Recent real estate risk assessments conducted by CoreLogic reveal that approximately one out of every five homes in our local area faces a concerning long-term risk of flash flood damage. Within our six-county region, which encompasses both single-family residences (SFR) and multifamily structures, around 1.1 million residential properties are deemed to have at least a moderate risk of suffering from flash flood damage.
Flash flooding poses a serious threat when precipitation rates exceed the speed at which water drains into the ground surface, putting 21% of all local housing at risk. This risk is particularly pronounced in urban areas, where heavy rainfall meets concrete landscapes, resulting in street overflow reminiscent of creek-like conditions. Additionally, the hilly terrains of our region exacerbate flood risks, amplifying the potential for damage.
Property owners must recognize that a separate flood policy is essential, as standard home insurance policies typically do not cover such damages. The average cost to rebuild a flooded home, assuming it's a complete loss, is estimated at $454,000 per residence, equating to a staggering $487 billion replacement risk across our region.
Digging deeper into the statistics, CoreLogic's analysis indicates that 305,224 homes in Southern California facing flash flood hazards are at elevated risk of damage, constituting 28% of the total. By examining flood danger on a county level, the data unveils concerning figures:
Los Angeles: 420,585 residences are at risk, with 27% facing higher danger. Replacement costs average $474,000 per home, totaling $199 billion countywide.
Riverside: 211,418 homes are at risk, with 39% at higher danger. Replacement costs stand at $452,000 per home, totaling $96 billion.
San Bernardino: 156,987 homes face risk, with 31% at higher danger. Replacement costs average $394,000 per home, totaling $62 billion.
Orange: 122,372 homes are at risk, with 21% at higher danger. Replacement costs average $487,000 per home, totaling $60 billion.
San Diego: 120,482 homes face risk, with 22% at higher danger. Replacement costs stand at $422,000 per home, totaling $51 billion.
Ventura: 41,771 homes are at risk, with 21% at higher danger. Replacement costs average $486,000 per home, totaling $20 billion.
These figures underscore the significant financial and safety implications of flash flood risks across Southern California, urging property owners and policymakers alike to prioritize proactive measures to mitigate potential damages and safeguard our communities.
02/17/2024
