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Scott Olson. Photo: Getty Images

Despite an onslaught of extreme weather events that have barraged American homes in recent months and years, the New York Times reports that the number of Americans with flood insurance has dropped during the last decade.

Why it matters: As climate change will only increase the likelihood of floods, insurance rates are expected to surge. Beyond floods, in California, officials have tried to curtail rate bumps in regions at risk of wildfire, and also tried to discourage insurance providers from dropping policyholders.

Details: Nationally, only 1/3 of homes in the floodplain have corresponding insurance, per NYT, and no more than 15% of those in Central states plagued by recent flooding are insured. The bulk of standard home insurance policies don't include flood coverage.

“Low-income folks without a flood policy will likely be forced just to walk away from the damaged home.”
— Paul Osman, Illinois' chief of state floodplain programs, told the NYT

By the numbers: Rates can fluctuate geographically, but within the floodplain specifically, the Times reports that average annual premiums in 2015 came to nearly $1,100, with costs going up from there for those at the highest risk, per FEMA data released last year.

The backdrop: Trump's administration pursued a 2-year campaign in an attempt to double the number of Americans with flood-specific coverage. The U.S. government has offered subsidized flood coverage for nearly 50 years through its National Flood Insurance Program, which provides close to 95% of all residential flood policies nationally, per NYT.

  • However, within the last 10 years, Congress allowed FEMA to hike rates to more closely mirror the risk associated with flooding events.

Go deeper:

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NYC to impose vaccine mandate on private employers

New York City Mayor Bill de Blasio (D) announced a new COVID vaccine mandate for private companies during a Monday interview with MSNBC's "Morning Joe."

Why it matters: De Blasio said it was a "first-in-the-nation measure" and will go into effect starting Dec. 27.

D.C.-Beijing tensions are shifting markets

Illustration: Aïda Amer/Axios

U.S. markets stand to lose $2 trillion in value if D.C. and Beijing drift further apart.

Why it matters: Political chasms are showing up in new securities regulations that put companies and investors in a bind. The rules are also another reflection of how much relations between the world’s largest economies have cooled, even as they remain economically interdependent. 

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Documents reveal the secrecy of America's drug pricing matrix

Illustration: Aïda Amer/Axios

American businesses spend hundreds of billions of dollars a year on prescription drugs, and the bills keep getting bigger. But some of the companies promising to help rein in those costs prevent employers from looking under the hood.

Why it matters: Documents provided to Axios reveal a new layer of secrecy within the maze of American drug pricing — one in which firms that manage drug coverage for hundreds of employers, representing millions of workers, obscure the details of their work and make it difficult to figure out whether they're actually providing a good deal.