99% Invisible
Not Built For This #3: The Price is Wrong
Aug 27, 2024
In this engaging discussion, Jason DeLeon and Emmett Fitzgerald delve into Florida's escalating insurance crisis due to climate change. They highlight Cape Coral's transformation from swamp to suburbia, where the allure of affordable homes is crushed by rising insurance rates. Listeners hear personal stories from residents affected by Hurricane Ian, navigating complex insurance challenges and the emotional toll of climate risks. The duo also explores the concept of managed retreat, revealing the tough choices communities face in the fight against climate impacts.
49:36
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Quick takeaways
- Insurance companies are increasingly withdrawing from Florida's market due to rising climate risks, leading to skyrocketing rates and financial hardship for homeowners.
- The National Flood Insurance Program's flawed subsidies have misinformed residents about true risks, contributing to unsustainable growth in vulnerable areas like Cape Coral.
Deep dives
The Genesis of Cape Coral
Cape Coral was founded in the 1950s on land primarily seen as swamp, developed by the Rosen brothers who aimed to transform it into a suburban paradise. Their venture was driven by a booming real estate market, attracting people from the North looking for affordable warmth and waterfront living. The brothers used creative marketing techniques to sell lots, emphasizing the allure of canals and a sunny lifestyle. Despite the environmental risks, their efforts resulted in the rapid growth of the city, which tripled its population in a decade.
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