Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Businesses acknowledge climate change with insurance premium hikes!
The price of living near the shore is already high. Its 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 doesnt 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 thats right next to this flood zone is now unaffordable to me because of the flood insurance, VinZant said.
Brian and Susan Garys 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.
Brian and Susan Garys 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/
InfoView thread info, including edit history
TrashPut this thread in your Trash Can (My DU » Trash Can)
BookmarkAdd this thread to your Bookmarks (My DU » Bookmarks)
3 replies, 979 views
ShareGet links to this post and/or share on social media
AlertAlert this post for a rule violation
PowersThere are no powers you can use on this post
EditCannot edit other people's posts
ReplyReply to this post
EditCannot edit other people's posts
Rec (5)
ReplyReply to this post
3 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
Businesses acknowledge climate change with insurance premium hikes! (Original Post)
BlueWavePsych
Oct 2021
OP
They Should pay a LOT more than that. Sorry but if you are gullible to build or buy on a coastline
flying_wahini
Oct 2021
#1
flying_wahini
(6,606 posts)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
(2,635 posts)2. Ditto.
Bayard
(22,098 posts)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