Estimating changes in the frequency or height of extreme sea levels (ESLs; e.g., the 100-yr event) is a popular approach used by climate and sea level scientists to communicate future coastal flood risk to policy makers and the public under various climate change scenarios. However, physical ESL metrics and associated thresholds only account for water levels (i.e., the hazard). They do not consider societal outcomes (e.g., loss of life, property damage). As a result, policy makers may inadvertently disseminate misleading estimates of future coastal flood risk under different climate scenarios. This has critical implications for risk communication and adaptation decision-making. Here, we illustrate how some measures of societal exposure can lead to sizable differences in estimates of future coastal flood risk, relative to when only considering physical impacts using 1) projected ESLs under +2 degree C and +5 degree C temperature stabilization scenarios and 2) the current population exposure of 414 cities around the world. For some locations with a modest projected increase in the height of an ESL event, the corresponding change in local population exposure is substantial. This suggests that physical ESL metrics may be poor surrogates for capturing some societal impacts. While population exposure is just one measure, communicating a variety of human system, natural resource, and ecosystem-based outcomes may provide a more complete snapshot of either exposure or coastal flood risk under a wide array of climate scenarios.