KEY TAKEAWAYS
- The recent L.A. wildfires have destroyed critical vegetation, which typically absorbs rainfall and prevents floods and mudflows.
- By 2050, homes in Los Angeles, San Diego, and San Francisco will have a higher flood risk than wildfire risk.
- Many homeowners in the area may have to take up increasingly costly flood insurance to protect themselves and their homes.
The wildfires in California may hurt homeowners for decades to come as they heighten the risk of floods, forcing owners to shell out money for expensive flood insurance.
Flood risk in California is set to surpass the risk of wildfires in the state by 2050. Over a million homes in Los Angeles, San Diego, and San Francisco that currently have low flood risk will see their flood risk level increase by 40 points or more by 2050, according to CoreLogic’s Risk Score. This score ranks risk levels from one, very low, to 100, extreme.
The recent wildfires have left California’s ground charred, barren and unable to absorb water. With the vegetation that typically absorbs rainfall destroyed, the area is more susceptible to flash floods and mudflows.
Homeowners May Be Forced To Pay For Expensive Flood Insurance
As climate change has increased the number and severity of natural disasters, many insurance companies have raised premium costs and left disaster-prone areas.
However, some homeowners in flood-prone areas may have to take out expensive flood insurance, as just one inch of water in a home can cost about $25,000 in damage, according to FEMA.
While those in areas where private insurance companies have dropped out can get the federal government’s last resort flood insurance, the National Flood Insurance Program (NFIP), even those prices have increased due to reinsurance rates. A recently adopted calculation formula has increased the cost of NFIP, specifically in areas with high flood risk.
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