Property

RGGI money earmarked for flood preparedness begins to flow to local governments

Virginia is a hot spot of climate change. We have the highest sea-level rise along the U.S. Atlantic coast, and we have more storms that are hitting the coast now than at any previous time,” environmental scientist Karen McGlathery said.

The southeastern coast of the United States is threatened yearly by hurricanes, some receiving more media coverage and resources than others. Coastal states such as Florida experience more hurricane impacts than other states and thus the greatest labor market disruptions from these disasters.

Hurricane Ida swept through Louisiana with furious winds that ripped roofs off buildings and storm surge so powerful it moved homes. What it wrought on the living it also wrought on the dead, moving vaults and caskets and adding another layer of trauma for families and communities recovering from the powerful storm.

If a major flood happened tomorrow, hundreds of thousands of homes, commercial buildings, roads and critical infrastructure across New England are at risk of damage, according to a new report by the First Street Foundation. And the dangers are only expected to grow over the next 30 years.

CHATHAM COUNTY, Ga. (WTOC) - The flood insurance rates for properties are changing.

New York City has long been a leader among cities when it comes to tackling climate change.

BAY COUNTY — For Mexico Beach Mayor Al Cathey, the days leading up to Oct. 10, 2018, were just like any normal storm preparation — gather names of who is staying, board up windows and lock down loose items around town.

WASHINGTON, Oct. 9 - The Coastal Flood Resilience Project has issued a 12-page white paper on Oct. 1, 2021, entitled: "Reforming the Community Rating System Within the National Flood Insurance Program".

A Texas A&M urban planning professor will head a group to examine virtual models of Galveston Island and other Texas coastal communities in a large-scale study.

Redeveloping and improving shoreline protection in urban areas is a significant infrastructure need in the United States. These areas are subject to continual damage due to storms, rising waters and the effects of climate change.

Climate change is transforming the Big Apple. How long will it be until America’s largest city is all but wiped off the map?

According to a new report from real estate company Redfin, the cost of homes in coastal areas that are more prone to flooding have gone up around 14% this year.

Property insurance rates continue to soar higher for homes and businesses in catastrophe exposed regions of the United States, while coverage issues are increasingly emerging for those high-value buildings in peak catastrophe zones.

Catastrophes like fires and floods could set the economy back more than $1.2tn by 2060, even if action is taken

In many communities, water spills onto streets at high tide. The problem is getting more common as sea levels rise.

These days parametric insurance is, excuse the expression, a hot topic among those considering the impact of climate change. From homeowners to businesses to state and local government units to nation states, the notion of risk transfer contracts that settle and pay losses far more quickly than losses covered under customary property insurance contracts is alluring

Starting this month , anyone buying a flood insurance policy will see a shift in prices due to a set of changes the Federal Emergency Management Agency has called Risk Rating 2.0.

The Biden administration is moving ahead with a plan to substantially raise flood insurance rates for many coastal homeowners beginning on Oct. 1 — an effort to better reflect the cost of growing flood risks.

Virginians are already seeing the impacts of climate change, from sea level rise along our coastlines to increased rainfall statewide. Without action, Virginians can expect $4.1 billion in annual losses to residential, commercial and public structures by 2080, with 171,000 acres of tidal marsh at risk of disappearing.

Hurricane Ida now ranks as one of the costliest ever U.S. storms, with its toll estimated at $100 billion and 82 deaths — a stark reminder of the heightened risk of flooding due to climate change. Yet coastal real estate at risk of inundation is still in high demand and selling for a premium, experts say.

FEMA says new rates are more fair. But homeowners can still skip buying insurance, premiums may still not price in severe climate risk, and the program remains insolvent.

Thousands of Christchurch homeowners could soon face strict building restrictions as the city council looks to manage risks posed by sea level rise.

The bluffs in the Cyprus Shores community, where four homes are under immediate threat, have long been stabilized by the beach below, said Lesley Ewing, senior engineer for the Coastal Commission. Some stretches of beach enjoyed by swimmers and sunbathers may have to give way to coastal protection habitat if the area is to be saved, she said.

As the climate changes, a vicious cycle persists: rain, repair, repeat. But Baltimore could soon win millions of dollars from a new national effort to resist the damage that extreme weather is wreaking on communities.