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the challenge.

Coastal living is risky. Not to mention, expensive. 

 

Each and every year, more and more people globally are moving to coastal communities. The low lying coastal regions are experiencing an increased frequency and severity of storms, resulting in higher costs of ownership, with everchanging, and increasing insurance premiums for decreasing coverages.

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consider this.

Increased frequency, severity of storms, and taxpayer costs.  

 

Hurricanes are the most damaging of natural disasters. A hurricane is a large rotating storm that forms over tropical or subtropical waters. These low pressure weather systems draw upon warm water and atmospheric moisture to fuel their strength and will gather pace if not slowed by patches of dry air, crosswinds or landfall. The proportion of tropical storms that rapidly strengthen into powerful hurricanes has tripled over the past 30 years, according to recent research. The cumulative cost of the 16 separate billion-dollar weather events in the U.S. in 2017 was $306.2 billion, breaking the previous cost record of $214.8 billion in 2005. It is estimated that Hurricane Harvey had total costs of $125 billion—second only to Hurricane Katrina in the period of record, which had an approximate cost of $161 billion.

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September 3, 2019

and this.

Population migration to the coast.

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The population of coastline counties in the Gulf of Mexico region increased by more than 3 million people, or 24.5% between 2000 and 2016, the fastest growth among coastline regions. By comparison, the United States as a whole grew by 14.8% over the same period. In the United States, counties directly on the shoreline constitute less than 10% of the total land area (not including Alaska), but account for 39% of the total population. From 1970 to 2010, the population of these counties increased by almost 40% and are projected to increase by an additional 10 million people or 8% by 2020. The average population density in coastal areas is about 80 persons per square kilometer, twice the world’s average population density. Many of the world’s coasts are becoming increasingly urban with 14 of the world’s 17 largest cities located along coasts, and 2/5 of cities with populations of 1-10 million people are located near coastlines.

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POPULATION DENSITY OF COASTAL SHORELINE

and especially this. 

Increasing hurricane frequency and associated costs.  

 

Insurance for homes near the water costs more due to wind exposure and higher probablility of flooding. Homeowners can expect a higher deductible when they purchase a home near the water. For the homes at greatest risk, insurance could become unaordable, and cities may face hard decisions about how to sustain their shoreline communities, and what to do when the cost is too high.

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INCREASING HURRICANE FREQUENCY + COSTS

% INCREASED COST OF OWNERSHIP

YEARS

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