For the first time in nearly two decades, the Federal Emergency Management Agency has updated floodplain maps for the Houston area. Many locals are now raising concerns about the potential impact the changes will have.
Since FEMA last released flood zone maps in 2007 for Harris County, Texas, the region has undergone significant development and has experienced greater rainfall. These are among the factors that have led FEMA to expand designated flood zones significantly.
A Houston Chronicle analysis found that the area's 100-year flood zones have grown by 43%. Meanwhile, 500-year flood zones increased 30%. In total, about 420,000 properties could be reclassified as having a greater risk of flooding.
Having one's property listed as being inside a designated flood zone can have a number of repercussions. For example, any property owner with a federally backed mortgage will be required to carry flood insurance, which can be costly.
Even those without federally backed mortgages could see their insurance premiums increase significantly.
"Those rates are continually rising," said Sam Brody of Texas A&M University, per the Houston Chronicle. "$1,000 a year could be potentially unaffordable."
Families on tight budgets could find themselves facing the difficult decision of whether or not to forgo other expenses to pay for flood insurance. Otherwise, they'd potentially leave themselves financially vulnerable should a natural disaster strike.
Rising home insurance premiums have been a problem for homeowners across the United States. As extreme weather events have grown more severe, so has the devastation they cause.
In turn, insurance companies have sought to mitigate their risk exposure by raising prices.
For example, in California, some homeowners have seen their fire insurance premiums skyrocket, while others have seen carriers stop offering coverage altogether.
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Save $1,000 this year 💸 The situation has left millions of Americans financially vulnerable and at risk of losing their most valuable asset.
For the least-wealthy 50% of Americans, their home accounts for more than half of their total assets, according to the FRED Blog, a publication of the Federal Reserve Bank of St. Louis.
Without adequate insurance, those homeowners risk a financial calamity should their homes be seriously damaged or destroyed.
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