California Faces Significant Flood Insurance Coverage Gap
California is experiencing a substantial gap in flood insurance coverage, as highlighted by a recent report from Neptune Flood. Despite the fact that 2.3 million properties in the state are at risk of flooding over the next 30 years, only 1.4% of residential properties have flood insurance. The report, titled 'California Underwater: A Blind Spot in the Golden State,' identifies atmospheric rivers, urbanization, aging infrastructure, and post-wildfire conditions as key factors contributing to the increased flood risk. Notably, atmospheric rivers are responsible for 30 to 50% of California's annual precipitation and are a major cause of the state's most severe flood events. Urbanization and post-wildfire conditions further exacerbate the risk by increasing runoff and erosion, which can persist for five years or more.