LightBox and First Street Foundation Partner to Provide A New
LightBox and First Street Foundation Partner to Provide A New Model for Flood Data The partnership substantially improves the data available to more accurately value and underwrite properties and evaluate risk
IRVINE, CA and BROOKLYN, NY (May 21, 2020)—LightBox, a leading provider of CRE data and workflow solutions, and First Street Foundation, a nonprofit 501(c)(3) research and technology group, announced a partnership today that will provide new data and analytic capabilities to support the valuation, underwriting, and assessment of commercial and residential property risk due to natural flood-related disasters.
The partnership offers the first predictive, probabilistic model to estimate the impact of climate change on flooding down to the individual property level. The model can be used by property owners, investors, appraisers, lenders, and insurance companies to better understand and mitigate risk, including changes in property valuation due to flood-related events.
The announcement was made as the United States prepares for the June 1 start of hurricane season. Since 1980, over $1 trillion in damages can be attributed to flood-related events in the United States with nearly $41 billion in losses from events in 2019, according to NOAA.
As part of the partnership, LightBox is providing property and location data for more than 145 million U.S. properties via SmartParcels®, the most complete parcel database in...