Jeff Gitterman, CEO of Gitterman Asset Management, joins Remy Blaire at the New York Stock Exchange to discuss the alarming findings of a 2023 report from the First Street Foundation, which highlights the impact of climate change on rainfall patterns. As temperatures rise, the atmosphere can hold approximately seven percent more water vapor for every degree Celsius increase, leading to more intense and frequent rainfall events.
Jeff emphasizes that many homeowners and renters are unprotected from flooding, as standard insurance policies often do not cover such events. He points out that areas previously thought to be safe from flooding are now experiencing significant water damage due to outdated sewage infrastructure that cannot handle the increased rainfall. We also touch on the role of FEMA and the urgent need for investment in infrastructure to adapt to these changing conditions.
“We need to dramatically focus our investment around adaptation and resilience.” – 03:05
Furthermore, the pair discuss the outdated nature of flood zone designations, which often do not account for rainfall flooding, leaving millions of homes at risk without proper insurance coverage. Jeff advises listeners to consult with expert brokers and utilize resources like First Street and Zillow to assess their flood risk accurately.