Let's Talk About Flood Risk

Flooding is the most common natural disaster, occurring in approximately 90% of weather events. Yet, it also remains the most underinsured risk due to decades of misconceptions surrounding flood risk. If you are a property owner in Florida, the most flood-prone state in America, knowing your true flood risk can mean the difference between paying a flood insurance deductible or paying out-of-pocket for unexpected flood losses. 


In response to the growing flood coverage gap, many industry professionals have begun to research which factors directly affect the flooding risk of a property and compile these into a flood risk scoring software. One such tool, My Flood Risk, is now available on our website, so you can have access to the most accurate information available regarding your home’s flood potential. 


Flood Zone Does Not Equal Flood Risk


FEMA flood maps, which designate properties into low-, moderate-, or high-risk flood zones, remain the standard for determining flood risk throughout Florida. However, the National Flood Insurance Program’s (NFIP) risk mapping system has failed to keep up with both risk assessment technology, and with their own mapping review guidelines. Over fifty percent of the country’s flood maps are outdated, meaning the maps being used have not been updated to account for climate change, land development, and other elements that directly affect the flood risk.


Hurricanes Highlight Florida’s Flood Map Limitations


Florida storms throughout the past few years have highlighted the limitations of FEMA flood maps as indicators of flood risk. For example, when Hurricane Michael devastated the Florida panhandle, approximately 80 percent of flood victims in the hardest-hit area, Mexico Beach, were in a FEMA designated low-to-moderate risk zone. FEMA flood maps had last been reviewed in 2009 at the time Hurricane Michael made landfall. 


Hurricane Irma, another devastating flooding event from recent years, created an estimated $20 to $30 billion in uninsured flood losses. At the time of this storm FEMA flood maps to the area of South Florida were over 10 years old. Without updated flood maps many residents continue to reside in low-to-moderate flood zone areas and, due to the lack of flood insurance requirements in these zones, remain unprotected. 


Lack of Flood Disclosure Laws 


In addition to potentially buying a home in an out-dated flood map, Florida also has no flood disclosure laws when it comes to real estate. Sellers in Florida are not required to disclose if the property has a history of flooding or if there have been flood claims. This information is also not readily available to buyers. In fact the only way to find out the flood claim history of a home is for the property owner to contact FEMA, meaning this cannot be done until after closing. 


With faulty flood maps and no flood disclosure laws, matters of determining flood risk are often left to the homeowners. This is where tools such as My Flood Risk can be very helpful. 


What is My Flood Risk?


To explain how this flood risk tool works, you first need to understand how FEMA flood zones are chosen. In their mapping process FEMA uses elevation and historical flood data to determine which flood zone to place certain areas. While these items are important in relation to flood risk, there are many other characteristics that need to be considered. 


My Flood Risk is an interactive tool that uses multiple pieces of data to give a unique flood score for each individual property. These factors include: elevation difference, storm surge, number of hurricanes and flooding events, dollar amount of FEMA relief to the area, and the number of flood insurance claims in the area. 


While this tool is not a predictor of whether or not your property will flood, it does help provide a better understanding of flooding and provides a more accurate picture of your flood risk.


We now provide flood risk scores with all new home insurance inquiries, along with flood insurance quotes, so you’re not left underwater. Try the tool now on our website, you might be surprised at your TRUE flood score. 




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