Cape conference considers region’s resilience


Need flood insurance? Process could grow difficult

The latest I can find. The House passed a flood insurance plan that will drastically increase rates and could affect real estate value. The Senate has a more consumer friendly bill, but has not taken action yet. It looks like we may be facing short-term continuing resolutions while the dust settles.

Moody’s Warns Cities to Address Climate Risks or Face Downgrades – Bloomberg

Getting hit from all sides. Flood insurance rates going up. Municipal fiscal capacity to protect against storms taking a hit with higher interest rates. Climate change funds from the federal level drying up. Permitting protection measures challenging.

NYTimes: A Broke, and Broken, Flood Insurance Program

A Broke, and Broken, Flood Insurance Program

One telling quote:

That’s because Congress gave the program a legal mandate to work with communities, not individual households. So the program was surveying floodplains, then calculating an “average annual loss” for all the houses there. Its insurance rates were based on those averages.

Not sure what the basis is for the average annual loss in the “community” floodplain is, unless it is all coastal AEs of the same level nationwide. Because there is no justification for a home on the outer edges of the AE 10 in Dennis to almost get hit with an $8,000 flood insurance premium. Working with the insurance agent, we were able to show the home was NOT in the flood zone and get the premium down to a more appropriate $798.