Posted on 09/24/2021 11:19:53 AM PDT by Theoria
Florida’s version of the American dream, which holds that even people of relatively modest means can aspire to live near the water, depends on a few crucial components: sugar white beaches, soft ocean breezes and federal flood insurance that is heavily subsidized.
But starting Oct. 1, communities in Florida and elsewhere around the country will see those subsidies begin to disappear in a nationwide experiment in trying to adapt to climate change: Forcing Americans to pay something closer to the real cost of their flood risk, which is rising as the planet warms.
While the program also covers homes around the country, the pain will be most acutely felt in coastal communities. For the first time, the new rates will also take into account the size of a home, so that large houses by the ocean could see an especially big jump in rates.
Federal officials say the goal is fairness — and also getting homeowners to understand the extent of the risk they face, and perhaps move to safer ground, reducing the human and financial toll of disasters.
“Subsidized insurance has been critical for supporting coastal real estate markets,” said Benjamin Keys, a professor at the University of Pennsylvania’s Wharton School. Removing that subsidy, he said, is likely to affect where Americans build houses and how much people will pay for them. “It’s going to require a major rethink about coastal living.”
The Biden administration’s new approach threatens home values, perhaps nowhere as intensely as Florida, a state particularly exposed to rising seas and worsening hurricanes. In some parts of the state, the cost of flood insurance will eventually increase tenfold, according to data obtained by The New York Times.
(Excerpt) Read more at nytimes.com ...
Poor Obama and his new beachfront home. LOL
Funny how Florida just happens to be the target here. At
least they are pointing it out in Florida.
Just another attack on the middle class by Joseph Stolen.
The word has gone out. Cross me and I’ll ruin you.
Funny.
In the inland areas, living in a flood zone might mean you get one insurance payout. To move.
Everything would be alot cheaper if there wasn’t a large federal subsidy to begin with. Just as with medicine and colleges.
Funny how Florida just happens to be the target here. At
least they are pointing it out in Florida.
Just another attack on the middle class by Joseph Stolen.
The word has gone out. Cross me and I’ll ruin you.
,
,
yep
Climate change? More like they know a tsunami is imminent. That’s a real rising sea level.
Florida NON-FLOOD ZONE property insurance is already astronomically high......................
“progressive” M.O. Reward your friends. Punish your enemies. Obama was really good at it.
I hope Al Gore will be able to afford it for his Montecito waterfront home.
North Carolina has for a long time told beach front home owners that if their home is destroyed by a hurricane they cannot build back. Probly same in many coastal states.....unless your say, obama.
Anyone who buys that bull chet is suffering from industrial strength stupidity.
If you live on the shore in NY (Long Island, Rockaway Beach, even the Bronx/Brooklyn) it is impossible to get a good policy for a reasonable cost from a preferred company.
It’s been that way for about ten years.
How about Manhattan?
If global warming will raise the ocean levels, why are all the networks investing millions in their street-level studios for their TV shows?
What will be the financial cost of the ground level of every building in Manhattan being underwater? How much will their flood insurance go up?
-PJ
Take a page from New Orleans. Don’t purchase insurance. Suffer yet another catastrophic flood. Yell racism until the government bails you out.
An old timer told my friend who had just moved to the west coast of Florida. “ ….you build a shack on the beach”.
Wise words
1. It's got almost no elevated terrain. It's highest point is less than 350 feet above sea level. I think I've seen landfills higher than that.
2. It's often in the path of major hurricanes.
3. It has a very long coastline. The Florida coastline is almost 50% longer than the coastlines of the other Gulf Coast states combined. And the Florida coastline is almost the exact same length as the entire U.S. coastline from the Florida-Georgia state line to the Massachusetts-New Hampshire border.
Just imagine what kind of work participation rates you’d get by canceling welfare. We’d have a much more functional and responsible society.
In other words, only the wealthy can own waterfront property.
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