Flood Danger
The need for flood insurance at a great price has become a critical necessity for most property owners. A new report from independent researchers shows nearly double the properties across America are in danger of major flood damage. According to First Street Foundation, a NYC based academic group, over 14.5 million properties are highly susceptible to large flooding. This is almost double the 8.7 million figure FEMA came out with. The main reason for the large gap in results is the difference in flooding mapped. FEMA primarily researched properties at risk of flooding primarily through river/ocean overflow, which accounted for the low number. First Street however, mapped properties at risk through not only river flooding, but flooding caused by rainfalls and smaller bodies of water.
These numbers are not necessarily that the next time it rains, your building is in severe risk of floating away. It means 14.6 million properties are susceptible to damages from a 100-year flood – a flood with the probability of happening 1% annually. The reason for concern? These 100-year floods may come sooner as intense rainfall will continue to grow due to global warming.
Who’s Affected?
The new data saw poor communities along coasts affected most, as their buildings may not sustain such harsh weather conditions. Large cities such as New York City and Chicago also see growth in the new study due to the outdated sewage/drainage systems currently in-place. With the new data that includes rainfall and smaller, locally-known creeks, more inland communities are now on the list as well.
What Should I Do?
While our generation may never witness such a catastrophe, every year average global temperature increases the chances become even likelier. With this information, it is wise to review your flood insurance. You may not be covered with the thought you were not susceptible to damages you now realize may be reality. However, you now can take a closer look and find out if flood insurance is something worth investing in.
Still have questions on finding flood insurance at a great price? Contact a risk advisor at 914-357-8444.
