Distant flooding costs you and me
There are at least five ways flooding can cost us. Three of them are unknown to most of us.
First, if our property is flooded and damaged - by growing storms, by sea-level rise, or by more intense rainfall - that’s expensive.
Second cost: if we’re not flooded but we live in the FEMA flood plain, we likely pay flood insurance premiums, and those policies are getting more expensive - up to 18% next year. At the same time more and more homes are being included in the revised flood maps.
And if we’re not in the flood plain?
No repair costs? No premiums? Those of us whose basements stay dry still pay, and the costs most people don’t think about are a lot bigger than we realize.
A third cost: today FEMA is projected to pay out $1.4 billion per year more than what it charges insured households nationwide. Guess who pays that difference. Yes, it’s you and me through our federal taxes.
Fourth cost: when there are floods nearby, the follow-on costs hurt us too. Emergency services, clean up, repair and protection of public property and the town’s sewers and water supply can mess up our municipality’s budget big time. On top of City Hall’s costs, businesses may suffer, and our town may quickly become a less prosperous and attractive place to live.
Fifth cost: The biggest local flood casualty is likely to be our town’s tax base. If a flood damages a lot of buildings, the town assessor will likely lower the valuation of those buildings and maybe similar properties. Homes near the water are often the most valuable in town, so reducing their assessed value can significantly cut into the town’s tax base. Lowering assessments in turn means either a tax rate increase, raising property taxes on all buildings, including those not in danger. Or it means cutting back on town services - you know, teachers, firefighters, road maintenance - and dog parks!
And remember, climate forecasts show floods increasing in intensity in the years ahead.
Check our community on a local flood map.
Most of us will look at our own property, of course. But we should look further at whether future floods endanger lots of high-value homes, town properties, or a business district. Any of these mean the next big flood represents a hidden threat to the municipal budget and the attractiveness of our town - and likely to our family’s budget. One thought that might pop up: is this where we want to live and own property?
LEARN, THINK, ACT
Examine our local flood map at FEMA’s Flood Map Service Center
Another set of flood maps from First Street Foundation. This source does not cover commercial or apartment buildings.
Comments on why flood maps are understating our risks.
Long-term predictions of severe flooding.