America's Rising Flood Risk Problem
March 10, 2021 –
In the face of growing climate change, the traditional approaches to evaluating flood risk are quickly falling behind. The impact of this risk asymmetry could have a profound effect on homeowners and owners of mortgage debt who are inadequately covered from an insurance perspective. While the government is likely to provide an economic backstop in the short term, the longer term gap in coverage will only be bridged by methods that will significantly influence home ownership affordability in the nation’s high risk areas. What this means for local economies is yet to be seen, but the potential fall out of a mass population relocation would be significant.
Source: First Street Foundation