Re: "The Water Will Come" - great book
Posted by Chris in Tampa on 5/19/2023, 2:47 am
Everyone who buys at this point should need flood insurance in an area at risk. I guess flood and wind insurance should be required right along the coast where hurricanes threaten. With Citizens, Florida's insurance company of last resort, you have to have both now. (or will eventually, I guess there are phases as to when that is required for existing policies)

I guess people at greater risk should be paying premiums that more reflect their risk, when it comes to flood and wind insurance policies. I really think those at less risk from either flood or wind damage subsidize premiums for those most at risk. If someone at similar risk to you gets property damage, you should see an increase in your premium. If everyone at your risk level doesn't get impacted, your premium shouldn't go up due to that storm that impacted people at higher risk. (at least not go up for that reason) I don't know how they determine premiums. Maybe that is how it is supposed to work. But I imagine everyone pays at least a little more if there is a major storm. If people at highest risk paid more, to reflect their actual risk, less people would probably want to move to the coast. But since that would impact home values at the coast, I would imagine there would be a lot of pushback from those people on paying a lot more for insurance.

With more damaging storms, from warmer waters and higher sea levels, it's only going to cost more. There is no good solution. Future generations are going to see dramatic changes. The amount of people that will no longer be able to live along the coast is going to be staggering. Well, where the current coastline is. Coastal cities are going to have to move. It's hard to contemplate what is to come.
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My 2023 hurricane season predictions - jimw, 5/15/2023, 7:05 am
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