Previous studies of the cost of sea-level rise focus on the economic loss to inundated property rather than increased damage from episodic flood events to non-inundated property above sea level. This study uses a unique GIS database of three geographically diverse Chesapeake Bay communities that includes 1-ft elevation contours from remote sensing data, local tax assessment records, and aerial photographs of property location. Hedonic property value models estimate the loss from complete inundation, closely following the methodology of previous studies. Increased damage from episodic flooding is estimated using elevation-rated, actuarially fair flood insurance rates. Using a 3-ft sea-level rise over 100 years scenario, damage from episodic flooding averages 9 times the estimated loss from complete inundation, and is an average of 28 times greater under a 2-ft sea-level rise scenario. Although the study areas are not representative of all coastal areas, the results suggest that current studies may substantially underestimate the cost of sea-level rise. (C) 2006 Elsevier B.V. All rights reserved.
