When Hurricane Sandy hit in 2012, Thalia Panton watched in disbelief as floodwaters careened down her quiet, tree-lined street in Canarsie, Brooklyn. Sparks flew from downed electrical lines as the rapids rose past her thighs. The water receded as quickly as it appeared. But the damage was done. When the skies cleared, Panton was left… Continue reading Viewpoint: Climate Change and Soaring Flood Insurance Premiums Could Trigger Another Mortgage Crisis
Tag: flood insurance
Rising Great Lakes Have Homeowners Moving Back from Water; Millions in Damages
It took less than eight hours for wind-whipped waves surging off a record-high Lake Michigan during a recent storm to shorten Charlotte and Rudolf Brengel’s backyard by 40 feet. The erosion transformed what was a grassy slope to the shoreline into a cliff with a 12-foot drop, taking out a lakeside deck and stopping about… Continue reading Rising Great Lakes Have Homeowners Moving Back from Water; Millions in Damages
R Street Institute Study Calls for A Stop in Development in Flood-Prone Regions
The threat of sea-level rise should force policymakers to rethink policies that encourage development in flood-prone regions, like the National Flood Insurance Program (NFIP). In a new policy study, R Street Director of Finance, Insurance and Trade R.J. Lehmann makes the case that the NFIP should cease writing coverage for new construction in 100-year floodplains… Continue reading R Street Institute Study Calls for A Stop in Development in Flood-Prone Regions
Flooding Shows a Strong Need for Insurance
Increased Threats from Flooding Flooding remains the natural disaster that affects the most people throughout the world. For those who live in a dry area, this may sound strange, but most large communities are on the banks of rivers, the shores of oceans and lakes, or on large flat plains that flood for long periods… Continue reading Flooding Shows a Strong Need for Insurance
New Study Assesses Florida’s Near-Term Climate Impacts
How will Florida be impacted by climate change—not in 100 years, but in 20? Resources for the Future (RFF) researchers answer this question in the Florida Climate Outlook: Assessing Physical and Economic Impacts through 2040, a comprehensive, visual report on the near-term physical and economic impacts of climate change and climate policy in Florida. The… Continue reading New Study Assesses Florida’s Near-Term Climate Impacts
FEMA Secures $1.33B NFIP Flood Reinsurance Renewal for 2020
The U.S. Federal Emergency Management Agency (FEMA) has now completed its traditional flood reinsurance program renewal, securing $1.33 billion of limit to cover the National Flood Insurance Program (NFIP) for 2020. That’s just slightly more than FEMA’s 2019 traditional reinsurance program renewal for the NFIP, which was $1.32 billion in size. As we reported previously,… Continue reading FEMA Secures $1.33B NFIP Flood Reinsurance Renewal for 2020
Report: Flooding and Storms in Europe Brought Significant Economic Loss in November
Aon plc, a leading global professional services firm providing a broad range of risk, retirement and health solutions, today launches the latest edition of its monthly Global Catastrophe Recap report, which evaluates the impact of the natural disaster events that occurred worldwide during November 2019. The report reveals that flooding and inland storms led to… Continue reading Report: Flooding and Storms in Europe Brought Significant Economic Loss in November
Judge Finds U.S. Liable for Hurricane Harvey Damage
The federal government knew a reservoir system it built in the Houston area in the 1940s was likely to flood private residences, and is liable for damage incurred there during Hurricane Harvey, a judge ruled Tuesday. The ruling from the U.S. Court of Federal Claims brings the owners of some 10,000 properties in subdivisions west… Continue reading Judge Finds U.S. Liable for Hurricane Harvey Damage
Spending Bill Includes Repeal of ObamaCare Taxes, Flood & Terrorism Extensions
Congress is planning to use a $1.4 trillion package of two must-pass spending bills to repeal Obamacare taxes, raise the age for tobacco purchases to 21 and extend the U.S. Export-Import Bank for seven years, according to legislation released Monday. The negotiations continued up until the last minute on the bills, which needs to pass… Continue reading Spending Bill Includes Repeal of ObamaCare Taxes, Flood & Terrorism Extensions
California Officials Need to Move Faster on Sea Level Rise, Legislative Study Finds
In one of the most comprehensive assessments of the crisis that rising seas pose to California, an influential state panel issued a clarion call Tuesday, urging local officials to take ownership of the issue and lawmakers to move fast and consider much-needed legislation. The Legislative Analyst’s Office, a nonpartisan arm of the state Legislature that… Continue reading California Officials Need to Move Faster on Sea Level Rise, Legislative Study Finds