The odds of any one particular person losing their home to a tornado is relatively low. Tornados are also sort of an all or nothing strike when they occur as well, and can leave one house standing while knocking out the neighbor. Despite the individual risk being low (even in the midwest), the community risk is much higher. So you have the at risk community pool resources to cover whoever is actually hit. (I'm not a fan of FEMA in general, but we'll treat it like insurance in this case).
OTOH, hurricanes are a practical certainty, hit everyone when they hit, and do varying degrees of damage from total destruction to just putting everything under 2 feet of water(but even a weak hurricane will do serious damage along places like the NC Outer Banks). FEMA becomes a subsidization program for expensive building on the coastline, with the knowledge that the magic money tree of FEMA will foot the bill when it is inevitably damaged.