Yesterday Bloomberg Business and The Washington Post published an article titled “Rising Tides Turn Yards to Wetlands as Climate Change Takes Toll”. The article reports that higher tides combined with storm surge are expected to increase the “average annual cost of coastal storms in the region by as much as $3.5 billion within the next 15 years.”
Bloomberg Business reporter Heather Perlberg interviewed COMPARITY founder and president Scott Hunter for the article due to his expert knowledge of the insurance industry in the coastal market:
Escalating flood-insurance costs in Norfolk and surrounding areas have been making it harder for residents to buy and sell homes, according to Scott Hunter, owner of Virginia Beach-based Comparity, which helps people shop for insurance plans.
“It definitely has impacted real estate,” Hunter said. “It’s a combination of longer selling times for homes in required zones with expensive policies and buyers that are in a situation where the deal can’t go through because of the added flood expense.”
Ms. Perlberg also spoke with our good friend Mike Vernon of Flood Mitigation Hampton Roads. Mike explained how mitigation programs like installing flood vents can lower insurance risk and cost.
At COMPARITY we know the circumstances are becoming more complicated but they are by no means dire. In fact we see opportunity for the saavy home buyer. In any event we’re here to help. We make flood and other property insurance decisions easier. Call us today or visit online and let us compare your options for free. We’re also here for builders, realtors and mortgage lenders who need help making the numbers work for their clients. 1-844-COMPARE (844-266-7273) or www.comparityins.com