Hampton Roads, with one of the highest rates of sea level rise and flooding risk on the East Coast, is serving as a testing ground for RISE Resilience Innovations, a Norfolk-based nonprofit that aims to address issues with flood insurance. RISE is launching a challenge focused on improving local Norfolk flood insurance by reducing both premiums and payouts by 50%. The nonprofit’s executive director, Paul Robinson, has noted that current flood insurance programs are not adequately funded to fully recover homeowners or property owners severely affected by floods. The organization also aims to increase the number of people taking out flood insurance policies.
Introduction
From WHRO By Katherine Hafner
Sea Level Rise and Flooding Risk in Hampton Roads
Hampton Roads has one of the highest rates of sea level rise and flooding risk on the East Coast. One tool residents can use to protect themselves financially is through buying flood insurance. But there are many problems with the current system.
RISE Resilience Innovations and the Flood Insurance Challenge
Norfolk’s RISE Resilience Innovations is hoping to help address the issues with flood insurance. The nonprofit gives out money to small groups to try out environmental solutions using Hampton Roads as a testing ground. WHRO spoke with executive director Paul Robinson about the nonprofit’s upcoming challenge that will focus on improving local flood insurance.
Interview with Paul Robinson
This conversation has been edited for length and clarity.
Issues with Current Flood Insurance System
WHRO: Hi Paul, thanks for sitting down with us.
Paul Robinson: Good morning.
WHRO: So flood insurance is something that’s been around for a long time. What are the issues you and RISE see with how it currently operates?
PR: So what we found in working with the insurance industry and the general public is that there’s a gap in flood insurance in that the flood insurance programs that are generally available to the community are not funded well enough to fully recover those homeowners or those property owners that are badly affected or have properties destroyed by flood.
The Flood Insurance Challenge and Goals
WHRO: I know RISE is focused on flood insurance for its latest upcoming challenge. Can you explain how the competition works and what you hope to accomplish with this one?
PR: It’s a very broad and complicated area. But what we find is there are two sides to the equation. On the premium side, premiums are high and not enough people are taking out the policies. So our goal of the challenge is to bring down flood insurance premiums and payouts by 50%.
Unique Aspects of Hampton Roads for Testing Flood Insurance Solutions
WHRO: Why is this area a good testbed – are there aspects to flood insurance that are unique to Hampton Roads, good or bad?
PR: So there’s a couple of big nuggets out there that sort of raise eyebrows amongst people when you talk to them, both inside the industry and out. And on the insurance premium side, it’s that not enough people are getting flood insurance policies, even though they should.
Importance of Flood Insurance Coverage
WHRO: What else should people know about flood insurance, whether they already have a policy or not?
PR: One way to think about the problem with flood insurance – if you look at car insurance, all drivers are required to have car insurance. And the insurance companies like that, it brings in money to protect themselves and to cover any claims.
Question & Answer
What are the issues with the current flood insurance system according to RISE Resilience Innovations?
Rise Resilience Innovations identified that the flood insurance programs available are not adequately funded to fully recover homeowners or property owners severely affected by floods.
What is the goal of the flood insurance challenge launched by RISE Resilience Innovations?
The goal of the challenge is to reduce flood insurance premiums and payouts by 50% in order to make flood insurance more accessible to the local Norfolk community.
Why is Hampton Roads considered a good testing ground for flood insurance solutions?
Hampton Roads has unique aspects related to flood insurance, such as a low number of people having flood insurance policies despite the high risk of flooding in the area.
What is the importance of flood insurance coverage according to RISE Resilience Innovations?
Flood insurance coverage is crucial for protecting homeowners and property owners financially in case of severe flood damage, similar to how car insurance is mandatory to protect drivers and cover any claims.
