The report builds upon the First National Flood Flood Risk Assessment released in June 2020, deriving average annual loss (AAL) statistics for each residential property in the contiguous United States.
The report provides a new context for researchers and home owners alike to understand the nature and extent of flood risk by presenting it in concrete dollar terms, and demonstrating how it will change as the climate changes over the life of a 30 year mortgage. It’s findings have implications for the study of flood risk, home mortgage, insurance and reinsurance markets, and current and future homeowners.
The Foundation’s peer reviewed, climate adjusted, property-specific flood model was applied to depth damage functions from the U.S. Army Corps of Engineers and home value data from ComeHome by HouseCanary and Lightbox in order to estimate the financial cost of flood risk.
Credit: (AP Photo/Matt Rourke)
File photo: June 20, 2019, people inspect the floodwaters submerging Broadway in Westville after a severe storm.
More than 94,000 New Jersey houses are subject to substantial flooding this year at an average cost of some $4,400 per property, and the financial damage will get worse as climate changes over the next 30 years, according to a report published Monday.
“The Cost of Climate” by the nonprofit First Street Foundation calculated that another 10,800 properties across the state will suffer flood damage by 2051 because of the bigger storms and higher seas that come with climate change, and that the average annual loss will rise 53% to $6,755.
FEMA flood insurance rates could spike for some, new study shows rgj.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from rgj.com Daily Mail and Mail on Sunday newspapers.
Some Ohio homeowners who carry flood insurance on their properties may be in for a rude awakening come fall. New data released Monday by a New York City- based research group suggests millions of American homeowners, including some in Ohio, could face skyrocketing premiums starting in October when a major overhaul of the nation's flood insurance program goes.