Natural disasters are becoming more frequent and costly, causing insurance companies to raise rates or withdraw coverage in high-risk areas nationwide.
Kentucky, prone to flooding and tornadoes, is especially vulnerable to these changes. On Wednesday, the Disaster Prevention and Mitigation Task Force met with insurance experts to explore ways to maintain affordable coverage in the state.
“Markets are being exited, accessibility is sometimes limited and affordability for various reasons—construction costs and other things—are just skyrocketing. And we fear that those markets will be out of touch for the average person,” said Sen. Robin Webb, chair of the Task Force.
Experts and lawmakers emphasized the importance of investing in mitigation efforts. According to Webb, for every dollar spent on making Kentucky more flood-resilient, the state can save four to 12 dollars in disaster repair costs.
“Mitigation and prevention is a big part of resilience,” Webb said. “Whether that’s safety codes, building in the wrong place or the right place, in urban areas—storm water and the handling of runoff is crucial from a hydrological standpoint.”
She added that the task force will review technical programs and best practices to ensure Kentucky residents can build safer, smarter, and maintain insurance coverage, while also saving lives and reducing costs.
This article has been carefully fact-checked by our editorial team to ensure accuracy and eliminate any misleading information. We are committed to maintaining the highest standards of integrity in our content.
Leave a Comment