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Nearly half of Florida's flood zone properties are not insured, reports say

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As Hurricane Irma bears down on Florida this weekend, a new report reveals that nearly half of Florida homes in hazard zones do not have flood insurance, reports the The Associated Press.

The number of federal flood insurance policies in Florida has fallen by 15 percent over the course of five years, according to Federal Emergency Management Agency data.

Florida has roughly 2.5 million homes in hazard zones. However, Florida’s overall flood insurance rate for hazard-zone homes is just 41 percent.

Roy Wright, who runs the National Flood Insurance Program, told AP that only half the 10 million Florida properties that need flood insurance have it.

Florida's property owners have more flood insurance than any other state with the total of 1.7 million policies, covering about $42 billion in assets, according to The Associated Press.

Hurricane Irma, forecast as a Category 5 hurricane, is expected to hit coastal cities such as Miami, Jacksonville and the Florida Keys.

The news comes after Hurricane Harvey decimated thousands of homes and Texas and required $180 billion in federal assistance, according to Fortune.

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