This post is by Sheryl Canter, an Online Writer and Editorial Manager at Environmental Defense.
Americans have a love affair with coastal living. Waterfront property is highly coveted and highly priced. And now may be nearly impossible to insure due to skyrocketing damage costs from hurricanes.
These are some of the findings in a new report from Environmental Defense titled Blown Away: How Global Warming is Eroding the Availability of Insurance Coverage in America’s Coastal States [PDF]. "Across the board, the nation’s largest carriers have declared their intentions to reduce exposure in high-risk areas by raising rates, hiking deductibles, limiting coverage and in many cases, pulling out of risky markets altogether."
Here are some more highlights from the report.