Catastrophic scenarios are not only for the 1% who own beach houses in the Hamptons on Long Island, New York.
In the heartland, ordinary people are getting it: Their homes might be washed away. Only it's not by the ocean but a lake. That starts with their backyard, reports The Wall Street Journal.
Erosion caused by rising lake levels in the Midwest has become a reality.
Recently ABC local news did a segment on how that is happening in Ohio vacation paradise Geneva on the Lake. Affordable motels by the lake make that location accessible to Everyman and Everywoman.
And not only for time-outs. Ordinary people have cute little single family homes surrounding the lake. A block up is the resort-type paraphernalia like fun food and casual bars.
It's those who actually buy property near large bodies of water who have much to worry about. Soon enough if they want to sell that asset to retire or relocate to a rental their realtors might be warning prospective buyers about the erosion risks, how much insurance could increase, and what damage might not be covered by any insurance.
Just like lead paint, there will have to be mandatory disclosures about the history of what the water had been up to.
Another consequence of climate change is the crashing of retirees' dreams of the golden years by the sea. Already they are being warned about not only the land being swallowed up by water. There are also the wild hurricanes. Financial planners might add value to their services if they guide those heading into retirement about bad bets for relocation.
Smart global ghostwriting, with SEO and social networking know-how. Emergencies welcome. Complimentary consultation (pressure-free) janegenova374@gmail.com.
Comments