{"id":3802,"date":"2015-06-30T07:36:34","date_gmt":"2015-06-30T02:36:34","guid":{"rendered":"http:\/\/gator4211.hostgator.com\/~cinnww\/insurance-advocate.com\/?p=3802"},"modified":"2018-12-12T18:55:15","modified_gmt":"2018-12-12T13:55:15","slug":"hurricane-risk-rising-along-with-property-values-sea-levels","status":"publish","type":"post","link":"https:\/\/www.insurance-advocate.com\/2015\/06\/30\/hurricane-risk-rising-along-with-property-values-sea-levels\/","title":{"rendered":"Hurricane Risk Rising Along with Property Values; Sea Levels"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">Take the growing number and value of coastal properties, add in rising sea levels and you have a recipe for a major and increasing risk associated with hurricane storm surge, a recent AIR Worldwide report outlines.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cBecause hurricane storm surge\u2014which is an abnormal and often substantial increase in sea level\u2014can penetrate miles inland from the coast, considerable value is at risk, as it seems the appetite for ocean views is unabated,\u201d the report states.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">AIR says in \u201c<a href=\"http:\/\/www.air-worldwide.com\/Publications\/AIR-Currents\/2015\/The-Growing-Value-of-U-S--Coastal-Property-at-Risk\/\"><span class=\"s2\">The Growing Value of U.S. Coastal Property at Risk<\/span><\/a>\u201d that the largest risk factor is increasing property value along the U.S. coastline. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cPeople love living by the sea for the many economic and recreational opportunities coastal living offers,\u201d AIR says, noting that 14 of the world\u2019s 17 largest cities are along coasts. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">In the U.S., AIR notes the percentage of insured value in coastal counties has actually remained flat from 2004 to 2012 \u2014 38 percent of the total exposure in Gulf and East Coast states, making up 16% of the total values of properties in the country \u2014 but the total insured values have increased considerably along with the increase across the country as a whole. For the 18 Gulf and East Coast states, estimated insured value along the coast grew from $7.2 trillion in 2004 to $10.6 trillion in 2012.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cHistorically, the insured value of properties in coastal states has grown at an estimated compound annual rate of about 7%,\u201d AIR says in the report. \u201cThat translates to a doubling every decade of insured values and potentially insured losses.\u201d<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Rising sea levels compound the hurricane risk to these Gulf and East Coast states because of the increased effects of storm surge. AIR says the oceans rose about 7.5 inches on average between 1901 and 2010 worldwide, \u201cand the current global mean rate is very likely slightly more than 1\/16 inch each year.\u201d<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">AIR adds that much of the coastline for Gulf and East Coast states is less than 10 feet above mean sea level \u2014 and sinking in some cases due to natural geological movements and the extraction of underground stores of water, oil and gas.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">These factors mean significant and growing hurricane risk for the coastal states. AIR says, \u201cStorm surge is one of the principal causes of coastal inundation, and it can create severe devastation many miles inland in low-lying coastal regions. As sea levels rise, average high tides will become higher.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cThe height achieved by any given storm surge above those high tide levels and the extent of inland inundation caused by it will increase.\u201d<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Currently, AIR estimates over $17 billion in insured property values for the 18 Gulf and East Coast states that fall within its maximum modeled surge extent.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cThe rising level of the oceans, the growing coastal population, the additional development associated with it, and the possible increasing severity of storms mean that people and property are increasingly at risk,\u201d AIR says, adding that coastal communities can deal with the issues in three ways:<\/span><\/p>\n<ul>\n<li class=\"p1\"><span class=\"s1\">Defend the shoreline with man-made or natural barriers;<\/span><\/li>\n<li class=\"p1\"><span class=\"s1\">Adapt by raising structures and infrastructure above projected flood levels;<\/span><\/li>\n<li class=\"p1\"><span class=\"s1\">Retreat.<\/span><\/li>\n<\/ul>\n<p class=\"p1\"><span class=\"s1\">AIR notes manmade defenses can be expensive \u2014 often too expensive for less-affluent communities \u2014 and can disrupt natural shoreline processes.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Take the growing number and value of coastal properties, add in rising sea levels and you have a recipe for a major and increasing risk associated with hurricane storm surge, a recent AIR Worldwide report outlines. \u201cBecause hurricane storm surge\u2014which is an abnormal and often substantial increase in sea level\u2014can penetrate miles inland from the [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[154,308,156,155],"tags":[],"class_list":["post-3802","post","type-post","status-publish","format-standard","hentry","category-commercial","category-currentnews","category-personal-insurance","category-risk","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.insurance-advocate.com\/wp-json\/wp\/v2\/posts\/3802","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.insurance-advocate.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.insurance-advocate.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.insurance-advocate.com\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/www.insurance-advocate.com\/wp-json\/wp\/v2\/comments?post=3802"}],"version-history":[{"count":0,"href":"https:\/\/www.insurance-advocate.com\/wp-json\/wp\/v2\/posts\/3802\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.insurance-advocate.com\/wp-json\/wp\/v2\/media?parent=3802"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.insurance-advocate.com\/wp-json\/wp\/v2\/categories?post=3802"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.insurance-advocate.com\/wp-json\/wp\/v2\/tags?post=3802"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}