Insurance companies are already refusing to ensure homes in coastal Florida.
Union of Concerned Scientists (UCS) | June 18, 2018
WASHINGTON – Accelerating sea level rise in the lower 48 states, primarily driven by climate change, is projected to worsen tidal flooding, putting as many as 311,000 coastal homes with a collective market value of about $117.5 billion today at risk of chronic flooding within the next 30 years—the lifespan of a typical mortgage—according to a new report by the Union of Concerned Scientists (UCS) released today. Roughly 14,000 coastal commercial properties assessed at a value of roughly $18.5 billion also are at risk during that time frame. By the end of the century, homes and businesses currently worth more than $1 trillion could be at risk: as many as 2.4 million homes—roughly the equivalent of all the homes in Los Angeles and Houston combined—valued at approximately $912 billion and 107,000 commercial properties assessed at $152 billion.
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