The lack of flood insurance poses significant financial risks to property owners, especially those outside FEMA-designated SFHAs. Many homeowners may face devastating losses due to flooding, as standard homeowners' insurance policies typically exclude flood damage. The GAO report highlights that even in high-risk areas, a significant percentage of properties lack NFIP coverage. This gap in insurance coverage leaves many vulnerable to the financial burden of flood recovery. Additionally, the report underscores the importance of accurate flood risk modeling, as FEMA's maps may not fully account for risks like heavy rainfall, potentially leaving some areas underprepared.