Flood Risk May Surpass Wildfire Risk in California By 2025, Adding To Home Insurance Costs | Global News Avenue

Wildfires in California could hurt homeowners for decades as they increase the risk of flooding, forcing owners to pull out expensive flood insurance.

By 2050, California’s flood risk will outweigh the risk of wildfires in the state. One million homes in Los Angeles, San Diego and San Francisco, which currently have lower flood risk risks, will increase their flood risk levels by 40 points or more according to CoreLogic’s risk score by 2050. This score will take the risk level from very low to an extreme ranking of 100.

Recent wildfires burned California’s ground, barren, and could not absorb water. The area is more susceptible to flash torrents and mud due to vegetation damage that usually absorbs rainfall.

Homeowners may be forced to pay for expensive flood insurance

As climate change increases the number and severity of natural disasters, many insurance companies have Increased premium costs and left behind disaster-prone areas.

However, some homeowners who are prone to flooding may have to come up with expensive flood insurance, as only one inch of water in the home could cause about $25,000 in damage, according to FEMA.

Although those in areas where private insurers exit can get federal last holiday flood insurance, the National Flood Insurance Program (NF IP), even these prices are due to Reinsurance Rates. Recent calculation formulas have increased the cost of NFIP, especially in areas with high flood hazards.