Considering Climate Change in a Real Estate Purchase
Ron Lieber recently wrote a very good article on what to look for in buying real estate and considering climate change when you do so. First, let me say that whether climate change is anthropogenic or not is not the point. The point is that if you are going to invest near a coastal area, you need to avoid “delusional thinking”.
He correctly points out that homeowners insurance usually does not cover flooding and that flood insurance is going to simply become more expensive in the future. It is also important to note that flood maps are based on PAST EVENTS…and we are already seeing that they are generally inadequate.
Caveat Emptor holds for buying houses in general…but in coastal or flood prone areas, you really need to watch what you are doing…
As a side note..and in a crass commercial pitch…if you are really worried about long term flooding, I am selling 18 acres of land that is over 600 feet above sea level in Sussex County…so if you buy that land, you are as safe as I can think you would be…
Read the full article:
You’re Buying a Home. Have You Considered Climate Change?
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