Sea level rise predictions have little effect on Florida real estate
RUNDLET: Whether or not your property will be here 30 years from now, Johnson says it may be the insurance issue that determines real estate prices. After all the payouts following Hurricane Sandy, the National Flood Insurance Program went into debt by more than $20 billion. While the price of flood insurance will always be a factor for folks living in known flood zones, Eli Lehrer says there’s another more urgent problem beside sea level rise. Lehrer is the president of a Washington, D.C. think tank called the R Street Institute. It focuses on the insurance industry.
ELI LEHRER: Storm surge is a larger and more imminent problem than is sea level rise. Sea level rise is projected to be somewhere between two and five feet over the next century. Storm surge is going to be six feet from a category 1 hurricane, and the chances that a category 1 hurricane hitting Florida are virtually 100 percent.