The Washington Post printed an article this week that discussed the costs of protecting homes or buying out homeowners for coastal properties that flood repeatedly at high tides. Based on estimates from five cities along the East Coast in Virginia, the costs to compensate homeowners for homes with “repetitive losses” that are insured under the current flood insurance is estimated at $430 million dollars. This does not include the costs for homes that are not insured, homes in other coastal areas, or homes that may become vulnerable if sea levels continue to rise. The study also showed that at current rates of disbursal from FEMA, just in Virginia Beach it would take 244 years to help all 561 homeowners who have so far asked for help. You can read the article here.
Huge cost of buying out coastal homes that flood repeatedly
