Exclusively from Foa & Son
It’s Spring, and right on schedule many areas face renewed risk of flood from snow melt and spring precipitation.
The common perception of flooding risk is of massive flood events impacting large areas, with billions in damages and subsequent disaster zone declarations, but recent research points to a different picture. Opinions about climate change and rising sea levels might vary, but the reality of recent trends of more frequent, severe and unpredictable weather events can’t be denied, and more, smaller, so-called “nuisance” flood events are occurring coast to coast.
While total damages from these localized events are considerably smaller than those from more widely publicized large scale events, they occur much more often and usually fly under the radar from a news standpoint (with only local news outlets typically reporting on them). Nevertheless, from the standpoint of individuals and businesses affected, the financial impact can still be enormous.
There were four major flood events in the U.S. in 2016 with damages reported in excess of $1 billion each. In contrast, there were numerous much smaller localized flooding events across the country. Cumulatively, the financial cost of these smaller events potentially exceed in any given year the impact of the more highly publicized major events. The top five metropolitan areas reported to be most at risk from these localized flood events were New York City, Washington, D.C., Miami, San Francisco and Seattle. No part of the country is immune to the possibility of such events.
What can you do? As we have mentioned in the past over a third of all floods take place in areas that are not in federally designated flood zones. Flood insurance is inexpensive in these areas, and widely available. For those located in flood zones, your options are more limited, but you still have some choices.
Over a third of all floods take place in areas that are not in federally designated flood zones. Flood insurance is inexpensive in these areas, and widely available.