As climate change worsens extreme weather around the US, floods are increasing the risk of home foreclosure, according to a new report by First Street Technology Inc., a climate-data company.

A big part of the reason why is that unlike damage from hurricane winds and wildfires, flood damage isn’t covered by standard home insurance. Only a small percentage of Americans hold separate flood insurance.

First Street analyzed 55 wind, wildfire and flood events that took place in the US between 2000 and 2020. It then compared the foreclosure rates in affected areas to those in unaffected areas nearby for three years before and after the event. Foreclosure data was collected from county assessor offices.