My, How the Tide Has Turned: Addressing Flood Risk Assessment in United States Coastal Cities

Abstract

ABSTRACT Flood risk is one of the greatest threats to mankind today. With the heating effects that climate change is having on our world, our susceptibility to flood risk in coastal areas is ever-increasing, as is our need for timely solutions. Although flood insurance is available to protect the financial interest of coastal residents, these policies are, often, not accessible to lower income groups, because of their high cost. Currently, these high rates are the result of insurance companies applying a limited, one-size-fits-all risk assessment. Insurers do not consider, however, other relevant and important factors, such as geographical boundaries, ethno-racial disparities, economic disparities, and accessibility to flood insurance. Through extensive qualitative research, including interviews of professionals in the field, I have made the following findings: 1. Flood risk can be better managed through the implementation of various structural upgrades, like flood walls and storm drains, as well as through the increased use of flood mitigation techniques, such as managed retreat and common property; and 2. The criteria used in creating flood insurance policies can and should be changed in order to more equitably distribute these policies among at-risk residents of all socio-economic groups. This change should come in the form of the National Flood Insurance Program (NFIP) adding essential criteria, such as ethno-racial and economic disparities, when creating flood insurance policies.