Navigating Coastal Insurance Risks: A Workshop for Real Estate Professionals
In response to rising sea levels and their impact on property insurance, a workshop has been designed to equip real estate professionals in New Hampshire with crucial knowledge about coastal risks. Organized by the New Hampshire Coastal Adaptation Work Group (NHCAW), the "Living with Water Workshop" focuses on enhancing real estate agents' understanding of coastal ecology, floodplain regulations, and insurance requirements for properties near water.
Coastal Risks and Insurance Insights
The workshop at Strawbery Banke features experts discussing crucial topics in managing coastal properties. Kaleigh Johnson from Portsmouth Atlantic Insurance offers insights into the implications of home, auto, and flood insurance amid growing environmental risks. Other panelists address shoreline stabilization, ecological preservation, and regulatory compliance requirements, highlighting the interconnected nature of environmental and real estate considerations.
Understanding Evolving Climate Risks
As storm intensification and sea-level rise impact property valuations and insurance underwriting, realtors must understand and articulate these risks to clients. With platforms like Zillow and Redfin emphasizing climate risk data, maintaining informed advisory roles is essential.
Addressing Gaps in Current Risk Assessment
A notable workshop focus is the inadequacy of current FEMA floodplain maps that fail to predict future risks due to not accounting for evolving climate factors. This gap requires real estate professionals to advise their clients on insurance needs beyond existing federal guidelines proactively.
Linking Environmental Science with Real Estate Practice
Facilitated by Talia Sperduto of Samonas Realty, the workshop connects environmental science with real estate practice, offering practical curriculum making theoretical concepts actionable. This initiative ensures realtors can better assist potential buyers and sellers, enabling informed decisions on property risks and insurance considerations.
By providing a holistic understanding of the coastal real estate market, this educational initiative aims to enhance realtors’ ability to contribute meaningfully to property value assessments and facilitate resilient homeownership amid environmental uncertainties.