Flooding can be a devastating natural disaster and, unfortunately, one that is only too common. There’s no good place to live to avoid floods. Any place that gets even rainfall is at risk for flood damage.
The impact of flooding goes beyond simple property damage. Floods can lead to significant economic and social consequences that can last for years. If you live in any area subject to possible flooding, it’s important to understand the risks at hand.
Property damage and loss of life are among the most serious concerns most homeowners and business owners face from flooding. Floods can cost $6 billion in damage and claim 140 lives annually. And that’s just in the United States. Worldwide, coastal flooding alone accrues costs of $3 trillion or more each year.
Smaller hurricanes and rainstorms – like Hurricane Irene in Vermont in 2013 – can do plenty of damage, including $153 million in state and local costs and $603 million in federal outlays. But, larger weather events, like Hurricane Katrina or Hurricane Harvey, can cause drive up expenses immensely, costing $108 billion and an estimated $65 billion respectively.
Without proper insurance coverage, these costs may be covered by government assistance. But, more than likely, property owners shoulder the financial burden, leaving thousands of families stranded and facing significant costs. Read Full Article