Loss Flood Insurance And The Moral Economy Of Climate Change In The United

Climate change is an increasingly pertinent issue affecting our world today. With rising sea levels, changing weather patterns, and frequent natural disasters, the impact on communities all around the globe is becoming more evident. One consequence of climate change that cannot be ignored is the increased risk of flooding.

When a flood occurs, the devastation can be swift and severe. Lives are lost, homes are destroyed, and communities are left in ruin. The aftermath is not only a physical and emotional strain on the affected individuals but also a significant economic burden on society as a whole. In recent years, the United States has experienced some of the most catastrophic flooding events in its history, leading to a reevaluation of the insurance industry's role in providing coverage for these disasters.

The Importance of Flood Insurance

Flood insurance plays a critical role in helping individuals and communities recover from the devastating effects of flooding. However, obtaining flood insurance is not as straightforward as it may seem. While homeowners' insurance policies typically cover damage from fire, theft, and other perils, they often exclude coverage for flood-related losses, leaving homeowners vulnerable in the face of natural disasters.

Underwater: Loss, Flood Insurance, and the Moral Economy of Climate Change in the United States (Society and the Environment)

by Rebecca Elliott (Kindle Edition)

4 out of 5

Language	:	English
File size	:	9101 KB
Text-to-Speech	:	Enabled
Screen Reader	:	Supported
Enhanced typesetting	:	Enabled
X-Ray	:	Enabled
Word Wise	:	Enabled
Print length	:	293 pages

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As a result, the federal government has stepped in to address this gap in coverage through the National Flood Insurance Program (NFIP). Established in 1968, the NFIP provides flood insurance policies for homeowners, renters, and businesses in participating communities. By stabilizing the insurance market and spreading the risk, the NFIP aims to ensure that flood insurance remains accessible and affordable for those at risk.

The Moral Economy of Climate Change

Climate change is not only an environmental issue but also a moral one. The consequences of our actions, or lack thereof, affect not only ourselves but also future generations and vulnerable populations who bear the brunt of the damage. The moral economy of climate change calls upon individuals and societies to consider the ethical implications of their decisions and to take responsibility for the social costs associated with climate-related disasters.

When it comes to flood insurance, this moral imperative becomes even more apparent. By providing affordable flood insurance coverage, society acknowledges the responsibility it has towards those most affected by flooding. It recognizes that climate change is not just a random act of nature but a consequence of human activities and the economic systems that drive them.

The Challenges of Flood Insurance

While flood insurance is an essential tool in mitigating the financial impact of flooding, it faces numerous challenges in the current climate. The increasing severity and frequency of floods, coupled with rising sea levels and changing weather patterns, have put a strain on the insurance industry. Insurers are grappling with the uncertainty surrounding flood risk assessment and the ever-growing financial burden of paying out claims.

Moreover, the affordability of flood insurance is a significant concern for low-income homeowners and communities. As climate-related risks become more evident, insurance premiums have skyrocketed, making coverage unaffordable for many who need it the most. This exacerbates the existing socioeconomic disparities and hinders the ability of vulnerable populations to recover from and adapt to climate-related disasters.

A Call for Change

The moral imperative to address the challenges of flood insurance in the face of climate change necessitates a call for change. The current system of relying solely on insurance providers and the NFIP to manage flood risk is no longer sufficient. Instead, a comprehensive approach should be taken to ensure the equitable distribution of costs and resources in dealing with climate-related disasters.

This approach includes investing in resilient infrastructure and urban planning to mitigate the impacts of flooding, promoting community-based initiatives that increase climate resilience, and exploring alternative risk-sharing mechanisms beyond traditional insurance. By diversifying the strategies employed to manage flood risk, the burden can be shared more equitably and vulnerable communities can be better protected.

The moral economy of climate change calls for a reevaluation of our attitude towards flood insurance. It emphasizes the need for a proactive approach that considers the ethical implications of our actions and aims to promote climate justice. By recognizing the moral responsibility society has towards those most affected by flooding and working towards a more comprehensive and equitable system, we can create a better future for all in the face of climate change.

Underwater: Loss, Flood Insurance, and the Moral Economy of Climate Change in the United States (Society and the Environment)

by Rebecca Elliott (Kindle Edition)

4 out of 5

Language	:	English
File size	:	9101 KB
Text-to-Speech	:	Enabled
Screen Reader	:	Supported
Enhanced typesetting	:	Enabled
X-Ray	:	Enabled
Word Wise	:	Enabled
Print length	:	293 pages

FREE

Communities around the United States face the threat of being underwater. This is not only a matter of rising waters reaching the doorstep. It is also the threat of being financially underwater, owning assets worth less than the money borrowed to obtain them. Many areas around the country may become economically uninhabitable before they become physically unlivable.

In Underwater, Rebecca Elliott explores how families, communities, and governments confront problems of loss as the climate changes. She offers the first in-depth account of the politics and social effects of the U.S. National Flood Insurance Program (NFIP), which provides flood insurance protection for virtually all homes and small businesses that require it. In doing so, the NFIP turns the risk of flooding into an immediate economic reality, shaping who lives on the waterfront, on what terms, and at what cost.

Drawing on archival, interview, ethnographic, and other documentary data, Elliott follows controversies over the NFIP from its establishment in the 1960s to the present, from local backlash over flood maps to Congressional debates over insurance reform. Though flood insurance is often portrayed as a rational solution for managing risk, it has ignited recurring fights over what is fair and valuable, what needs protecting and what should be let go, who deserves assistance and on what terms, and whose expectations of future losses are used to govern the present. An incisive and comprehensive consideration of the fundamental dilemmas of moral economy underlying insurance, Underwater sheds new light on how Americans cope with loss as the water rises.