Every year, flooding causes an average of $50 billion in damages, making it the costliest and most common natural disaster in the United States.
The majority of the federal disaster areas declared by the president of the United States involve floods.
Consider these statistics from FEMA:
- Floods or flash floods have occurred in all 50 states over the past five years.
- Over the course of a 30-year mortgage, in a high-risk flood zone there is a 26% chance of a flood, versus a 10% chance of a fire.
- Homes outside of high-risk flood areas file more than 20% of all National Flood Insurance Program (NFIP) claims and typically receive one-third of federal disaster assistance for flooding.
Homeowners policies and most commercial property policies exclude flood damage. Coverage is available from the NFIP and a few private insurers, yet many property owners still fail to purchase Flood insurance.
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