Businesses acknowledge climate change with insurance premium hikes!

[BlueWavePsych]

The price of living near the shore is already high. It’s about to go through the roof.

On Friday, the Federal Emergency Management Agency will incorporate climate risk into the cost of flood insurance for the first time, dramatically increasing the price for some new home buyers. Next April, most current policyholders will see their premiums go up and continue to rise by 18 percent per year for the next 20 years.

“It doesn’t matter if you believe in climate change; your insurance company does,” said Nick VinZant, senior research analyst for QuoteWizard, a subsidiary of Lending Tree, the online mortgage company. “The realities of that are going to be reflected moving forward.”

“You can see people looking at houses now and saying, ‘You know what, this house that’s right next to this flood zone is now unaffordable to me because of the flood insurance,’” VinZant said.

Brian and Susan Gary’s mortgage lender required them to carry a $10,000 annual flood insurance policy with a $250,000 deductible for their 1952 single-family home in Palm Beach, even before the new FEMA pricing.

https://www.washingtonpost.com/climate-environment/2021/10/01/price-living-near-shore-is-already-high-its-about-go-through-roof/

[flying_wahini]

1. They Should pay a LOT more than that. Sorry but if you are gullible to build or buy on a coastline

Then You should pay for it. Not the rest of the policy holders. I will go say far to say that NO insurance should be given to them. At all.

I think that this will keep people from doing it. (Not)

[BlueWavePsych]

2. Ditto.

[Bayard]

3. Before we paid off our mortgage,

The bank required us to carry flood insurance. We have a little drainage ditch that actually has water in it when we get a bunch of rain. Not even near the house. The realtor did not disclose to us that we were in a, "flood zone", and subject to FEMA requirements. The whole thing is stupid as hell.

However, people that keep re-building when their house has been flooded previously can't really gripe about flood insurance