Thursday, March 28, 2013

Why You Are Paying for Everyone's Flood Insurance

Last month also brought heavy precipitation to parts of the U.S. The only part of this home in Vicksburg Mississippi above water on May 13, 2011 was the roof.

 

Andy Stevenson, Natural Resources Defense Council (NRDC) Finance Advisor and Dan Lashof, Director of NRDC's Climate and Clean Air Program contributed this article to LiveScience's Expert Voices: Op-Ed & Insights.

There are many, many compelling and urgent reasons to take decisive action to combat climate change.

Here's one that's measurable by dollars added to our budget deficit. Actually by tens of billions of dollars.

The soaring cost of private flood insurance is pricing so many coastal homeowners out of the market that the rest of the American taxpayers are having to bail them out – to the tune of $30 billion under the National Flood Insurance Program (NFIP).

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