Inland flood risk in the United States is most often conveyed in the context of “100‐year” floodplains. However, monetary damages from flooding arise from a wide range of events, including floods both larger and smaller than the 100-year benchmark. Abt researchers and their colleagues used a sample of 376 watersheds to explore the implications of a changing frequency and magnitude of flooding across a wide spectrum of flood events in the United States. The expected annual damages under baseline climate conditions are typically significantly higher than the expected damages from 100‐year events alone.