There’s a growing risk to homes—and wood floors—across the country: flooding.
The annual economic impact of flooding in the U.S. is expected to increase from $20.0 billion to $32.2 billion by 2051—a 61% increase over the next 30 years, according to a report by First Street Foundation.
Climate change is driving the increased flood risks for residential homes, 4.3 million of which currently have “substantial flood risk,” or a 1% risk of flooding in any year, according to the report. The study also found that if all of the homes at risk of flood damage were to insure with the National Flood Insurance Program at its current pricing structure, rates would need to increase 4.5 times to cover the risk.
“These patterns vary across the country, but consistently show an underestimation of economic flood risk in both coastal and inland regions,” the report states.
Floods have caused more than $155 billion worth of damage over the past decade, according to the Federal Emergency Management Agency.
