Climate change is here and shows no signs of slowing down. While the fallout of this climate shift will continue, it’s already being felt around the country. This is particularly true when it comes to flooding and an increase in the frequency and severity of natural disasters. As a result, experts predict a massive number of people to move away from homes that find themselves in at-risk-flood zones.
Since 1989 the United States government has purchased approximately 49,000 properties that find themselves in at-risk locations for fires and floods. Once the properties have been purchased, all the structures are destroyed so that the land is open again and can help to absorb future flood waters.
Unfortunately, as floods get more severe and more frequent it is incredibly unlikely that the federal government will be able to buy property fast enough to mitigate the problem. As a result, a lot of poorer people are going to be stuck owning properties that they can’t sell, and are at risk for natural disasters.
A.R. Siders, a co-author and assistant professor at University of Delaware’s Disaster Research Center spoke more about this issue with the Insurance Journal. There are 49 million housing units in at-risk areas on the U.S. coast, and over $1 trillion worth of infrastructure within 700 feet of the coast,” she said. The government isn’t prepared to relocate even one-tenth of that, if it needed to.
In the future, a lot of the U.S. is going to look completely different because of flood waters. Coastal areas could resemble something more like Venice than a place with clearly defined shorelines. Exactly what that means for homeowners in that area remains to be seen.
One thing we do know for sure, is that if you live in an area that is at risk for flooding, you need to have a proper flood insurance policy in place. To learn about your flood insurance options, reach out to TGS Insurance at www.tgsinsurance.com.