By Darryl Fears and Lori Rozsa Washington Press
PALM BEACH, Fla. — When Brian and Susan Gary settled down on this exclusive island spit a decade ago, climate scientists were already sounding an alarm: Global temperatures were warming, sea levels were rising and damaging floodwaters were creeping ever closer to homes.
The Garys had joined 8 million Americans who moved to counties along the U.S. coast between 2000 and 2017, lured by the sun, the sea and heavily subsidized government flood insurance that made the cost of protecting their homes much less expensive, despite the risk of living in a flood zone near a vast body of water.
But a reckoning is coming.
On Friday, the Federal Emergency Management Agency will incorporate climate risk into the cost of flood insurance for the first time, dramatically increasing the price for some new home buyers. Next April, most current policyholders will see their premiums go up and continue to rise by 18 percent per year for the next 20 years.
The price hike under a new assessment, Risk Rating 2.0, will more accurately reflect the threat of flooding in a changing climate, federal officials say.
Most homeowners will see modest increases starting at $120 per year in addition to what they already pay, and a few will see their insurance costs decrease. But wealthy customers with high-value homes will see their costs skyrocket by as much as $14,400 for one year. About 3,200 property owners — mostly in Florida, Texas, New Jersey and New York — fall in that category.
Like the climate threat, the cost increase will reach far beyond the coast.
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