Why Sea-Level Rise Will Exacerbate Nuisance Flooding
08/14/23
“Why will sea-level rise exacerbate nuisance flooding?”
Nuisance flooding happens when a nearby body of water makes a flood only strong enough to disrupt daily operations without any serious infrastructure damage. However, sea-level rise will cause the base water to rise, making flooding easier. Not only will this make nuisance flooding more frequent, but also turn events that may have been nuisance floods into serious damage. This is Why Sea-Level Rise Will Exacerbate Nuisance Flooding.
“How do we classify flooding that disrupts day-to-day activities?”
When we think of flooding, we often picture massive waves crashing into cities and enveloping everything in their wake. However, what happens when it’s just light flooding, only enough to disrupt day-to-day activities and *maybe* cause light infrastructure damage? Events like this is usually called Nuisance Flooding. Nuisance usually occurs at high-tide and the amount of days in a year a town has nuisance flooding is a useful metric to measure how disasters unfold.
What Qualifies as a “Substantial” Improvement Under FEMA’s 50% Rule
08/12/23
“What qualifies as a “substantial” improvement under FEMA’s 50% rule?”
FEMA’s 50% rule requires property owners to make substantial improvements to their buildings if they suffered over half of their market value in damage. But what exactly qualifies as a “substantial” improvement? Well, it turns out that improvements that bring the structure into compliance with the latest local and national flood regulations will qualify something as “substantial”. This is What Qualifies as a “Substantial” Improvement Under FEMA’s 50% Rule.
“What structures does the FEMA 50% rule apply to?”
The FEMA 50% rule governs how countless communities in the U.S. recover after a storm. But what structures have to obey these rules? Well, quite simply all structures that are not already in compliance with the latest standards must rebuild according to FEMA’s 50% rule. These are What Structures the FEMA 50% Rule Applies To.
Buying and Renting Out Homes Doomed to Be Submerged
08/09/23
“How can we buy and rent out homes doomed to be submerged?”
Some homes are doomed to become submerged with the advent of sea-level rise. Property owners of these sites find it hard to leave as few people want to purchase an ill-fated asset with sky-high insurance premiums. However, California State Senator Ben Allen has an idea. Communities can use loans to purchase the homes from the owners, rent them out, and use the funds generated to pay off the loan before rising tides consume the property. Buying and Renting Out Homes Doomed to Be Submerged might seem radical, but it could prove a useful tool in combatting climate bankruptcies.
Why Insurance Premiums Exacerbated By Climate Change May Drive People to Bankruptcy
08/08/23
“Why will insurance premiums exacerbated by climate change drive some people into bankruptcy?”
If you live in an area vulnerable to environmental disasters, such as wildfire or flooding, you may have to pay for insurance coverage in order to secure your mortgage. Your insurance premium is usually based on how risky your place is. Climate change is going to cause many such areas to increase in risk, resulting in higher premiums. Some people have seen premium jumps as high as 400%. Many will be unable to pay for this new insurance, leading to bankruptcy. This is Why Insurance Premiums Exacerbated By Climate Change May Drive People to Bankruptcy. Activists, policy makers, and financial institutions will have to think about how people stuck in these situations can be helped.
Why Elevating a Home Improves Its Flood Insurance Rates
08/07/23
“Why does elevating a home improve its flood insurance rates?”
Homes at lower risk of flooding receive better rates on flood insurance. Elevating a home pulls it further away from the ground, therefore creating a gap between flood waters and the base. Since this creates lower risks, it’s easy to see Why Elevating a Home Improves Its Flood Insurance Rates.
“Why does FEMA mandate structures that have lost more than half of their market value during floods be rebuilt with full regulations compliance?”
FEMA is one of the primary U.S. federal agencies tasked with helping communities recover after flood disasters. If a structure has lost more than half of its market value due to flood damages, then The FEMA 50% Rule kicks in. The FEMA 50% rule mandates that such structures must be rebuilt to be in full compliance with the latest regulations and that any other improvements are strictly prohibited.
If a property is at risk for flood it is vital that a seller disclose this to a potential consumer. However, some may choose to be unethical and withhold this information. So how can we solve his problem? Well, what if we were to mandate that accurate flood risk be disclosed on all properties being sold? Using Flood Risk Disclosure Mandates we can ensure people are given fair treatment. Places such as California and Louisiana already implement this.
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