The risk of major flooding is a problem facing millions of Americans and only going to get worse as time goes on. This hurricane season saw two ‘once in a generation’ storms hit the Gulf coast and surrounding areas within two weeks, which resulted in extensive and costly damage across the southeastern United States. Cities, states, and the federal government are all facing the same ultimate decision: spending on flood protection/prevention infrastructure or risk loss when the next storm hits.
Asheville, North Carolina is over 2,000 feet above sea level, and hundreds of miles from the shore. It may not be the first place you think of when considering which areas are more at risk of climate disasters, but Hurricane Helene made an example out of Asheville to show nowhere is completely safe from mother nature. Helene still left Asheville and surrounding areas in almost an apocalyptic state, costing an estimated $53 billion in total damage to the state, not to mention 96 deaths in North Carolina alone.
The Joint Economic Committee of the United States Senate recently estimated flooding in the United States costs between $180-496 billion, annually in total costs and losses, including up to $20 billion in structural damage and $10.3 billion in loss in tax revenue. Infrastructural upgrades will only become more necessary to offset losses and maintain current systems. The cost of flood damages to coastal cities is projected to more than quadruple over the next 25 years.
The FEMA National Flood Insurance Program’s total payouts in a 20-year span increased by an astounding 660% from $9.4 billion between 1980-2000 to $62.2 billion from 2000-2020. These payouts include funds that have found their way to 99% of counties in the United States.
Residents in flood-prone areas are seeing insurance companies take note and change their offered coverage, or just not issuing new policies at all. According to the Tampa Bay Times, more than ⅓ of all homeowners insurance claims in Florida went unpaid in 2022, higher than any other state. Almost 50% of Florida’s State Farm and Allstate claims in 2022 were not paid to the claimant.
As of 2023, Farmers Insurance is one of 15 groups no longer offering home and auto policies anywhere in Florida.
Municipalities and public entities are no safer from flooding and the changing insurance apparatus than the general public. Protecting their infrastructure from the elements is paramount for safety as well as costs.
Trident’s electro-hydraulic actuators are the gold standard for adequate water flow to protect infrastructure. Fail-safe control valves and fail-set effluent gates are among the many aspects that set Trident apart from other major manufacturers. Trident’s products are also certified to be submergible for up to 14 days under 50 feet of water, and is the first and only actuator with an enclosure that is third-party tested using IP68 standards.
Citations:
NCEI.Monitoring.Info@noaa.gov. “Billion-Dollar Disasters: Calculating the Costs.” Did You Know? | National Centers for Environmental Information (NCEI), National Centers for Environmental Information, www.ncei.noaa.gov/access/monitoring/dyk/billions-calculations. Accessed 11 Nov. 2024.
Robertson, Gary D. “North Carolina Calculates at Least $53 Billion Price Tag for Hurricane Helene Damages.” PBS, Public Broadcasting Service, 23 Oct. 2024, www.pbs.org/newshour/nation/north-carolina-calculates-at-least-53-billion-price-tag-for-hurricane-helene-damages.
“Climate Change Increases Risk of Flooding.” | Climate Change Increases Risk of Flooding, National Flood Insurance Program, www.floodsmart.gov/climate-change. Accessed 11 Nov. 2024.
Lawrence, Mower. “Insurance Giants Are ‘stiffing’ Customers in Florida, Report Says.” Tampa Bay Times, Tampa Bay Times, 27 June 2024, www.tampabay.com/news/florida-politics/2024/06/27/florida-insurance-crisis-state-farm-allstate-desantis-claims/.
Valinsky, Jordan. “Farmers Insurance Pulls out of Florida, Affecting 100,000 Policyholders | CNN Business.” CNN, Cable News Network, 12 July 2023, www.cnn.com/2023/07/12/business/farmers-insurance-florida/index.html.
“Flooding Costs the U.S. between $179.8 and $496.0 Billion Each Year.” Flooding Costs the U.S. Between $179.8 and $496.0 Billion Each Year – Flooding Costs the U.S. Between $179.8 and $496.0 Billion Each Year – United States Joint Economic Committee, United States Senate, 10 June 2024, www.jec.senate.gov/public/index.cfm/democrats/issue-briefs/?id=276AFFB8-7F15-4F16-BFE8-56C16D32BF26.