California has one of the largest flood insurance coverage gaps in the country, a new report shows.
Neptune Flood released a new report showing residential flood insurance penetration across the state is 1.4%, despite 2.3 million properties facing flood risk over the next 30 years.
Related: Viewpoint: California’s Surplus Lines HO Market Driven by Access, Not Wildfire Risk
The report, California Underwater: A Blind Spot in the Golden State, shows flooding from atmospheric rivers, urbanization, aging infrastructure, and post-wildfire conditions are a growing threat to California homeowners.
Flood modeling shows that more than 2.2 times as many properties (600,000 additional properties) are at substantial flood risk as depicted in flood maps from the Federal Emergency Management Agency. The top 10 California counties account for nearly two-thirds of all National Flood Insurance Program losses since 1978, yet only 2.7% of residential properties in those counties carry flood insurance, according to Neptune Flood.
Atmospheric rivers, which deliver 30 to 50% of California’s annual precipitation, are the primary driver of the state’s most damaging flood events. Urbanization amplifies flood risk, while post-wildfire conditions sharply increase flood risk with elevated runoff and erosion persisting for five years or more, according to the report.
Related: Neptune Flood Launches App in ChatGPT to Get Preliminary Flood Insurance Quotes
Neptune Flood is a data-driven managing general agent headquartered in St. Petersburg, Florida.
Topics USA California Flood
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