Your Insurance Rates
Predicting a larger percentage of your income will be spent on insurance coverage every year in the future. The insurance companies are bleeding money at an ever faster rate and they will NOT be made insolvent by a reduction in income. Insurance cost is increasing at a rate similar to that of the rising cost of health care.
Cost of rebuilding materials plus the cost of labor and engineering will make rebuilding very expensive year after year. The cost of this rebuilding through insurance is being spread throughout the population, rather than to make risky building too expensive to pursue. If you don't think you are being directly affected by these ever increasing acts of destruction to our infrastructure and communities, you will be seeing it shortly in a dramatic increase in your annual insurance costs.
The Atlantic Ocean has moved its shoreline inland throughout a large area of the Northeast coastline. Yet a large number of people are insisting on rebuilding in the same locations that are now part of the Atlantic. This happens all the time along the Florida coastline, the Caribbean coastline, and the mid-Atlantic coastline every time the ocean encroaches on the local communities. We waste untold money every single year trying to fight acts of nature that just keep repeating year after year. Remember the definition of insanity?
Seeing the bottom of Manhattan underwater is a wake-up call for future thinking about building in areas prone to the action of nature. Collectively we make such determinations for a wide variety of reasons. But don't be surprised when the cost of such decisions find there way to your pocketbook.
