Flood Insurance and Rising Sea Levels

by Daniel Brouse

Q: Who pays for flood insurance?
A: The United States government, FEMA, covers losses for people that pay flood insurance premiums.

Q: Does your homeowners insurance policy cover you in the event of flooding?
A: No.

Flood insurance coverage is very limited. For instance, basements and belonging in a basement are not covered. Life-time coverage is also limited. If a property has a pay-out in the past, it will be applied to the maximum coverage of the life-time coverage.

As climate change causes extreme weather events and the sea level to rise, houses that are prone to flooding will find it harder and harder to get flood insurance. Without flood insurance, properties located in a flood plain become almost impossible to sell.

For years, the casinos in Atlantic City, NJ have had a plan to float the casinos and move them westward as the sea level rises. Shipping ports face a similar problem, but how can you move a port inland? Coastal areas will need to start a constant and progressive movement to higher ground.

Freddie Mac mortgage says, “Insurance is an essential component of real estate transactions, and flood insurance currently makes it possible to obtain loans for homes in areas of identified flood risk. However, some of the varied impacts of climate change—rising sea levels, changing rainfall and flooding patterns, increasing temperatures—may not be insurable. As a result, some important features of housing finance may have to change. The potential impact of these systemic changes on the financial system is difficult to visualize today.” (More from this article.)

Flood Insurance Index
Global Warming Index

This entry was posted in Business, Environment, Finance, Global Warming, Government, Law, weather and tagged , , , , , . Bookmark the permalink. Both comments and trackbacks are currently closed.
  • RSS The Membrane Domain

    • Picture Of A Black Hole
      by Daniel Brouse You can not really take a picture of a black hole. No light escapes from a black hole, so you won’t see anything. That is why it is called a black hole; however, theoretical astronomers have attempted to take the first picture. Instead, they try to piece together an image of a […]
    • VPN: Virtual Private Network and Internet Privacy
      by Daniel Brouse and Sidd Mukherjee Your Internet service provider (ISP) knows where you live, your address and billing info. They also know: all the IPs and domain names you visit and when all the content of your unencrypted traffic in and out, as well as, the timing The federal government now allows your ISP […]
    • Climate Change Breaks Multiple Records with Global Impacts
      The World Meteorological Organization (WHO) issued a report that states records for 2016: a record global temperature exceptionally low sea ice unabated sea level rise ocean heat Extreme weather and climate conditions have continued into 2017. “This report confirms that the year 2016 was the warmest on record – a remarkable 1.1 °C above the […]
  • Science experiment with the First Amendment:
    youtu.be/pvNzuqx75LI
    ...

    View on Facebook

    Thousands march for science through Old City ...

    View on Facebook
  • RSS PhilaNet.com

    • March For Science
      by Daniel Brouse PHILADELPHIA, PA — The March For Science protest was held in over 500 cities worldwide. The Trump administration has invented many fake news stories and alternative facts including climate change is a hoax, vaccines are dangerous and the best way to protect the environment is through economic growth. Hundreds of thousands of […]
    • Video Documentary of the History of Roxborough, Philadelphia
      PHILADELPHIA, PA — The Roxborough Manayunk Wissahickon Historical Society will feature guest speaker Nicholas Stamps “Video Documentary of the History of Roxborough, Philadelphia”. The event is free and open to the public. April 26th To be held at: Journey’s Way 403 Rector Street Philadelphia, PA 19128 @ 7 PM Guest Speaker — Mr. Nicholas Stamps […]
  • RSS NASA Image Of The Day

    • SLS Engine Section Test Article Loaded on Barge Pegasus
      A engine section structural qualification test article for NASA's new rocket, the Space Launch System, is loaded onto the barge Pegasus at the agency's Michoud Assembly Facility in New Orleans. The test article now will make its way from Michoud to NASA's Marshall Space Flight Center in Huntsville, Alabama, for structural loads testing.
  • RSS Natural Disasters

    • An error has occurred, which probably means the feed is down. Try again later.
  • Categories

  • Archives

Created by: Daniel Brouse and Sidd
All text, sights and sounds © BROUSE
"You must not steal nor lie nor defraud."