NYC mayor’s climate change report calls for more flexible flood insurance

New York City mayor Michael Bloomberg has laid out about 250 proposals for how the metropolis can prepare for future severe weather events and the impact of climate change, including proposed changes to flood insurance.

The proposals are outlined in a 430-page report and includes proposals for new infrastructure projects to prevent the major impact of another storm like last October’s Superstorm Sandy.

The report also includes five chapters on the specifics of Sandy’s impact on New York, in terms of lives lost and damages, as well as the impacts on health care and transportation in the city.

“ …As bad as Sandy was, future storms could be even worse,” Bloomberg said in a speech Tuesday. “In fact, because of rising temperatures and sea levels, even a storm that’s not as large as Sandy could – down the road – be even more destructive.”

The plan includes several coastal protection proposals, including several adaptable floodwalls, levees, storm surge barriers and tidal barriers.

It also designates $1.2 billion for flood resistance measures, through loans and grants to building owners. Among others, the measures could include elevating or protecting critical building equipment, fire protection systems and upgrading foundations.

The city also plans to update its zoning and construction codes to allow for building elevations and retrofit public housing developments using federal aid following Sandy.

Other proposals included in the plan call for utilities in New York to address climate risks by working with regulators and climate scientists.

“The plan is incredibly ambitious – and much of the work will extend far beyond the next 203 days,” Bloomberg said. “But we refused to pass responsibility for creating a plan onto the next administration.”

“I strongly believe we have to prepare for what the scientists say is a likely scenario,” he also said. “Whether you believe climate change is real or not is beside the point – we can’t run the risk.”

Federal flood insurance cost too high for New Yorkers

Bloomberg also touched on the National Flood Insurance Program (NFIP) and the limitations of flood insurance in general for New York residents.

“Because of a federal law passed last year before Sandy hit, the cost of federal flood insurance will skyrocket,” he said. “And when FEMA’s new flood maps for the New York area become official, these rates will go up even more,” he added, referring to the 100-year floodplain maps from the Federal Emergency Management Agency.

“A typical family living in Tottenville, Staten Island – where the median household income is $80,000 – may soon pay up to $10,000 a year for flood insurance,” he said.

“With the floodplain expanding, more and more New Yorkers are going to need this insurance. In fact, if you live in a flood zone and have a federally backed mortgage, you have to buy flood insurance, and most people buy it through the federal program.”

Many New Yorkers are being priced out of flood insurance, since they can’t always receive the premium reduction given to those who elevate their homes, he said.

Under the new proposals, residents could receive a partial rate reduction for their homes if they make other flood-related improvements, even if they don’t elevate.

The city’s report also calls for “flexible pricing options” that would encourage residents to get flood coverage, even if they’re not required to (by having federally backed mortgages and living in the flood map set out by FEMA).