Accounting for flood risk would lower American house prices by $187bn
Unpriced future damages inflate home values the most in rural, inland regions
Floods are the most expensive type of natural disaster in America, causing at least $323bn in direct damage since 1960 after accounting for inflation. Unlike other types of risks, private insurers generally do not offer residential coverage for floods.
This article appeared in the Graphic detail section of the print edition under the headline “Rainy-day funds needed”
From the April 22nd 2023 edition
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