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9/23/2011 - More New Yorkers purchasing flood insurance


Experts say the devastation of Hurricane Katrina convinced many New Yorkers to purchase flood insurance.

Analysts tell the Wall Street Journal that more New York residents bought flood insurance policies during the past several years.

According to the paper, data from the Federal Emergency Management Agency, which supports the National Flood Insurance Program, shows the number of flood insurance policies has risen 27 percent during the past 10 years. However, in New York City and some surrounding counties, the number has nearly doubled.

Analysts told the Journal that massive flood events such as Hurricane Irene, combined with more local storms and flood events, may have led to the increase.

"Single extreme events have played a psychological role," Anthony Barnston, the chief forecaster at the International Research Institute for Climate and Society at Columbia University, told the WSJ.

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