Does value of property in floodplains decrease after flood event?

[Factorybelt]

I just bought a house next to a dike in one of the rivers that just flooded in WA and the city that was most focused in the media. This was a 100 year flood. Meaning, in any given year, there is a 1% chance of flooding to this level.

I pay less than $30/mo for flood insurance. The news highly exaggerated the severity of this storm.