A federal panel is urging the government to expand the areas it considers at high risk of flooding — potentially requiring millions of homeowners to buy flood insurance for the first time. The move comes as flood damage has soared in recent years, leading to costly disasters even in states like Kentucky and Vermont that were once considered relatively safe. Remaking the maps would be far-reaching and expensive because owners would be required to buy flood coverage if their property is secured by a federally backed mortgage, writes Thomas Frank, who obtained a copy of the panel’s report. Coverage averages about $1,000 a year, but prices are rising rapidly as climate change and increasing development intensify flood damage. “This adjustment would be a significant shock,” Jeremy Porter, a researcher at the First Street Foundation, a nonprofit that assesses climate risk, told Tom. Only a small fraction of U.S. households have flood policies, which are sold separately from homeowners insurance. Expanding the flood insurance requirement could upend housing markets by increasing the cost of ownership. But it could also protect millions who face rising flood risk. The National Association of Home Builders is already raising concern about the costs, noting the proposal to expand the map comes as many communities face housing shortages. Political risk
The Federal Emergency Management Agency can redefine flood zones on its own, but any expansion would likely draw congressional scrutiny. FEMA — which runs the nation’s largest flood insurance program — is already facing a torrent of complaints about rising flood insurance premiums from coastal lawmakers, including from Rep. Mike Johnson of Louisiana, who was just elected House speaker by the Republican majority. About 8.5 million properties are in areas the federal government considers at high risk of flooding. Experts believe more than twice as many are actually at risk. The expansion is recommended in an interim report by the Technical Mapping Advisory Council, which Congress created in 2012 to strengthen the flood program against challenges such as climate change. It aims to address problems with the maps, which have been criticized for excluding large swaths of flood-prone areas. More homeowners would be financially covered with an expanded map, said Chad Berginnis, executive director of the Association of State Floodplain Managers. “Insurance is always a front-line protection,” he said.
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