A balanced review of the Private Flood Insurance market. Could save some money, but could leave the National Flood Insurance Program with only high risk properties.
“The study analyzed values for 2½ million coastal properties in Massachusetts, Maine, New Hampshire and Rhode Island, estimating the total loss in the four states at $403.1 million.”
“Most homes are increasing in value,” said Jeremy Porter, a lecturer in environmental health studies at Columbia who co-led the study. “What we’re finding is a gap in appreciation.”
From another source: “Unless reauthorized or amended by Congress, the following will occur on November 30, 2018:
- “The authority to provide new flood insurance contracts will expire. Flood insurance contracts entered into before the expiration would continue until the end of their policy term of one year.
- “The authority for NFIP to borrow funds from the Treasury will be reduced from $30.425 billion to $1 billion.”
For the layperson, if the NFIP lapses, you will not be able to renew your flood insurance policy; a homebuyer will not be able to complete a purchase of a home due to the inability to buy flood insurance; and if there is a serious storm, FEMA may not be able to cover flood damage due to the inability to borrow.
A group of stories, some new, some old, addressing an issue we are facing.
Coastal erosion has not only become a fact of life, but many are also now surrendering to it. Dennis works to hold back the effects of erosion by dredging and restoring beaches with the dredge material. However, some areas are looking back for a solution that could benefit the future. Oysters, and reefs made of oysters. Beds are created from discarded shells collected from restaurants. Oysters are planted in the beds, sometimes in cages or bags.
Maybe land loss and retreat need not be inevitable.
This hits at a critical issue, I was recently approached about the January 2017 storm event with the question, was it declared a disaster by FEMA. The homeowner is only now completing the inventory of the damage incurred. Far too late for the costs to be calculated into the disaster equation. One can only imagine the losses incurred due to the Winter 2018 flooding that occurred in Dennis and elsewhere on the Cape that did not adequately get assessed.