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The Flooding Disconnect

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Awareness, planning lacking

A new survey suggests that rising sea levels are not having much of an impact on Miami’s housing market, while another study shows that with greater awareness will come some potentially catastrophic impacts on Florida’s greater housing market and economy.  Plus, a success story on flood mitigation.  It’s all in this week’s Flood Digest.

Sea Level Awareness: As we shared in our last LMA Newsletter, NOAA’s latest seal level rise estimates for the country show coastal water levels rising 10-12 inches on average by 2050.  The Gulf Coast will have the largest increase of all coasts with an estimated 14”-18” rise.  But it may take more than the release of new maps to change the real estate market. 

Credit: Reimphoto

In their new book, “Housing Market Response to Sea Level Rise in Florida,” Georgia State University professors Risa Palm and Toby Bolsen surveyed 680 Miami real estate agents to examine whether projections on flooding in South Florida – made public via flood maps – result in greater market awareness and responses to this environmental risk.  “Overall, they told us they were not only seeing a very hot market for coastal property, they were optimistic about the future,” said Palm.  “The news about sea level rise and flood map information is easily available to everyone. The fact is, buyers and sellers are not responding.  People view living on the coast is an amenity and not a risk,” she said.

Future Flight Inland?  Another study claims that when enough coastal residents realize the projected sea level rise threats, they’ll flee the coasts for safer inland areas, displacing working class folks that currently live there for its affordability.  The LeRoy Collins Institute at Florida State University calls it “climate gentrification” in its new report Addressing Climate Driven Displacement.

While acknowledging that major effects from sea level rise may be decades away and that the current emphasis is rightly on mitigation, policies need to be developed to protect housing in places where service workers live.  “Florida’s planners are reticent to acknowledge that under the most dire projections, some coastal areas will become inundated and uninhabitable within a few decades,” the report says.

Fighting Back with Wetlands: We know that one successful mitigation measure against flooding builds on the lessons of Mother Nature: wetlands.  Wetlands reduce the force of storm surge by up to 50%.  The American Flood Coalition worked with Wetlands Watch to pilot two projects in Virginia based around wetland restoration.  We’re happy to share their key takeaways and how communities can fight flooding with their own shoreline conservation projects.

See you on the trail,
Lisa

LMA Newsletter of 2-28-22

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Tags: Flooding, Florida Flooding, Florida Real Estate Market, Georgia State University, LeRoy Collins Institute, NOAA, Sea Level Rise, Wetlands

“Lisa Miller is a true champion for the insurance industry, with her regular updates! We appreciate all you do and keeping us up to date on priority issues!”

Gillian Lloyd, Account Executive
Zywave
Milwaukee, WI

“Thank you Lisa for staying on top of, as well as advocating, for Florida residents and legislative reform. Your newsletters are very informative and enjoy reading the points of view.”  

Shawna Miller, Sr. Claims Quality Assurance & Compliance Manager
Florida Peninsula Insurance Company
Jacksonville, FL

“Your newsletter is fabulous!  I greatly appreciate the topics you expose, so that insurance professionals like myself can keep up with the latest events that affect the public we serve and ourselves.”

Cynthia Hoehn, Independent Property & Casualty Personal Lines insurance agent
Clermont, FL

“Lisa this is another great newsletter, and we appreciate the time and energy you put into these informative updates – you are on top of these topics!”

Mike Graham, CEO
Smart Vent Products, Floodproofing.com, & Risk Reduction Plus
Juno Beach, FL

“Another great Newsletter on Florida industry this week.  Your service and advocacy in Florida is very important to keeping me updated and apprised of the Florida insurance laws, trends and overall environment.  Something similar is very much needed in Louisiana, too.”

Jennifer Tedesco, Esq., Claims Director
Pharos Claims Services
Orlando, FL

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Cynthia Scott, President
University Insurance Group
Davie, FL

“Great article on Risk Rating 2.0!”

Austin Perez, Senior Policy Representative for Federal Housing, Valuation, Insurance and Commercial Issues
National Association of Realtors
Washington, D.C.

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Jeffrey Karam, CPCU
Bradenton, FL

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Laurie Rasberry, Chief Claims Officer
Acorn Claims
Prosper, Texas

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