18 December 2019
Do the Farmers In Kansas Know They Are Paying the Flood Insurance Premiums on Million Dollar Beach Houses?
Not all of the premium, but a good portion of it and not only that, they are helping to rebuild the house and in many cases have paid to rebuild it more than once when the ocean/river swamped it again. It’s called the National Flood Insurance Program (NFIP) and as sea levels rise and hurricanes get wetter, it has gotten some much-needed attention. Still, unless you buy a home in a flood plain, you probably don’t know much about it.
The articles I linked to above show that something has to change with the NFIP, and the rising sea level and increase in extreme rain events are causing that change to become more urgent every year. These are the kind of things you see when you are undergoing a slow disaster like climate change. You can read a nice brief on the situation from the Environmental Law Institute and the Natural Resources Defense Council here.
The average taxpayer who lives thousands of miles from large rivers and the ocean is paying for climate change already, and most of them have no idea they are doing so. Those with homes and businesses in a flood plain are paying for climate change and they will very likely be paying a lot more soon. When Farmer Joe finds out he is helping to rebuild million dollar beach properties (and he will), that premium may go even higher.