"We're basically building flood models that calculate the past, present and future flood risk for every home in the country," Matthew Eby, executive director and founder of the First Street Foundation, told CNBC. "By integrating Flood Factor into realtor.com's platform, we will not only reach millions of people on a daily basis, we will do so when they need it most – when they are buying or selling a home.
Unlike FEMA, which classifies about 9 million homes as having some type of substantial risk, the First Street Foundation lists 14.5 million properties as having an identical level of risk. First Street also utilizes other climate data, such as sea-level rise, while mapping rainfall. This features areas that FEMA doesn't have mapped.
"I think there's a great partnership to be had where we can create awareness of flood risk and how it's likely to change," Eby told CNBC. "That will incentivize people to then ask FEMA for help within the National Flood Insurance Program and then create insurance policies that are affordable to protect themselves."
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