Homes previously considered as less at risk of flooding face new danger due to climate change.
Climate risk nonprofit First Street Foundation has found that 14.6 million American properties are at risk of flood. Six million of those don't make it on Federal Emergency Management Agency standards maps.in 2012. It's hard to imagine that where a marsh stands now, there were once several streets full of homes.
Since then, he's led a push for more transparency, saying people need to know if a home they're going to buy has a chance of flooding. He pointed to the ability to see a pre-owned car's history before buying. First Street Foundation takes a step beyond FEMA when assessing whether or not a particular property will flood. They factor in climate change."We're using the 4.5 curve, kind of a middle-of-the-road curve, not the most dramatic, not the least trying to give a sense of how that risk is changing over time," he said."Something like heavy rainstorms are just becoming more frequent.
"We're going to be doing a much better job of clearly identifying flood risk and we're going to be able to price it fairly," David Maurstad, FEMA deputy associate administrator for federal insurance and mitigation and senior executive of the flood insurance program, told ABC News."Currently lower-value homes are paying more than they should and higher-value homes are paying less than they should and Risk Rating 2.0 equity and action changes that inequity.
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