A new World Resources Institute report found that 147 million people will be hit by floods from rivers and coasts annually by 2030, compared with 72 million people just 10 years ago. Damages to urban property will soar from $174 billion to $712 billion per year. By 2050, 221 million people will be at risk, with the toll in cities costing $1.7 trillion yearly. Floods are getting worse because of the climate crisis, decisions to populate high-risk areas, and land sinkage from the overuse of groundwater.
The worst flooding will come in south and southeast Asia. The effects will be less dire but still increasingly serious in the United States, where the risk is highest for coastal flooding. Coastal flood damage in the United States will soar from $1.8 billion in 2010 to $38 billion in 2050, with half the country's exposed population in just three states – Louisiana, Massachusetts, and Florida.
Don't go unprotected! Call our Agency today for a flood insurance quote. Remember that over 25% of flood losses occur on buildings that are not required to carry flood insurance by their mortgage company!