What’s Your Flood Factor?

Eric Simmons

I’ve said many times in my 16 years with FEMA that risk communication is the hardest part of the job. Now comes First Street Foundation, or FSF, a nonprofit formed to communicate risk to Americans by democratizing hazard mapping and risk data. Last year this newsletter reported on FSF’s analyses and flood scores on FLOOD FACTOR for 142 million properties. This information complements FEMA’s FLOOD MAPPING with future changes based on the rise of ocean levels as well as air and sea surface temperature increases. FSF mapping highlights flood risk outside the Special Flood Hazard Area, the mapped 1% annual chance floodplain on a Flood Insurance Rate Map. A recent release to Flood Factor includes

ANNUAL FLOOD DAMAGE expected for residential properties. Communicating flood risk in dollar terms creates another context for homeowners, buyers, and financial markets to understand future losses. For example, FSF found for California the average loss for homes having substantial flood risk is $7,462 per year. Many are getting a good deal on their flood insurance (except - on average - in Fresno, Glenn, Imperial, Lassen, Merced, Modoc, Kings, Tulare, Yolo and Yuba Counties) as shown below. This FSF graphic depicts average flood loss expected versus average insurance premium under the National Flood Insurance Program (NFIP). It’s worth noting the opposite occurs in Nevada where flood insurance may currently be overpriced in all but three counties: Clark, Storey and Washoe. Insurance is the best way to protect against financial losses associated with damage. Recent analyses confirm flood insurance is a good deal for many homeowners. FEMA encourages communication on flood risk and shares Federal datasets with interesting parties. Upcoming releases to the Flood Factor website include historic fluvial flooding from recent disasters, refined model accuracy based on new elevation data for targeted metropolitan areas, adaptation updates, as well as expansion into Hawaii, Alaska, and Puerto Rico.