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Cost of flood damage to U.S. homes will increase by 61% in 30 years
(Reuters, 22 Feb 2021) Over 4 million homes - concentrated in Florida, California, South Carolina and Texas - are at substantial risk but most are not required to have flood insurance, research shows.
Rising sea levels and extreme weather could cause $20 billion of flood damage to at-risk U.S. homes this year, rising to $32 billion by 2051, according to research from New York-based flood research non-profit First Street Foundation published on Monday.
"Increased awareness of flood risk and rising future insurance costs impact perceptions of value, which will impact real estate markets," said Matthew Eby, founder and executive director of First Street Foundation.
The cost of flood damage was approximately $17 billion annually between 2010 and 2018, according to testimony https://science.house.gov/imo/media/doc/Grimm%20Testimony.pdf from Federal Emergency Management Agency representative Michael Grimm. First Street does not have comparable estimates for 2020 or 2019.
Roughly 4.3 million homes - concentrated in Florida, California, South Carolina and Texas - have a substantial risk of sustaining economic damage from flooding this year, the report shows.
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Reuters, 22 Feb 2021: Cost of flood damage to U.S. homes will increase by 61% in 30 years
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