordability, and the best states based on safety.
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Florida is the best state overall for a summer road trip in 2024, with an index score of 66.9 out of 100. It’s the second most scenic state and the fifth most adventurous.
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California is home to the most national parks and beaches in the country, with nine and 343, respectively.
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New Jersey is the safest state for a summer road trip in 2024, with a safety index score of 64.3 out of 100.
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The six best states for a summer road trip are all on the East Coast. Florida tops the list, followed closely by Maryland and New Jersey, which score 62.1 and 61.4, respectively.
1. Florida is the best state for a summer road trip
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Index Score: 66.9 out of 100
Florida is the best state for a summer road trip, according to research from Insurify’s data team. Florida also ranked as the second most scenic state, offering drivers the Big Bend Scenic Byway, a 220-mile, two-lane road that runs along the Gulf coast south of Tallahassee with views of the ocean, access to three state parks and historic lighthouses, and entry to a wildlife refuge.
Travelers will find plenty of options when it comes to accommodation, as Florida has a high availability of Airbnb’s — 3,032.4 per 100 square miles, much higher than the national average of 2,255 per 100 square miles.
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Index Score: 62.1 out of 100
Maryland offers 3,190 miles of shoreline for travelers to enjoy, plenty of accommodation options — with an average cost of just $157.30 per night ($40 lower than the national average) — and a food haven, with restaurants ranking an average of 4.16 stars (compared to the national average of 3.9).
Travelers to Maryland should consider visiting the historic Baltimore Inner Harbor, Chesapeake Bay Bridge, and taking a walk along the Ocean City Boardwalk.
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Index Score: 61.4 out of 100
New Jersey is a great summer road trip destination for travelers who want affordability, nightlife, and entertainment. The state boasts 1,581 hiking trails, a staggering 453 nightlife activities, and 45 amusement parks.
Visitors can check out the historic Great Falls of the Passaic, which — at 77 feet — is one of the highest waterfalls in the U.S.
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Index Score: 61 out of 100
Delaware has a particularly high number of beaches for its small size, with 80.35 per 10,000 square miles (20 beaches in total), much higher than the national average of 17.27. The state is also home to an unusually high number of botanical gardens and zoos, with 44.19 per 10,000 square miles (11 in total) — 3.5 times the national average. It is also fairly affordable when it comes to accommodations, with an average Airbnb nightly cost of $146.40, compared to the national average of $194.43.
While visiting, travelers can check out Brandywine Zoo in Wilmington — it’s home to unique animals like southern pudus, caracals, and white-faced sakis.
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Index Score: 60.5 out of 100
Rounding out the top five of Insurify’s overall best states for summer road trips is South Carolina. One of the best states on the East Coast for beach-goers, South Carolina is home to 2,876 miles of shoreline, including Myrtle Beach, which has a staggering 3,232,577 hashtags across Instagram and TikTok.
The state is vehicle-friendly in numerous ways, making it ideal for road-trippers. It has a lower average number of uninsured drivers (12.3%) than the national average of 12.84%. Additionally, its average gas price of $3.252 per gallon is cheaper than the national average of $3.609.
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To find the most scenic states for a summer road trip in 2024, Insurify’s data team considered factors like the number of national parks and beaches and the availability of hiking trails. Take a look at our top three most scenic states for a summer road trip before mapping your route.
1. California
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Index Score: 88.9 out of 100
California takes the top spot in Insurify’s list of most scenic states for a road trip. It has nine national parks, the most of any state, including Yosemite National Park and Joshua Tree National Park, both of which are among the top 10 most popular national parks in the country. It’s also home to 12,717 hiking trails and 656 miles of scenic coastline along the iconic Pacific Coast Highway, also known as California State Route 1.
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Index Score: 82.6 out of 100
Florida takes the second spot on Insurify’s list of most scenic states for a road trip. The Sunshine State has the highest density of beaches, with 48.36 beaches per 10,000 square miles and a total of 318 beaches. It’s also home to three national parks, the most famous of which is Everglades National Park, the only place on Earth where alligators and crocodiles coexist.
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Index Score: 81.9 out of 100
Washington State places third on this list, only narrowly behind Florida. It’s also home to three national parks, including Mount Rainier National Park and Olympic National Park, which provide visitors with some of the best nature the Pacific Northwest region has to offer.
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To choose the safest states for a summer road trip in 2024, Insurify’s data team considered factors like the percentage of drivers with infractions, the condition of the roads, and the number of uninsured drivers. Take a look at our top three safest states for a summer road trip before you hit the road.
1. New Jersey
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Index Score: 64.3 out of 100
New Jersey is the safest state for a summer road trip. The Garden State has a low percentage of drivers with speeding tickets (3%) and incidents (6.5%) compared to the national averages of 4.86% and 9.97%, respectively. It earned a driver safety score of 7 out of 12 from Advocates for Highway and Auto Safety’s 2024 Roadmap to Safety report, 2 points higher than the national average.
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Index Score: 63.9 out of 100
Louisiana is the second-safest state for a summer road trip. It has a lower percentage of drivers with a speeding ticket (3.3%) than the national average of 4.86%. It also earned a driver safety score of 8 out of 12 from Advocates for Highway and Auto Safety’s 2024 Roadmap to Safety report, 3 points higher than the national average.
If you’re driving through Louisiana, you’d be remiss to miss New Orleans. A historic city with characteristic architecture that incorporates a mix of French, Spanish, and Creole styles.
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Index Score: 62.7 out of 100
Arkansas is the third-safest state for a summer road trip in 2024. It has an exceptionally high percentage of quality roads, at 92.69%, compared to the national average of 83.47%. It also has the eighth-lowest percentage of drivers who have been in an accident, with an average rate of 4.3% compared to the national average of 5.51%.
Consider paying a visit to the Ozark Mountains if you’re driving through Arkansas. It’s home to the Buffalo National River, America’s first national river.
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When selecting the most affordable states for a summer road trip in 2024, Insurify’s data team considered factors like the average cost of gas, the average cost of living, and the average nightly cost of Airbnbs and 3-star hotels. Check out our top three most affordable states for a summer road trip before you start your journey.
1. Oklahoma
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Index Score: 96.9 out of 100
Oklahoma is the most affordable state to take a road trip through. It has the third-lowest gas prices of any state, with an average cost of $3.122 per gallon compared to the national average of $3.609. The average cost of a night at a 3-star hotel is $108.31, the cheapest of any state in the country.
One good route to take in Oklahoma is Route 66, also known as “America’s Main Street.” It’s the state’s first major east-west highway and one of the first national highways. It’s also worth making a trip to Gloss Mountain State Park in Fairview for spectacular prairie vistas and rocky formations.
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Index Score: 91.1 out of 100
Arkansas is the second-cheapest state to take a road trip. It has the third-lowest cost in the country for a night at a 3-star hotel, with an average rate of $120.59, over 30% cheaper than the national average.
If you’re driving through Arkansas, it’s worth visiting the 200-year-old Old State House Museum, which served as the original state capitol. Eureka Springs — a small city in the Ozark Mountains — is another popular destination worth visiting in Arkansas. It’s home to natural springs and historic buildings, and it’s close to Turpentine Creek Wildlife Refuge.
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Index Score: 90.1 out of 100
Mississippi is the third-cheapest state in the country for a road trip. It has the lowest gas prices in the country, with an average cost of $3.083 per gallon, much cheaper than the national average of $3.609. The average nightly cost of a 3-star hotel is $130.13, 25% cheaper than the national average of $173.59.
If you’re planning a road trip through Mississippi, consider driving along the Natchez Trace Parkway — a 444-mile-long national park with nature, scenery, and historical sites. You can also visit Red Bluff, known as Mississippi’s Little Grand Canyon, for hiking and its distinct red clay and other colorful sand and sediment.
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Before embarking on your summer road trip, it’s crucial to make sure you have sufficient car insurance coverage. While you can legally drive with the minimum liability coverage required in your home state, that will only cover damages to someone else’s car or property from an accident you cause. If you want coverage for your car, you’ll need collision and comprehensive coverages.
While traveling, you should consider buying full-coverage car insurance to cover any damages your car might sustain during your trip. You might also want to consider adding roadside assistance coverage to your policy, which can be incredibly helpful if you have car trouble or get stranded while on your road trip.
Adding these coverages might increase the cost of your insurance, but you can shop around andcompare car insurance quotes from multiple companies to find the best rate.
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Insurify’s data scientists created a comprehensive index to identify the best states for a road trip in 2024, using four sub-indexes: most scenic, safest, most affordable, and most adventurous.
The weighting of each data point in each index was considered and altered to allow for the fairest overview of the best states for a summer road trip in 2024.
The recommended routes for a summer road trip in 2024 focus on high-ranking states on the East Coast, Midwest, and West Coast, emphasizing optimal inter-state accessibility.
This article originally appeared on Insurifycom and was syndicated by MediaFeed.org.
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