That's what Florida TaxWatch (FTW) does in its 56-page analysis, A
"Climate change, sea-level rise, and the need for resiliency make for regular headlines, but what's often missing from the narrative is the impact on our economy," FTW President & CEO
"The impacts of a changing climate translate into real economic repercussions," he continued. "If bankers and insurers won't secure the 40% of residential properties and 35%t of commercial properties at risk of chronic flooding in
FTW calls on
Among those actions is "End or modify government programs and policies that encourage risky development. Perhaps the best illustration of a government program that encourages risky development is the National Flood Insurance Program (NFIP)."
The NFIP, administered by the
Nevertheless, more than 1 million of 1.729 million
FTW maintains even under the restructured rate system, inland ratepayers will still subsidize waterfront flood insurance rates.
"The NFIP fails to balance public and private risk," FTW says. "Policies on inland properties produce a surplus of
About a third of these properties are not primary residences, FTW notes, but beach houses, investment properties or second homes.
"The policy question is whether taxpayers should continue to subsidize development in high-hazard areas, or whether only those who can afford the risk of living in flood-prone areas without subsidies live there," the report said. "A larger private flood insurance market is needed to take some of the risk off the backs of
But FTW cites