The increased flooding caused by climate change creates a hidden financial risk for homeowners that the insurance industry is failing to address. A recent study from the First Street Foundation, a non-profit organization dedicated to quantifying flood risk in the U.S., found the current flood risk to homes to be vastly underestimated by insurance companies. The study identified almost 4.3 million homes with a substantial flood risk, and found if all of these homes were properly insured against this risk through the National Flood Insurance Program, insurance premiums would need to multiply almost five-fold.