Neptune Flood uncovers over 600,000 more Calif. properties at risk

More than 2.3 million Californian properties face risk of flood over the next 30 years, though only 1.4% of these properties carry flood insurance, according to a new analysis from Neptune Flood.

Compared to FEMA flood maps, modern flood modeling has identified more than twice as many properties at substantial flood risk, according to Neptune's research, which found nearly 600,000 properties outside of designated high-risk flood zones. According to Neptune, 45% percent of NFIP claims occur outside of mapped flood zones, where flood insurance is likely not required.

"Flood risk in California is rising, but coverage is falling. Millions of homeowners are left exposed to a growing and often misunderstood threat," said Matt Duffy, president of Neptune Flood. "Bridging that gap will take broader access to modern flood insurance solutions, like those offered by the private market."

Ten California counties account for almost two-thirds of all NFIP losses since 1978, in which the NFIP has paid $1.4 billion in flood losses. According to Neptune, less than 3% of these residential properties are insured.