According to this study, approximately 311,000 homes are at risk of flooding 26 times or more in one calendar year within the next 30 years. Given the seriousness of the changing climate, scientists are referring to this phenomenon as “chronic inundation.” By 2100, the flooding risk factor will extend to more than 2.4 million of today’s homes in the U.S.
It’s important to highlight that this study is not looking at flooding caused by storms. Instead, the study is strictly looking at the impact of rising ocean tides reaching further inland over the next several decades. Major industries, especially the property and casualty insurance industry, will be negatively impacted by rapidly rising sea levels over the next century.
Based on the analysis of this study, if nothing is done to reduce greenhouse gas emissions, the rising ocean levels will repeatedly flood $120 billion worth of coastal real estate around the country by 2045. With close to 500 million Americans living in these properties, climate change will result in a huge financial burden for these homeowners, not to mention an emotional toll.
Fortunately, there is some positive news from this study. If action is to be taken now to combat the effects of climate change, as many as two million coastal properties could be spared from flood damage due to rising sea levels.
How a Property Inspection Can Minimize Flooding Risk
With the growing concerns surrounding the negative impact of climate change on coastal properties, insurance carriers can help homeowners take precautions now to protect their homes from flooding. Conducting a property inspection provides you with an opportunity to strengthen relationships, educate homeowners, and identify new opportunities to serve insureds.
We realize that it’s not always feasible to conduct an in-person property inspection, and that’s where we can help. Our team at Insurance Risk Services has been partnering with property and casualty insurance carriers for more than 35 years to provide them with valuable underwriting support and handle the property inspection process. When we meet with your customers, we are there on behalf of your business. As far as the customer knows, we are the face of your business.
Contact us at Insurance Risk Services to learn more about how you can use a property inspection as an opportunity to educate homeowners about climate change and how it’s increasing flood risk.